The SD-WAN vendor Versa Networks now counts over 50 managed service providers as customers. It also counts 300 enterprise customers that come to Versa either through those service providers, through other channels, or directly. And Versa has sold more than 150,000 contracted licenses worldwide.

The licenses are equivalent to 150,000 sites where the technology is deployed. “I just visited Capital One, and at each branch they use one license,”** said Kelly Ahuja, CEO of Versa Networks. “They’re turning on multiple sites every night.”

He said the license number is for Versa’s SD-WAN software as well as its SD-WAN in conjunction with its security software. About 70 percent of Versa’s SD-WAN customers also purchase the security.

The company has scored deals with a lot of big service providers such as CenturyLink, Comcast Business, China Telecom Global, KDDI, Singtel, Tata Communications, and Verizon. In the first half of 2018, Virgin Media Business, Verizon Business Markets, Zayo, Wholesale Carrier Services, and Hub One also joined its list of customer wins.

Ahuja said Versa “wanted to try and quantify the traction,” and it determined that licenses were the most accurate way to do that.

Each quarter IHS Markit comes out with estimated revenue numbers for the major SD-WAN vendors. The latest research from IHS Markit finds that VMware (after its VeloCloud acquisition) leads the SD-WAN market with 19 percent share of first-quarter 2018 revenue.

But Versa’s revenues are not itemized on IHS Markit’s report. Versa prefers to keep its revenues lumped in the “other” category.

“My view is our business and model is different,” said Ahuja. “Of that list of vendors, we’re the only one that is purely software and subscription based. Some vendors are selling hardware as well as software. Aryaka even sells circuits. We think that revenue alone is not a good indicator. We’re continuing to work with IHS to evolve what we think the model should look like.”

Versa was one of the first SD-WAN vendors to emerge on the scene a few years ago. Since then, its competitors Viptela and VeloCloud have been purchased by Cisco and VMware, respectively.

Asked if Versa is looking for suitors, Ahuja said the company is focusing on building its business. “For now, our focus is on execution,” he said.

The company now employs more than 200 people worldwide. In 2017, it moved its headquarters in San Jose, California to a much larger office and expanded its Bangalore office. Rob Mustarde joined Versa as SVP worldwide sales earlier this year.

**After publication, Versa clarified that Capital One uses one license for each CPE at a branch.