Cybersecurity simplified


WALLIX Group (ALLIX: FR0010131409 - Euronext Growth), a software company providing cyber security solutions and the European specialist in privileged account governance, has published its results for the 2017 financial year.

€000, French GAAP* 2016 H1 2017 H2 2017 2017
Turnover 7,364 4,380 7,165 11,545
Other operating income
(capitalized production, subsidies, etc.)
2,878 1,633 1,916 3,549
Total operating income 10,242 6,013 9,081 15,094
Total operating expenses (12,007) (7,333) (8,606) (15,939)
o/w Other operating expenses (3,810) (2,047) (2,078) (4,125)
o/w Payroll (6,515) (4,154) (4,933) (9,087)
o/w Depreciation, amortization and provisions (1,365) (899) (1,182) (2,081)
Operating profit/(loss) (1,765) (1,319) 474 (845)
Non-recurring income and expenses 102 - (182) (182)
Net profit/(loss) (1,683) (1,335) 285 (1,050)

* The consolidated financial statements for the year ended December 31, 2017 were approved by the Management Board on March 27, 2018. The financial statements have been audited. The auditors' certification report will be issued after completion of the procedures required for the publication of the annual financial report. The Group consolidated 2017 financial statements may be viewed on the company website at:

Jean-Noël de Galzain, Chairman of the WALLIX GROUP Management Board, said: “In less than three years following its IPO, WALLIX has built up a leading offering on the PAM market, becoming a recognized leader on the home market and one of the few European operators recognized as a technological benchmark on the cyber security market. These achievements are our first major success and will form the cornerstone of our future development in line with our ambitious growth plan for 2018-2021. By confirming our status as a profitable leading global provider of PAM solutions and Cloud-Based Security Services, we intend to play a pivotal role in creating a European cyber defense offering, more necessary than ever before in order to allow businesses to pursue their digitalization programs in total security.”


Thanks to the enhancement of our WALLIX BASTION Suite, now tailored to current issues and new threats affecting the sector, and the success of our marketing policy focusing on the sectors most impacted by digital transformation and regulations (healthcare, industry, finance, and telco/Cloud), WALLIX multiplied its turnover by 4.3 between 2013 and 2017.

Growth accelerated in 2017, with consolidated turnover up 57% year-over-year to €11,545,000. This performance was primarily driven by sales of licenses, which saw a 63% increase in volume and now accounts for 69% of total turnover (66% in 2016). Maintenance sales (28% of turnover versus 29% in 2016) generate strong recurring business due to ongoing expansion of the installed base. Lastly, the traditional Managed Services business accounted for only 4% of sales in 2017, versus 5% in 2016.

The Group has significantly expanded its customer portfolio from 420 active accounts at 2016 year-end to 577 by December 31, 2017. The Group signed 28 contracts worth over €100,000 each in 2017, versus 13 in 2016. Two of these contracts are worth more than €1 million, thus proving that the WALLIX BASTION is capable of delivering key account requirements.


This flurry of new business is the result of investment in human and technological resources made over the last few years, boosted by the €10.3 million capital injection generated by our 2015 IPO. Group headcount rose accordingly, from 37 at 2014 year-end to 83 at 2017 year-end, while the Management Committee has been bolstered by experienced and complementary new talent.

The increase in operating expenses driven by staff hiring was offset by the increase in consolidated turnover, particularly strong in the second half due to the seasonal impact on sales (62% of 2017 turnover generated in H2). As a result, the Group posted an operating profit of €474,000 for the second half.

For the full year, WALLIX posted a consolidated operating loss of €845,000, a marked improvement on the previous year's €1,765,000 loss. Consolidated net loss came to €1,050,000, a €633,000 improvement on 2016.


These improvements enabled WALLIX to generate net operating cash flow of €3,380,000, thus covering investment cash flows of €2,855,000, mainly comprising R&D expenses, and €474,000 in repayment of borrowings. Group cash increased by €1,043,000 over the year, thanks to new bank finance arrangements signed during the year.

Net cash[1] increased €665,000 to €5,031,000 at December 31, 2017. This cash position backed by shareholders' equity of €7,974,000 provides WALLIX with a robust balance sheet.


These results confirm the merits of the Group's strategy and provide a solid base on which to step up its expansion. In order to raise the Group's stature, WALLIX's management has devised a new strategic plan which will guide the Group through 2018-2021.

The new plan aims to boost WALLIX's status from that of a European expert on the Privileged Access Management (PAM) market to that of a publisher of global cyber security software solutions. Whilst maintaining its leadership on the PAM market, WALLIX also plans to provide business and organizations with a wider range of solutions designed to protect their digital assets, focusing on the opportunities brought up by the need to comply with new European regulations due to come into force in May 2018, namely the NIS Directive and the General Data Protection Regulation (GDPR).

This new roadmap will be rolled out via three growth strategies:

  • Develop and market new trusted solutions offering synergies with WALLIX BASTION in order to expand its market in the segment of Cloud-Based Security Services distributed in SaaS mode (Software as a Service). Accordingly, on March 23, 2018 WALLIX announced the launch of DataPeps, an End-to-End Encryption (E2EE) platform that enables users to secure their data;
  • Expand WALLIX's global footprint on the PAM market via sharp acceleration in the DACH region (Germany, Austria and Switzerland) and North America. This goal will be achieved by opening new sales offices in these priority regions and expanding the reseller-integrator network of partners;
  • Form strategic alliances with other industry and digital players in order to offer packages and new cyber security solutions designed for protecting Operational Technology (OT) and for the identity management, Cloud, IoT, data repository, and AI markets.

By 2021 WALLIX plans to become a mid-tier and profitable cyber security company with a headcount of 250, with turnover of more than €50 million. These targets will mainly be achieved through organic growth.


To fund this growth plan and take advantage of acquisition opportunities, primarily in order to step up the pace of international expansion and the enhancement of its offering, WALLIX plans to raise funds via a share issue amounting to around €30 million. Around one third of these funds will be allocated to the organic growth plan, the rest being allocated to acquisitions. For this purpose, in early 2018 the Group set up a Strategy Department and is currently scanning the market with a view to analyzing and seizing opportunities.

WALLIX plans to carry out this share issue before summer 2018, depending on market conditions and provided that the French market regulator (AMF) approves the prospectus for a public offering without preferential subscription rights but subject to a shareholder priority period.

Next publication: H1 2018 consolidated turnover, July 26, 2018

A software company providing cyber security solutions, WALLIX Group is the European specialist in privileged account
In response to recent regulatory change (NIS/GDPR in Europe and OVIs in France) and the cyber security threats affecting all companies today, Bastion helps users protect their critical IT assets: data, servers, terminals and connected objects. It is the first market solution to have been awarded first-level security certification (CSPN) by France's National Cybersecurity Agency (ANSSI) and thus meet all of the criteria for regulatory compliance
WALLIX accompanies more than 500 companies and organizations on a day-to-day basis, securing the access to more than 200,000 hardware and software resources. Its solutions are marketed through a network of more than 130 resellers and trained and accredited integrators. Listed on Euronext under the code ALLIX, WALLIX Group is a leader on the PAM market with a strong presence throughout Europe and EMEA. Alain Afflelou, Dassault Aviation, Gulf Air, Maroc Telecom, McDonald's, Michelin, and PSA Peugeot-Citroën trust WALLIX to secure their information systems.
WALLIX Bastion was a winner at the 2016 Computing Security Awards and has been rated Best Buy by SC Magazine, as well as being named among the PAM leaders in the Product and Innovation categories of the KuppingerCole 2017 Leadership Compass report. The company is a member of Bpifrance Excellence, a champion of the Pôle Systematic Paris Region cluster and a founding member of the Hexatrust grouping of cyber security companies. In 2017, WALLIX Group was included in Forbes France's Futur40 ranking of fastest-growing listed companies.
For more information, visit the WALLIX website at:


ACTUS finance & communication
Natacha Morandi - Investor Relations
Tel. +33 (0)1 53 67 36 94 / [email protected]
ACTUS finance & communication
Nicolas Bouchez - Financial Press Relations
Tel. +33 (0)1 53 67 36 74 / [email protected]

[1] Cash and cash equivalents less loans and borrowings

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