AUSTIN, Texas - CrowdStrike Holdings, Inc. (NASDAQ: NASDAQ:CRWD), a leader in cloud-delivered endpoint and cloud workload protection, announced today that it has surpassed $1 billion in cumulative sales through its partnership with CDW (NASDAQ:CDW) Corporation (NASDAQ: CDW), a prominent IT solutions provider. This milestone reflects the success of their collaboration in delivering cybersecurity solutions to a global clientele.
The partnership has also seen CrowdStrike achieve Diamond Level Partner Status with CDW, positioning the cybersecurity firm alongside a select group of technology companies that are integral to CDW's operations. CDW, known for its comprehensive offerings to various sectors including business, government, education, and healthcare, has a significant presence in the U.S., U.K., and Canada.
CrowdStrike's Falcon platform, which is AI-native, has been a cornerstone of this partnership, enabling organizations to streamline their cybersecurity infrastructure by replacing multiple legacy systems with a single solution. The platform is designed to enhance return on investment and provide robust protection against cyber threats.
Stephanie Hagopian, VP of security solutions at CDW, emphasized the strength of the partnership and its role in delivering effective cybersecurity solutions tailored to the evolving technology landscape. Daniel Bernard, chief business officer at CrowdStrike, echoed this sentiment, highlighting the shared commitment to advancing security measures and the significant achievements of their collaboration.
The CrowdStrike Falcon platform operates on the CrowdStrike Security Cloud and utilizes AI along with real-time threat data to offer precise threat detection, automated defenses, and prioritized insights into vulnerabilities. Its cloud-native, lightweight-agent architecture ensures quick deployment, high performance, and simplicity, which contributes to its value proposition.
This announcement is based on a press release statement and underscores the growing importance of AI in cybersecurity and the benefits of strategic partnerships in reaching significant sales and operational milestones.
In other recent news, CDK Global (NASDAQ:CDK) is grappling with a persistent software outage due to a cyberattack, causing disruptions for many U.S. auto dealers. This outage is affecting operations for half of Volkswagen (ETR:VOWG_p)'s dealers and approximately 60% of Audi's dealers in the United States.
In response, some dealers have reverted to manual processes to maintain business operations. A hacker group is demanding a multimillion-dollar ransom from CDK Global, and negotiations are underway.
In related news, CDW Corporation has had its stock price target reduced by Citi due to a weak first quarter and a downward revision of its full-year 2024 guidance. Despite the challenges, Citi maintains a Buy rating on CDW's stock, citing an optimistic outlook due to strong customer engagement and a robust sales pipeline.
CDW also recently reported its Q1 2024 earnings, revealing a decrease in gross profit and non-GAAP income figures. However, the company maintains its outlook for low single-digit gross profit growth for 2024. These are among the latest developments for both companies.
InvestingPro Insights
As CDW Corporation (NASDAQ: CDW) celebrates surpassing $1 billion in cumulative sales through its partnership with CrowdStrike Holdings, Inc. (NASDAQ: CRWD), it's essential to understand the financial health and market perception of CDW that underpin this achievement. According to InvestingPro data, CDW holds a market capitalization of $30.19 billion, which showcases its significant presence in the IT solutions sector.
InvestingPro Tips highlight that CDW has raised its dividend for 12 consecutive years, indicating a stable and shareholder-friendly policy, which may appeal to investors looking for consistent returns. Moreover, the company has been profitable over the last twelve months, reinforcing its financial stability amidst the evolving technology landscape.
It is also worth noting that CDW is trading at a high Price / Book multiple of 14.12 as of the last twelve months as of Q1 2024, which may suggest a premium valuation given its prominent role in the Electronic Equipment, Instruments & Components industry.
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