Record Revenue for StorMagic

StorMagic Ltd exceeded its FY 2021 goal, which ran from April 1, 2020 to March 31, 2021.

It achieved 24% above its sales forecast during this timeframe despite the challenges of the global pandemic. This success is attributed to focusing on key market segments that thrived during Covid-19, 2 acquisitions and the introduction of 3 new product lines, to deliver edge customers simple, robust and flexible storage and security solutions.

“As StorMagic stays on a focused path to deliver what customers need to better store, protect and use data at the edge, we are proud to announce that the company has closed its most successful financial year in our history,” said Brian Grainger, CRO and member of the board. “We were able to succeed during a globally difficult economic time due to the tremendous growth of data at the edge leveraging our expertise with key markets like healthcare, home improvement and essential retail businesses, such as grocers and convenience stores.”

Momentum
While it is a privately-held organization and does not publicly disclose financial data, the organization’s key achievements for FY21 are outlined below.
• Achieved record revenue in the company’s history.
• Delivered 24% above its forecasted sales bookings and 27% above its support forecast for FY21.
• Experienced customer growth in the essential retail market (groceries, pharmacies, convenience stores, etc.) and healthcare industries, driven by Covid-19.
• Completed 2 acquisitions resulting in the entry into the security and video markets. KeyNexus was finalized in April 2020 and SoleraTech in March 2021, building on strategy to solve more customer problems at the edge.
• Brian Grainger, CRO and board member, was appointed president of StorMagic, Inc., the organization’s US subsidiary.
• The non-executive board of directors was expanded to include new members Else Thomson, Geoff Hudson-Searle and Darren Thomson.
• An organizational restructure included the formation of a dedicated video surveillance group, being led by former Soleratec CEO, Mark Armstrong, as StorMagic’s VP of video.

Products
Three new product categories were introduced during this timeframe, including Security, Cloud Services. Individual products for security included SvKMS 2.5, and Key Management as a Service (KMaaS). Cloud Services include KMaaS and Witness as-a-Service (WaaS). Video storage platform included ARQvault, an active intelligent repository.

Partnerships
100% of revenue is generated by channel partners, so the firm continues to find new and develop existing relationships with industry leaders to expand its extended salesforce.
• Expanded its SvSAN partnership with APC Schneider Electric and HPE, and introduced Edge in a Box.
• Is celebrating the one year anniversary of its partnership with HPE. SvSAN was added to the HPE pricebook in April 2020 the official replacement for StoreVirtual and SvSAN was validated with HPE Edgeline servers this year.
• New security partnerships formed to support SvKMS included: AWS, Bitlocker, Commvault, Google Cloud External Key Management (EKM), IBM, MariaDB, MongoDB, MySQL, Microsoft Azure Key Vault Managed Hardware Security Module (HSM), NetApp, Nutanix, OpenStack, Salesforce Shield, VMware and Veritas.
• Launched its MSP program for SvKMS and Cloud Services.
• New distributor agreements were signed or expanded with ARIA Cybersecurity, PT Synnex Metrodata Indonesia and exone in Germany.

Industry Analyst Recognition
The firm was included on the Gartner Magic Quadrant for Hyperconverged Systems for the third year in a row and made the most improvement in the “Ability to Execute” and “Completeness of Vision” scores for all competitors included. It was also named the leader in the inaugural GigaOM Bullseye Report for Edge Hyperconverged systems and were placed the closest to the bullseye than any other vendor.

Executive, Company and Product Awards
• 2021 Non-Executive Director Awards, Finalist (Sally Duckworth, COB of directors)
• Global CMO Summit and Awards 2020, Global CMO of the Year 2020 (Bruce Kornfeld, CMPO)
• 2021 CRN Channel Chief, (Brian Grainger, CRO, member of the board)
• 2021 Data Breakthrough Awards, Overall Data Solution of the Year (WaaS)
• 2021 CyberSecurity Excellence Awards Gold for Product/Service/Data Security Europe (KMaaS) and Gold for Cybersecurity Industry Solution-Manufacturing for (SvKMS)
• 2021 CRN Partner Program Guide Five-Star Status (StorMagic channel program), for a third year in a row
• 2020 SDC Awards, finalist (KMaaS)
• 2020 CRN Edge Computing 100 (SvSAN)
• CRN’s 25 Hottest Edge Software Companies (StorMagic, SvSAN)
• 2020 Storage Awards, the Storries XVII, HCI Vendor of Year (StorMagic, SvSAN)
• 2020 Fortress Cyber Security Award, Encryption category (SvKMS)