Syniti published a business update for the first quarter of 2023, ending March 31st. The Enterprise data management vendor, cited as a visionary in the 2022 Gartner Magic Quadrant for Data Quality solutions, has enjoyed solid growth.
Software bookings rose 22% year over year to deliver a record quarter. It also achieved its highest services revenue in the company’s history. However, as a private company, it did not share actual revenue or growth dollar amounts. The software bookings were also higher than in Q4, which is usually the highest for many vendors during the year.
Other key figures from the quarter included:
- Cloud annual recurring revenue grew 43% compared to the fourth quarter of 2022.
- Services revenue was up 9.5% in comparison to 2022, up nearly 8% from Q4 2022
- Net retention achieved 105%
- Syniti added nine significant (multi-billion dollar brand) customers in the quarter, including three new Global2000 logos in manufacturing and oil & gas.
- 8 were for the company’s latest cloud-native software product, the Syniti Knowledge Platform
Kevin Campbell, CEO, Syniti, said: “Data management remains a key enabler of digital business strategy, and success is contingent on accurate, quality data. Our team thrives on doing the hardest work in data, solving the most complicated problems and delivering 100% of the time for our clients and partners. I’m particularly pleased to see us expand with the Global2000 and land some of the ‘biggest of the big’ companies as new clients.”
The SAP relationship grows
The growth in services revenue could be attributed to 30 successful go-lives in the quarter from various industries, including life sciences, pharmaceuticals, manufacturing and retail. Revenue was driven by success in the life sciences & pharmaceuticals industries, with the SAP relationship also delivering increasing value.
That relationship deepened in the quarter with the appointment of Ragunath Ramanathan, Chief Revenue Officer at SAP, to the Syniti Board of Directors. Synite Match and Syniti Replicate were also added to the SAP Store at the end of the previous quarter.
Syniti also launched a new tool for SAP customers. Data Assessment Express is a one-week data quality assessment specifically for businesses that use SAP solutions to gain insight into the quality of their data and help understand its impact on their business bottom line.
Syniti was also recognised by SAP, receiving the SAP Software Partners gold-level certification for enterprise support integration for the second time.
Other notable achievements
The quarter also saw Syniti complete the National Institute of Standards and Technology (NIST) 800-53 security standards as per the Federal Information Security Modernization Act. The certification gives customers additional confidence in the security of the company’s cloud offering and SOC2, Type 2 security certification. The certifications help ensure that Syniti clients have confidence that the highest levels of security protocols and procedures protect their data.
Syniti also released a global study by HFS Research from a survey of C-Suite executives. The report, Perception Isn’t Always Reality: The Case for More Effective Data Management looked at the current state of data management and how to overcome data quality challenges.
Syniti also gave an update on Earth Day about its ESG initiatives. This includes the Syniti Forest program that will, by the end of 2023, have planted 14,000 trees in five locations where Syniti is located in the USA, India and Spain. Syniti also released a new global code of conduct to underscore its commitment to doing business with ethics and integrity
Bill Green, Chairman of the Board of Syniti, said: “Syniti offers a unique and compelling value proposition, bringing together intelligent, automated software with considerable data expertise to drive exceptional business outcomes for its customers. The board is pleased to see the world’s largest companies continue to turn to Syniti as they realize the importance of treating data as a critical asset for business transformation, especially in a challenging market environment.”
Enterprise Times: What does this mean
Syniti continues to deliver a silo-free enterprise data management platform that supports data migration, data quality, data replication, master data management, analytics, data governance, and data strategy in a single, unified solution. It is clearly gaining traction in a market that sees data’s importance as companies leverage analytics and AI for a competitive advantage.
Backed by Bridge Growth Partners LLC, which acquired the company in 2017, the firm has grown consistently. After six years of ownership will, Bridge Growth look to sell up or reinvest with further acquisitions as it did in 2021. That year it merged Syniti with Data Migration Resources and also acquired 360Science.
