I also believe that with time, you will see that it’s a strong secular plan and many other security line items are more cyclical than that. So data is going and going in many repositories and this is what bad actors want. If it’s APTs, insider Ransomware attack, this is the objective to gave data. And once customers will get the data, it’s all over. You can’t enrich data. So we are just in the right place and we have the right technology to do it almost effortlessly for the customers.
Operator: Thank you. And our next question comes from the line of Roger Boyd with UBS Securities. Please proceed with your question.
Roger Boyd : Great. Thank you for taking my question. And congrats on the quarter. Guy, you talked about sales force attention maybe drifting to the Varonis SaaS offering over Data Advantage Cloud in the quarter. Just curious, like what sort of synergies are there for Advantage Cloud to be sold now that Varonis SaaS has been launched? Is there a broader bundling opportunity there? And maybe as you think about the 15% SaaS mix for calendar ’23, how should we think about DA Cloud versus for SaaS contributing there? Thanks.
Guy Melamed : Well, I’ll try and address the sub questions within the question. First of all, we increased the SaaS mix from 5% 100 days ago to 15%. Going forward, we’re going to talk about SaaS sales as a whole. We definitely see reps and our account managers trying to sell to customers, both Varonis SaaS and the DA Cloud. I’ve talked a lot about the fact that the DA Cloud takes time from an adoption perspective. And we’ve seen that in the past with other licenses where until it takes some time, and we saw that with the Office 365 where it took some time and then it started becoming a major contributor. We feel very positive about the DA cloud being a tailwind for us in the years ahead. I think when you look at kind of the synergies there, the fact that we protect data wherever it resides, is a great advantage, and we can enter into new customers that had applications that we couldn’t support before and now we can support them.
And that combined with the Varonis SaaS, that gives a significant value to our customers that Yaki talked about before.
Yaki Faitelson : And also, if you look at what we are supporting, it’s very easy to understand what is the adoption of the SaaS applications, and the cloud data repository, you see that it’s something that almost every organization has. So what is happening today is that Varonis is really protecting data. And we want to protect critical data wherever you have it with all the access all the data flows that users are doing in applications, APIs and to do it automatically. So we believe that the whole platform it’s something that almost in every organization.
Operator: Thank you. Our next question comes from the line of Shaul Eyal with Cowen & Company. Please proceed with your question.
Shaul Eyal : Thank you, hi. Good afternoon, guys. Congrats on the SaaS, on the rapid progress. Are you seeing similar SaaS buying behavior between U.S. and EMEA? Or is SaaS, for some reason, more pronounced in the U.S.?
Yaki Faitelson : Hi, Shaul. So in I4, we did it only, in terms of the Varonis SaaS, we’ve done it only in the U.S. We open it now for EMEA and the pipeline is encouraging. And so we will give you more details as this progressing. But in general, we just see that it’s just a non in terms of the objections, I don’t have time, I don’t have hardware or don’t have people. We really eliminated all the major objections. So if you have clinical data and you want to protect it, the way to do it is to use our platform.
Operator: And our next question comes from the line of Joseph Gallo with Jefferies. Please proceed with your question.
