In 2023, GridGain Experienced 10th Consecutive Year of Revenue Growth

GridGain Systems, Inc. announced momentum across all areas of the business during 2023. It continued to experience substantial revenue growth and expanded its management team to meet surging demand for its solutions. It also garnered broad industry recognition.

In 2023, it experienced its 10th consecutive year of strong revenue growth with cash-positive operations. Responding to customer requests, key enhancements were made to the platform in the areas of data integration, data hub capabilities, and operational efficiencies. Furthermore, it strengthened its executive team, announcing Andy Sacks as CRO, and promoting Lalit Ahuja to chief product and customer officer and Elena Schtein to CFO.

Growth
• Core business has averaged 40% annual sales growth since 2017
• Sales to existing customers increased by 42% in 2023
• Average deal size increased by 31% in 2023, reflecting firm’s expanding value proposition and customer satisfaction
• The number of companies that purchased over $1 million in 2023 increased by 33%

“Strong revenue growth, increased customer adoption, and a host of industry accolades once again reflect the unique and compelling position GridGain has held in the market for over a decade,” said Eoin O’ Connor, president and CEO. “Our solution for ultra-low latency processing and analytics of massive amounts of disparate data is enabling our customers to implement real-time, data-intensive use cases that create a competitive advantage. We are committed to investing in both employees and R&D to ensure our solutions stay ahead of industry demands.”

Products
The release of GridGain Platform v8.9 extended firm’s robust data integration and data hub capabilities to help companies address their more complex real-time, distributed data processing and analytics use cases.

Enhancements include:
• An expanded data ecosystem, including native support for Apache Parquet, Apache Iceberg, CSV and JSON data formats
• Performance and scalability improvements on a broader set of datastores, including enterprise data lakes and NoSQL/semi-structured document databases
• Enhanced data management to enable more storage- and read-efficient management of massive data tables, with support for high performance, ACID-compliant queries and diverse document data types, helping developers to build new and more complex applications faster

GridGain Control Center introduced several new features and enhancements throughout the year for delivering deeper operational efficiencies.

Key new capabilities include:
• Improved user experience for monitoring and dashboards, with predefined configurations based on customer usage patterns
• Expanded visualization, inspection and troubleshooting capabilities for cluster data, metadata and diagnostic information
• Fine-grained tuning of and visibility into the cluster’s high availability, resiliency and replication capabilities

Industry Recognition
• Industry Analysts – Named in the newly introduced “Unified Real-Time Platforms” category in the 2023 Gartner Market Guide for Event Stream Processing (1), and in this Bloor InBrief Report.

Industry Awards – won the:
• Bloor Mutable Gold Award 2023
• Gold Stevie Award for the “Company of the Year”
• Database Trends and Applications Big Data 75 
• InsideBIGDATA IMPACT 50 List

(1) Gartner, Market Guide for Event Stream Processing, W. Roy Schulte, et. al., May 15, 2023