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46% Growth in New Customer Bookings for Nasuni in FY23

Fueled by demand for File Data Platform

Nasuni Corporation announced record results for its fiscal year ending December 31, 2023.

These results were fueled by demand for its File Data Platform, as enterprises are requiring more agile operations with unstructured data management, data intelligence and AI, and ransomware safeguards.

According to Gartner, the hybrid cloud storage market is the future. In 2023, legacy hardware storage vendors continued to show flat-to-negative growth, highlighting the shift to a new cloud architecture and a consolidation cloud approach accelerated by AI. The File Data Platform enables enterprises to consolidate silos of unstructured data in the cloud and retains the familiarity and fast performance of traditional file systems – all while leveraging the cloud’s global scalability, security, and cost efficiencies.

In 2022, the company announced that it had passed the $100 million milestone in annual recurring revenue (ARR). In 2023, despite the challenging economic environment, ARR grew by 30%.

Paul Flanagan, CEO, commented: “Over the last 5 years, we have averaged a steady annual recurring revenue growth rate of 30%, and we are proud that we’ve done it again in 2023. We have maintained top decile key performance indicators in our business allowing us to be cash flow positive for the year. Our continued growth validates the approach of a hybrid cloud platform being the key to managing cost, delivering outstanding data performance, providing world-class data protection, and enabling AI innovation via the cloud.

Managing our business responsibly through the ever-changing market and global conditions of the last few years has allowed us to grow consistently as a company, with over 800 customers, 500 employees, and a very strong balance sheet that has enabled us to avoid any reduction in workforce. For Nasuni, 2023 was another exceptional year and we’re confident that our ongoing product innovation and outstanding customer support will lead to a stronger 2024 and beyond.

In 2023, Nasuni delivered:

  • 30% growth in ARR Y/Y.
  • 46% growth in new customer annual contract value bookings.
  • 120+ new large enterprise customers across all verticals, including Tommy Bahama, Patagonia, Aedas, Oshkosh Corporation, State of Vermont, and Autodesk.
  • Closing the first 8-figure customer contract for its File Data Platform.
  • World-class customer support delivering top decile gross revenue retention rates of over 98% and net revenue retention rate of 118%, a testament to firm’s ability to retain and expand customers.
  • Growth in its employee base to over 500 employees.
  • Growth for its ransomware detection offering with an attach rate of 71% on new customer sales in 2023 (launched at the end of 2022).
  • Significant Y/Y growth of terabytes in cloud capacity, predominantly in:
    • Microsoft Azure: 43%
    • AWS: 34%
    • Google Cloud: 133%

 Additional achievements in 2023 included:

  • New integrations with Microsoft Sentinel to simplify how businesses protect their file data from cyber threats and accelerate recovery with Targeted Restore.
  • An expanded partnership with solutions provider Presidio, to simplify how companies store, protect, and manage file data in hybrid cloud environments. The firm is optimizing AWS Cloud use and reducing Opex with Presidio’s Proactive Recapture into Savings Management (PRISM) program.
  • A key partnership with energy solutions provider Cegal, further driving its momentum in the energy sector with 235% growth year over year. Nasuni and Cegal are enabling global operators, like Petronas, Neptune Energy, and BW Energy, to transition to a cloud-based data platform delivering strategic benefits specific to the energy industry.
  • A strengthened leadership team with the appointments of Pete Agresta as CRO and Asim Zaheer as CMO, as well as the promotion of Jim Liddle to chief innovation officer who will lead the development and implementation of firm’s data intelligence and AI strategies.
  • The vendor also announced the appointment of Matthew Grantham as head of WW partners and Curt Douglas as VP of sales for its western region.
  • A NorthFace ScoreBoard Service Award for Global Customer Support Excellence for the 3rd year in a row. Firm’s customer satisfaction scores and gross customer retention rates both remained at 89 (NPS score) and 98%, respectively.
  • Nasuni was issued 8 new US patents directed to its core cloud-native global file system solution and its features that enable built-in security, edge performance, and scalability. Additional patents were granted for various features such as rapid ransomware detection and recovery, and AI-workload support.

In 2023, we saw enterprise IT leaders struggling to handle skyrocketing data volumes, unstructured data, hybrid work needs, and budget constraints, while trying to reduce risks from increased cyber-attacks. We’ve anticipated these challenges by developing tools that deliver scale, security, and performance at a cost unmatched by traditional file infrastructure providers. Nasuni is an enabler for businesses to transform their file data into a real asset, while reducing costs and unlocking efficiencies and innovation, by consolidating file data into a versatile enterprise hybrid cloud platform that can facilitate core enterprise AI use-cases,” added Flanagan.

The company currently supports more than 800 enterprise customers, including numerous Fortune 500, in over 70 countries.

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