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`Table of Contents
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`UNITED STATES
`SECURITIES AND EXCHANGE COMMISSION
`Washington, D.C. 20549
`__________________________________
`
`(cid:59)
`
`FORM 10-K
`ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
`ACT OF 1934
`For the Fiscal Year Ended December 31, 2014
`
`OR
`TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
`EXCHANGE ACT OF 1934
`For the Transition Period from to
`
`(cid:134)
`
`Commission File Number 001-35506
`
`PROOFPOINT, INC.
`
`(Exact name of Registrant as specified in its charter)
`
`Delaware
`(State or other jurisdiction of
`incorporation or organization)
`
`892 Ross Drive
`Sunnyvale, California
`(Address of principal executive offices)
`
`51-0414846
`(I.R.S. employer
`identification no.)
`
`94089
`(Zip Code)
`
`(408) 517-4710
`(Registrant’s telephone number, including area code)
`__________________________________
`Securities registered pursuant to Section 12(b) of the Act:
`
`Title of Each Class
`Common Stock , $0.0001 par value per share
`
`Name of each exchange on which registered
`NASDAQ Global Select Market
`
`Securities registered pursuant to Section 12(g) of the Act:
`
`None
`__________________________________
`Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES (cid:59) NO (cid:134)
`Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES (cid:134) NO (cid:59)
`Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
`preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
`90 days. YES (cid:59) NO (cid:134)
`Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
`submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
`was required to submit and post such files). YES (cid:59) NO (cid:134)
`Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be
`contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment
`to this Form 10-K. (cid:134)
`Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
`of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
`
`Large accelerated filer (cid:59)
`
`Accelerated filer (cid:134)
`
`Non-accelerated filer (cid:134)
`(Do not check if a smaller reporting company)
`Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES (cid:133) NO (cid:59)
`The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant, based upon the closing price of a share of the
`registrant’s common stock on June 30, 2014 as reported by the NASDAQ Global Select Market on that date, was approximately $1,291,000,000. This calculation does
`not reflect a determination that certain persons are affiliates of the registrant for any other purpose.
`The number of shares outstanding of the registrant’s common stock as of February 13, 2015 was 38,993,942 shares.
` __________________________________
`DOCUMENTS INCORPORATED BY REFERENCE
`
`Smaller reporting company (cid:134)
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`Portions of the registrant’s Proxy Statement for its 2015 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed with the Securities and Exchange
`Commission, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Proxy Statement will be filed with the Securities and
`Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2014.
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`Table of Contents
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`PROOFPOINT, INC.
`FORM 10-K
`For the Fiscal Year Ended December 31, 2014
`TABLE OF CONTENTS
`
`PART I.
`Item 1. Business
`Item 1A. Risk Factors
`Item 1B. Unresolved Staff Comments
`Item 2.
`Properties
`Item 3.
`Legal Proceedings
`Item 4. Mine Safety Disclosures
`PART II.
`Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
`Item 6.
`Selected Financial Data
`Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
`Item 7A. Quantitative and Qualitative Disclosures About Market Risk
`Item 8.
`Financial Statements and Supplementary Data
`Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
`Item 9A. Controls and Procedures
`Item 9B. Other Information
`PART III.
`Item 10. Directors, Executive Officers and Corporate Governance
`Item 11. Executive Compensation
`Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
`Item 13. Certain Relationships and Related Transactions, and Director Independence
`Item 14. Principal Accountant Fees and Services
`PART IV.
`Item 15. Exhibits and Financial Statement Schedules
`Index to Consolidated Financial Statements
`
`Signatures
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`Page
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`3
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`60
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`CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
`
`This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities
`Litigation Reform Act of 1995. All statements contained in this Annual Report on Form 10-K other than statements of historical fact,
`including statements regarding our future results of operations and financial position, our business strategy and plans, and our
`objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue,"
`"anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these
`forward-looking statements largely on our current expectations and projections about future events and trends that we believe may
`affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and
`financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those
`described in Part I, Item 1A, "Risk Factors" in this Annual Report on Form 10-K. Moreover, we operate in a very competitive and
`rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can
`we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results
`to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and
`assumptions, the future events and trends discussed in this Annual Report on Form 10-K may not occur and actual results could differ
`materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to revise or
`publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and
`uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
`Unless expressly indicated or the context requires otherwise, the terms “Proofpoint,” “Company,” “Registrant,” “we,” “us,”
`and “our” mean Proofpoint, Inc. and its subsidiaries unless the context indicates otherwise.
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`ITEM 1. BUSINESS
`
`Overview
`
`PART I
`
`Proofpoint is a leading security-as-a-service provider that enables large and mid-sized organizations worldwide to defend,
`protect, archive and govern their most sensitive data. Our security-as-a-service platform is comprised of an integrated suite of on-
`demand data protection solutions, including threat protection, incident response, regulatory compliance, archiving, governance,
`eDiscovery, and secure communication. Our solutions are built on a flexible, cloud-based platform and leverage a number of
`proprietary technologies - including big data analytics, machine learning, deep content inspection, secure storage, advanced
`encryption, intelligent message routing, dynamic malware analysis, threat correlation, and virtual execution environments - to address
`today's rapidly changing threat landscape.
`
`A fundamental shift in the sources of cyber crime, from hackers to organized crime and governments, combined with the
`emergence of international data trafficking and sophisticated advanced persistent threats ("APTs"), polymorphic threats, zero-day
`exploits, and user-transplant "drive-by" downloads, is driving an unprecedented wave of targeted, malicious attacks designed to steal
`valuable information. At the same time, the growth of business-to-business collaboration and the use of social media for mass
`communication, as well as the consumerization of IT and the associated adoption of mobile devices and unmanaged Internet-based
`applications, has proliferated sensitive data and reduced the effectiveness of many existing security products. These factors have
`contributed to an increasing number of severe data breaches and expanding regulatory mandates, all of which have accelerated demand
`for effective data protection and governance solutions.
`
`Our platform addresses this growing challenge by not only protecting data as it flows into and out of the enterprise via on-
`premise and cloud-based email, instant messaging, social media and other web-based applications, but also by keeping track of such
`information as it is modified and distributed throughout the enterprise for compliance and data loss prevention and securely archiving
`these communications for compliance and discovery. We address four important problems for the enterprise:
`
`•
`
`•
`
`•
`
`•
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`Keeping malicious content out of the extended enterprise;
`
`Preventing the theft or inadvertent loss of sensitive information and, in turn, ensuring compliance with regulatory
`data protection mandates;
`
`Collecting, retaining, governing and discovering sensitive data for compliance and litigation support; and
`
`Securely sharing sensitive data with customers, partners and suppliers.
`
`Our platform and its associated solutions are sold to customers on a subscription basis and can be deployed through our
`unique cloud-based architecture that leverages both our global data centers as well as optional points-of-presence behind our
`customers' firewalls. Our flexible deployment model enables us to deliver superior security and compliance while maintaining the
`favorable economics afforded by cloud computing, creating a competitive advantage for us over legacy on-premise and cloud-only
`offerings.
`
`We were founded in 2002 to provide a unified solution to help enterprises address their growing data security requirements.
`Our first solution was commercially released in 2003 to combat the burgeoning problem of spam and viruses and their impact on
`corporate email systems. To address the evolving threat landscape and the adoption of communication and collaboration systems
`beyond corporate email and networks, we have broadened our solutions to defend against a wide range of threats, protect against
`outbound security risks, and archive and govern corporate information. Today, our solutions are used by approximately 3,300
`customers worldwide, including 45 of the Fortune 100, protecting tens of millions of end-users. We market and sell our solutions
`worldwide both directly through our sales teams and indirectly through a hybrid model where our sales organization actively assists
`our network of distributors and resellers. We also distribute our solutions through strategic partners.
`
`The Proofpoint Solution
`
`Our integrated suite of on-demand security-as-a-service solutions enables large and mid-sized organizations to defend,
`protect, archive and govern their sensitive data. Our comprehensive platform provides threat protection, incident response, regulatory
`compliance, archiving, governance, eDiscovery, and secure communication. These solutions are built on a cloud-based architecture,
`protecting data not only as it flows into and out of the enterprise via on-premise and cloud-based email,
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`instant messaging, social media and other web-based applications, and also keeps track of this information as it is modified and
`distributed throughout the enterprise for compliance and data loss prevention and securely archiving these communications for
`compliance and discovery. We have pioneered the use of innovative technologies to deliver better ease-of-use, greater protection
`against the latest advanced threats, and lower total cost of ownership than traditional alternatives. The key elements of our solution
`include:
`
`•
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`•
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`•
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`•
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`•
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`Superior protection against advanced, targeted threats. We use a combination of proprietary technologies for big
`data analytics, machine learning, deep content inspection, dynamic malware analysis, threat correlation, and virtual
`execution environments to predictively and actively detect and stop targeted "spear phishing" and other sophisticated
`advanced and next-generation threat attacks, including APTs, that employ polymorphic threats, zero-day exploits,
`user-transparent “drive-by” downloads and other penetration tactics. By processing and modeling billions of requests
`per day, we can recognize anomalies in traffic flow to predictively detect targeted attacks, before users are exposed.
`Our deep content inspection technology enables us to identify malicious message attachments and distinguish
`between valid messages and "phishing" messages designed to look authentic and trick the end-user into divulging
`sensitive data or clicking on a malicious web link. Our machine learning technology enables us to detect targeted
`"zero-hour" attacks in real-time, even if they have not been seen previously at other locations, and quarantine them
`appropriately. Our dynamic malware analysis and virtual execution environment technologies enable us to examine
`web site destinations and downloadable files to identify and block potentially hostile code that would otherwise
`compromise end-user computers, even if such web sites are otherwise benign and considered reputable. Our threat
`correlation technologies enable us to rapidly confirm and contain threats, providing rapid automated incident
`response.
`
`Comprehensive, integrated data protection, compliance, and eDiscovery suite. We offer a comprehensive solution
`for data protection and governance through an integrated, security-as-a-service platform that is comprised of five
`main suites: Proofpoint Enterprise Protection, Proofpoint Enterprise Privacy, Proofpoint Enterprise Archive &
`Governance, Proofpoint Nexgate Social Media Security & Compliance, and Proofpoint Essentials. Together, these
`solutions can improve an organization's ability to detect and mitigate inbound and outbound threats and securely
`archive and discover communication across all major communication channels including on-premise and cloud-
`based email, instant messaging, social media and other web-based applications. In addition, our common policy
`framework and reporting systems enable organizations to comply with complex regulatory mandates, implement
`consistent data governance policies and ensure end-to-end incident response across the enterprise.
`
`Designed to empower end-users. Unlike legacy offerings that simply block communication or report audit
`violations, our solutions actively enable secure business-to-business and business-to-consumer communications. Our
`easy-to-use policy-based email encryption service automatically encrypts sensitive emails and delivers them to any
`PC or mobile device. In addition, our secure file-transfer solution makes it easy for end-users to securely share
`various forms of documents and other content that are typically too large to send through traditional e-mail systems.
`All of our solutions provide mobile-optimized capabilities to empower the growing number of people who use
`mobile devices as their primary computing platform.
`
`Security optimized cloud architecture. Our multi-tenant security-as-a-service solution leverages a distributed,
`scalable architecture deployed in our global data centers for deep content inspection, global threat correlation and
`analytics, high-speed search, secure storage, encryption key management, software updates, intelligent message
`routing, and other core functions. Customers can choose to deploy optional physical or virtual points-of-presence
`behind their firewalls for those who prefer to deploy certain functionality inside their security perimeter. This
`architecture enables us to leverage the benefits of the cloud to cost-effectively deliver superior security and
`compliance, while optimizing each deployment for the customer's unique threat environment.
`
`Extensible security-as-a-service platform. The key components of our security-as-a-service platform, including
`services for secure storage, content inspection, reputation, big data analytics, encryption, key management, and
`identity and policy, can be exposed through application programming interfaces, or APIs, to integrate with internally
`developed applications as well as with those developed by third-parties. In addition, these APIs provide a means to
`integrate with the other security and compliance components deployed in our customers' infrastructures.
`
`Our Security-as-a-Service Platform
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`We provide a multi-tiered security-as-a-service platform consisting of solutions, platform technologies and infrastructure. Our
`platform currently includes five solutions bundled for the convenience of our customers, distributors and resellers: Proofpoint
`Enterprise Protection, Proofpoint Enterprise Privacy, Proofpoint Enterprise Archive & Governance, Proofpoint Nexgate Social Media
`Security & Compliance, and Proofpoint Essentials. Each of these solutions is built as an aspect of our security-as-a-service platform,
`which includes both platform services and enabling technologies. Our platform services provide the key functionality to enable our
`various solutions while our enabling technologies work in conjunction with our platform services to enable the efficient construction,
`scaling and maintenance of our customer-facing solutions.
`
`Our suite is delivered by a cloud infrastructure and can be deployed as a secure cloud-only solution, or as a hybrid solution
`with optional physical or virtual points-of-presence behind our customers' firewalls for those who prefer to deploy certain functionality
`inside their security perimeter. In all deployment scenarios, our cloud-based architecture enables us to leverage the benefits of the
`cloud to cost-effectively deliver superior security and compliance while maintaining the flexibility to optimize deployments for
`customers' unique environments. The modularity of our solutions enables our existing customers to implement additional modules in a
`simple and efficient manner.
`
`Solutions
`
`Proofpoint Enterprise Protection
`
`Proofpoint Enterprise Protection is our communications and collaboration security suite designed to protect customers'
`mission-critical messaging infrastructure from outside threats including spam, phishing, unpredictable email volumes, malware and
`other forms of objectionable or dangerous content before they reach the enterprise. Key capabilities within Proofpoint Enterprise
`Protection include:
`
`•
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`Threat detection. Uses our Proofpoint MLX machine learning technology and reputation data to examine millions of
`possible attributes in every message, including envelope headers and structure, embedded web links, images,
`attachments and sender reputation, as well as unstructured content in the message body, to block phishing and spear
`phishing attacks, spam and other forms of malicious or objectionable content. This solution also includes
`sophisticated policy and routing controls designed to ensure security and the effective handling of all classifications
`of content.
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`•
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`Virus protection. Combats email-borne viruses, worms and trojans with a solution that combines efficient message
`handling, comprehensive reporting, and robust policy management with leading third-party antivirus scanning
`engines.
`
`Zero-hour threat detection. Protects enterprises against new phishing attacks, viruses and other forms of malicious
`code during the critical period after new attacks are released and before full information is available to characterize
`the threat.
`
`Smart search. Offers an easy-to-use interface that provides real-time visibility into message flows across an
`organization's messaging infrastructure, using built-in logging and reporting capabilities with advanced message
`tracing, forensics and log analysis capabilities.
`
`Targeted attack protection. Enterprises are protected against advanced persistent threats such as phishing and other
`targeted email attacks by the use of big data analysis, predictive, virtual execution and dynamic malware analysis
`techniques to identify and apply additional security controls against suspicious messages and any associated links to
`the web.
`
`Threat response. Provides threat information and Indicators of Compromise correlation, aggregating across
`Proofpoint and other third-party security products, to confirm and contain system compromises. By taking advantage
`of this automated incident response, enterprises can minimize exfiltration windows and leverage staff for breach
`prevention and mitigation.
`
`Key benefits of Proofpoint Enterprise Protection include:
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`•
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`•
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`Superior protection from advanced threats, spam and viruses. Protects against advanced threats, spam and other
`malicious code such as viruses, worms and spyware.
`
`Comprehensive outbound threat protection. Analyzes all outbound email traffic to block spam, viruses and other
`malicious content from leaving the corporate network, and pinpoint the responsible compromised systems.
`
`Automated Incident Response. Analyzes and correlates incident data to confirm system compromises, then acts to
`contain systems to help minimize and mitigate exposure.
`
`Effective, flexible policy management and administration. Provides a user-friendly, web-based administration
`interface and robust reporting capabilities that make it easy to define, enforce and manage an enterprise's messaging
`policies.
`
`Easy-to-use end-user controls. Gives email users easy, self-service control over their individual email preferences
`within the parameters of corporate-defined messaging policies.
`
`Proofpoint Enterprise Privacy
`
`Our data loss prevention, encryption and compliance solution defends against leaks of confidential information, and helps
`ensure compliance with common U.S., international and industry-specific data protection regulations - including the Health Care
`Insurance Portability and Accountability Act of 1996 ("HIPAA"), the Gramm-Leach-Bliley Act, Canada's Personal Information
`Protection and Electronic Documents Act, as well as acts such as CA SB 24 MA 201 CMR 17.00, ITAR, NERC-CIP, CFTC red flag
`rules, Basel II, EuroSOX (Directive 84/253/EEC), European Union Data Privacy Directive, and the Payment Card Industry Security
`Standards. Key capabilities within Proofpoint Enterprise Privacy include:
`
`•
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`Advanced data loss prevention. Our advanced data loss prevention solution identifies regulated private content,
`valuable corporate assets and confidential information before it leaves the organization via email, web-based
`applications, or our Secure Share solution. Pre-packaged smart identifiers and dictionaries automatically and
`accurately detect a wide range of regulated content such as social security numbers, health records, credit card
`numbers, and driver's license numbers. In addition to regulated content, our machine learning technology can
`identify confidential, organization-specific content and assets. Once identified and classified, sensitive data can be
`blocked, encrypted and transmitted or re-routed internally based on content and identity-aware policies.
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`Flexible remediation and supervision. Content, identity and destination-aware policies enable effective remediation
`of potential data breaches or regulatory violations. Remediation options include stopping the transfer completely,
`automatically forcing data-encryption, or routing to a compliance supervisor or the end-user for disposition.
`Proofpoint Enterprise Privacy provides comprehensive reporting on potential violations and remediation using our
`analytics capabilities.
`
`Policy-based encryption. Automatically encrypts regulated and other sensitive data before it leaves an organization's
`security perimeter without requiring cumbersome end-user key management. This enables authorized external
`recipients, whether or not they are our customers, to quickly and easily decrypt and view content from most devices.
`
`Secure file transfer. Provides secure, large file transfer capabilities that enables end-users to send large files quickly,
`easily, and securely while eliminating the impact of large attachments on an email infrastructure.
`
`Secure share. Cloud-based security-focused solution designed to enable enterprise users to securely exchange large
`files with ease while staying compliant with enterprise data policies.
`
`Content Control. Automated discovery and remediation solution identifies and enables corrective action on sensitive
`content across enterprise; reduces risk of data breaches and compliance violations.
`
`Key benefits of Proofpoint Enterprise Privacy include:
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`•
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`•
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`Regulatory compliance. Enables outbound messages to comply with national and state government and industry-
`specific privacy regulations.
`
`Superior malicious and accidental data loss protection. Protects against the loss of sensitive data, whether from a
`cybercriminal attempting to exfiltrate valuable data from a compromised system, or from an employee accidentally
`distributing a file to the wrong party through email, webmail, social media, file sharing, or other Internet-based
`mechanisms for publishing content.
`
`Easy-to-use secure communication. Allows corporate end-users to easily share sensitive data without compromising
`security and privacy, and enables authorized external recipients to transparently decrypt and read the
`communications from any device. Our mobile-optimized interfaces provide an easy experience for the rapidly
`growing number of recipients on smartphones and tablets.
`
`Proofpoint Enterprise Archive & Governance
`
`Proofpoint Enterprise Archive & Governance is designed to ensure accurate enforcement of data governance, data retention
`and supervision policies and mandates; cost-effective litigation support through efficient discovery; and active legal-hold management.
`
`Proofpoint Enterprise Archive can store, govern and discover a wide range of data including email, instant message
`conversations, social media interactions, and other files throughout the enterprise. The key capabilities within Proofpoint Enterprise
`Archive include:
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`Secure cloud storage. With our proprietary double blind encryption technology and the associated data storage
`architecture, all email messages, files and other content are encrypted with keys controlled by the customer before
`the data enters the Proofpoint Enterprise Archive. This ensures that even our employees and law-enforcement
`agencies cannot access a readable form of the customer data without authorized access by the customer to the
`encryption keys stored behind the customer's firewall.
`
`Search performance. By employing parallel, big data search techniques, we are able to deliver search performance
`measured in seconds, even when searching hundreds of terabytes of archived data. Traditional on-premise solutions
`can take hours or even days to return search results to a complex query.
`
`Flexible policy enforcement. Enables organizations to easily define and automatically enforce data retention and
`destruction policies necessary to comply with regulatory mandates or internal policies that can vary by user, group,
`geography or domain.
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`Active legal-hold management. Enables administrators or legal professionals to easily designate specific individuals
`or content as subject to legal-hold. Proofpoint Enterprise Archive then provides active management of these holds by
`suspending normal deletion policies and automatically archiving subsequent messages and files related to the
`designated matter.
`
`End-user supervision. Leveraging our flexible workflow capabilities, Proofpoint Enterprise Archive analyzes all
`electronic communications, including email and communications from leading instant messaging and social
`networking sites, for potential violations of regulations, such as those imposed by Financial Industry Regulatory
`Authority ("FINRA") and the SEC in the financial services industry.
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`Key benefits of Proofpoint Enterprise Archive include:
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`Regulatory compliance. Helps organizations meet regulatory requirements by archiving all messages and content
`according to compliance retention policies and enabling staff to systematically review messages for compliance
`supervision.
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`Proactive data governance. Allows organizations to create, maintain and consistently enforce a clear corporate data
`retention policy, reducing the risk of data loss and the cost of eDiscovery.
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`Efficient litigation support. Provides advanced search features that reduce the cost of eDiscovery and allow
`organizations to more effectively manage the litigation hold process.
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`Reduced storage and management costs. Helps to simplify mailbox and file system management by automatically
`moving storage-intensive attachments and files into cost-effective cloud storage.
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`Proofpoint Enterprise Governance can track, classify, monitor, and apply governance policies to unstructured information
`across the enterprise. By proactively governing unstructured information "in-place," organizations can effectively manage regulatory
`compliance, increase control over information and mitigate legal and financial risks. The key capabilities within Proofpoint Enterprise
`Governance include:
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`Document tracking—digital thread. Proofpoint Enterprise Governance c