SecureWorks Corp
secureworks.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2025 10-Q, filed Dec 4, 2024. Its latest SEC filing is a SCHEDULE 13G/A from Apr 17, 2025.
10-Q for Q3 FY2025, filed Dec 4, 2024
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Sells cybersecurity software and managed security services, plus incident-response and security consulting, to businesses and U.S. state and local government agencies.
10-K for FY2024, filed Mar 22, 2024The integrated approach we have pioneered enables us to deliver a broad portfolio of security solutions to organizations of varying size…View ↗
software-as-a-service, or SaaS, solutions, managed solutions, and professional services, including incident response and penetration…View ↗
In addition to our Taegis solutions, we offer a variety of consulting and professional services that advise customers on a broad range of…View ↗
How Did They Make Money?
Taegis and managed security are sold as subscriptions, typically on one to three-year terms, and billed in advance annually or monthly or quarterly; many professional-services engagements are billed before work starts.
10-K for FY2024, filed Mar 22, 2024
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10-K for FY2024, filed Mar 22, 2024
FY2024 revenue by product or service ↗
$365.9M
-
10-K for FY2024, filed Mar 23, 2024
$365.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Taegis Subscription Solutions
Recurring
10-K for FY2024, filed Mar 22, 2024 |
73%
FY2021: 5.7%
|
Taegis Subscription Solutions, FY2024
$265.3M Sources
|
Recurring |
|
Managed Security Services
Recurring
10-K for FY2024, filed Mar 22, 2024 |
11%
FY2021: 71%
|
Managed Security Services, FY2024
$39.3M Sources
|
Recurring |
|
Professional Services
Recurring
10-K for FY2024, filed Mar 22, 2024 |
17%
FY2021: 24%
|
Professional Services, FY2024
$61.3M Sources
|
Recurring |
Who Were Their Customers?
Customers across financial services, manufacturing, technology, retail, insurance, utilities and healthcare buy through Secureworks sales teams and partners; routes vary by country, partner channel and customer size.
10-K for FY2024, filed Mar 22, 2024As of February 2, 2024, we had approximately 3,900 customers, including approximately 2,000 Taegis and 300 managed security subscription…View ↗
Our Sales teams are committed to driving sales opportunities through our partner community and closing deals together. Our Customer Success…View ↗
Our Sales teams are a mix of inside sales and field sales professionals who are aligned with geographic regions. These sales professionals…View ↗
Did Revenues Turn Into Profits?
No. It lost $86M in FY2024.
10-K for FY2024, filed Mar 23, 2024
$106.8MView ↗
10-K for FY2024, filed Mar 23, 2024
−$86MView ↗
10-K for FY2024, filed Mar 23, 2024
−$60.3MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q3 FY2025, filed Dec 5, 2024
−$27.5MView ↗
- ▲ +91% (Loss)
- vs −$14.4M in Q3 FY2024
10-Q for Q3 FY2025, filed Dec 4, 2024
Open tableView ↗
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Feb 3, 2025
Sophos completed its acquisition of Secureworks, and Secureworks shares stopped trading
Secureworks’ common stock ceased trading on Nasdaq after the all-cash acquisition closed.
Sources
8-K, filed Feb 3, 2025
OXFORD, U.K. and ATLANTA – February 3, 2025 – Sophos and Secureworks® (NASDAQ:SCWX), two global cybersecurity pioneers that have innovated…View ↗
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Dec 4, 2024
Secureworks suspended financial guidance
The company suspended guidance for the fourth quarter and fiscal year 2025.
Sources
8-K, filed Dec 4, 2024
As a result of the proposed transaction with Sophos, Secureworks is suspending financial guidance for the fourth quarter and fiscal year…View ↗
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Oct 21, 2024
Sophos agreed to acquire Secureworks
The proposed all-cash transaction was valued at approximately $859 million.
Sources
8-K, filed Oct 21, 2024
OXFORD, U.K. and ATLANTA – Oct. 21, 2024 – Sophos and Secureworks® (NASDAQ:SCWX), two global leaders of innovative security solutions for…View ↗
Shrank. Revenue fell 34% in 4 years, from $552.8M in FY2020 to $365.9M in FY2024, about 10% a year.
Subscription portfolio
The earlier report described Taegis software and Counter Threat managed security services as subscription offerings; the newer report describes a move away from many legacy managed subscriptions toward Taegis.
10-K for FY2021, filed Mar 25, 2021 10-K for FY2024, filed Mar 22, 2024Our technology-driven security solutions offer an innovative approach to prevent, detect and respond to cybersecurity breaches. Our Taegis…View ↗
We began transforming our subscription business to our Taegis solutions during fiscal 2021. Customers were informed during the fourth…View ↗
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