CrowdStrike Says DOJ, SEC Sent Inquiries on Firm Accounting
(Bloomberg) -- CrowdStrike Holdings Inc. said US officials have asked for information related to the accounting of deals it's made with some customers and said the cybersecurity firm is cooperating with the inquiry.
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The Austin, Texas-based company said in a filing Wednesday that it has gotten 'requests for information' from the US Department of Justice and the Securities and Exchange Commission 'relating to the company's recognition of revenue and reporting of ARR for transactions with certain customers.' ARR refers to annual recurring revenue, a measure of earnings from subscriptions.
The company said the federal officials have also sought information related to a CrowdStrike update last year that crashed Windows operating systems around the world.
'The company is cooperating and providing information in response to these requests,' the filing states.
US prosecutors and regulators have been investigating a $32 million deal between CrowdStrike and a technology distributor, Carahsoft Technology Corp., to provide cybersecurity tools to the Internal Revenue Service, Bloomberg News first reported in February. The IRS never purchased or received the products, Bloomberg News earlier reported.
The investigators are probing what senior CrowdStrike executives may have known about the $32 million deal and are examining other transactions made by the cybersecurity firm, Bloomberg News reported in May.
Asked for comment about the filing, CrowdStrike spokesperson Brian Merrill said, 'As we have told Bloomberg repeatedly, this is old news and we stand by the accounting of the transaction.'
A lawyer for Carahsoft previously declined to comment on the federal investigations, and representatives didn't respond to subsequent requests for comment about them.
(Updates with CrowdStrike comment in the seventh paragraph.)
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