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COLUMBIA, Md. (
Sourcefire(FIRE) may not be as well known as
McAfee, now part of
Intel(INTC - Get Report), but the security specialist has earned an impressive reputation among government organizations and businesses that need serious data lockdown.
Sourcefire briefly hit the headlines in 2006 when an attempt by Israeli firm
Check Point(CHKP) to buy the company became a political issue. Sourcefire's Snort intrusion detection technology is widely used in the U.S. intelligence community, prompting Washington lawmakers to cite national security concerns about a possible Sourcefire sale.
Shares of Sourcefire have climbed more than 47% this year.
Six years later, and still a standalone company, Sourcefire has successfully extended its reach beyond its flagship Snort technology. Last month the company reported record
fourth-quarter results as it reaps the benefits of a revamped product line.
"It's sort of a confluence of a few things coming together at the right time," said Sourcefire CEO John Burris, during a post-earnings interview with
TheStreet. "We have become a multi-product company after a great run with an open-source product called Snort."
Burris pointed to the company's Next-Generation Firewall and its FireAMP anti-malware offering as evidence of its broadening product strategy.
"The traditional IPS (Intrusion Prevention System) market that we are playing in has been sized by the likes of Gartner to be a little over $2 billion by 2015," he said. "We're now going to be playing in a nearly $10 billion market."
One of the
TheStreet's Breakout Stocks, Sourcefire recently hit a new
52-week high, and the company's shares have climbed more than 47% this year.
TheStreet's Breakout Stocks Portfolio Manager, is bullish on Sourcefire, citing the business-critical nature of the company's products and the prioritized nature of security software spending.
Sourcefire, however, is up against much bigger rivals, such as
Tipping Point, now part of
HP(HPQ), and Intel's McAfee business, as well as networking giants like
Cisco(CSCO - Get Report) and
Juniper(JNPR - Get Report).
Not that Burris is daunted. "We could really grow fast - we're small enough that we can creep up on guys," he told
TheStreet. "There's so much consolidation in the industry, there's very few pure plays left that are maniacally focused on security, but we're one of them and that makes a big difference."