- SecureWorks recently held its virtual investor day event, offering more color on the planned transition toward a software-oriented model.
- The numbers are compelling, from the $37 billion addressable market to the targeted EBITDA margins in the low-mid 30s %.
- However, the road ahead is challenging, especially considering the 3-5-year timeline, and I am concerned about the potential downside risk to the targets.
- Current valuations are below security peers but a premium to MSS peers, which seems fair.
For further details see:
SecureWorks: A Promising But Challenging Software Transition