(Reuters) - Cloud services and network security company Sophos (SOPH.L) raised its full-year forecast for the amount it bills its customers to growth of 20 percent, from a previous target of mid to high-teens, citing “strong momentum” over the first quarter.
The British company, which follows a software subscription model that analysts say is highly profitable, on Wednesday reiterated its medium-term outlook of reaching $1 billion of billings by March 2020.
Sophos develops products to encrypt communications as well as security for networks, email and mobiles. Its stock has gained 121 percent since listing on the London Stock Exchange in June 2015.
A rise in global ransomware attacks that have disrupted factories, hospitals and shops this year has spurred increased demand for cybersecurity from firms and government agencies.
Reporting by Esha Vaish in Bengaluru; editing by Alexander Smith