ExaGrid Systems, Inc. announced that it had its strongest 2Q in the company’s history, for the quarter ending June 30, 2023.
It had a record 2Q23 and grew over 27% as compared to 2Q22. It continues to grow at well over 20% per year.
The company was Cash, P&L, and EBITDA positive for its 10th consecutive quarter.
It added 135 new customers in 2Q23, including 50 6- and 7-figure new customer deals. The new customer ASP increased to $119,000 in the quarter. It has more than 3,900 active upper mid-market to large enterprise customers that use its Tiered Backup Storage to protect their data. Growth is accelerating, and the company is hiring to expand its sales teams WW.
“ExaGrid is continuing to expand its reach and now has sales teams in more than 30 countries worldwide and customer installations in over 80 countries. We will hit 4,000 active customer installations in 3Q. We have achieved our top-line goals for 1Q and 2Q. ExaGrid is Cash, P&L, and EBITDA positive for the 10th quarter in a row. Outside of USA, our business in Canada, Latin America, Europe, the Middle East, Africa, and AsiaPac is rapidly growing and is now 45% of the business,” said Bill Andrews, president and CEO.
“Years ago, ExaGrid realized that no vendor was building storage specifically for backup, as they were all selling primary storage products as backup storage targets, which is expensive, or they were selling inline de-dupe appliances, which are slow for backups and restores and result in costly forklift upgrades. Backup storage has unique needs, due to large backup jobs, incrementals, synthetic fulls, backup rotation, long-term retention, and many other aspects that make backup storage different than primary storage. ExaGrid’s unique Tiered Backup Storage was built specifically to improve backup performance, restore performance, scalability as data grows, security, ransomware recovery, DR, and improve the economics of backup, with low costs up front and over time,” he added. “Primary storage is not as fast for large backup jobs, is typically not scalable, is very expensive for longer-term retention, and it is network-facing, making it vulnerable to security attacks. Inline de-dupe appliances are slow for backups, slow for restores, are not scalable, and are also network-facing making them vulnerable to security attacks.“
“ExaGrid prides itself on having a highly differentiated product that just works, does what we say it does, is sized properly, is well supported, and just gets the job done. We can backup these claims with our 95% net customer retention, NPS score of +81, and the fact that 94% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99.1% of our customers are on our yearly maintenance and support plan,” he concluded.
Highlights of 2Q23:
- ExaGrid won 5 industry awards in Q2 2023:
- Storage Awards “The Storries XX“: Enterprise Backup Hardware Vendor of the Year
- Storage Awards “The Storries XX”: Immutable Storage Company of the Year
- Network Computing Awards: Bench Tested Product of the Year – Hardware Category
- Network Computing Awards: Company of the Year
- Network Computing Awards: Storage Product of the Year
- Grew over 27% over the same quarter a year ago
- 10th consecutive quarter of Cash, EBITDA, and P&L positive operations