Cohesity, a leader in next-gen data management, today announced its fourth quarter and fiscal year 2021 results, ending on July 31, 2021.
Fueled by strong demand for the company’s next-gen data management technology, Cohesity saw a large increase in the number of Fortune 500 companies embracing its technology. Cohesity also delivered results that further emphasize the success of the company’s subscription-based software model.
Cohesity’s next-gen approach to data management provides simplicity at scale, ransomware protection built on the principles of zero trust security, and AI-powered insights to make it even easier for companies to derive value from data.
“Our record-breaking results underscore the tremendous value our unique next-gen data management platform offers our customers,” said Mohit Aron, CEO and founder, Cohesity. “More businesses than ever trust Cohesity to manage their data in a world in which ransomware attacks are soaring, hybrid cloud is the norm, and the need to derive value from data has never been greater.”
Financial Highlights:
● Strong subscription business: Cohesity’s annualized revenue run rate surpassed $300 million in the most recent quarter. The company also achieved more than a 70% increase YoY in annual recurring revenue (July 31, 2021 over July 31, 2020).
● Strong net expansion rate: Cohesity’s net expansion rate — or the rate of expansion net of churn from existing customers over the last year — continues to exceed 130% as of July 31, 2021, a benchmark for leading subscription/SaaS companies. This means that ARR from Cohesity’s existing customer set grew more than 30% over the last 12 months.
● Rapid customer growth globally: Cohesity saw a 40% increase YoY (July 31, 2021 over July 31, 2020) in the number of customers doing business with the company, with rapid adoption in the Americas, EMEA, and Asia Pacific regions. Cohesity’s customer count is now approximately 2,600.
● Rapid adoption among the Fortune 500: As of the end of Q4, nearly 25% of the Fortune 500 do business with Cohesity, an increase of more than 35% YoY (July 31, 2021 over July 31, 2020). Cohesity customers include four of the Fortune top 10 as well as three of the top ten U.S. banks* and three of the top five U.S. health insurers.
“In Q4, we had our biggest day, week, month, and quarter, all resulting in our biggest year,” said Robert O’Donovan, chief financial officer, Cohesity. “From rapidly increasing ARR, to an outstanding net expansion rate, to strong customer growth — including impressive gains in the Fortune 500, the company is firing on all cylinders and breaking records at every turn.”
“Our data has never been more important to the success of our business — on the field and off — which is why we rely on Cohesity’s next-gen data management solutions,” said Bill Schlough, senior vice president and chief information officer, San Francisco Giants. “We believe Cohesity’s platform approach, which offers simplicity at scale and security that is designed for the cloud era, is truly unique in the industry. Not only is it far easier to deploy and manage, but it gives us peace of mind knowing our data is backed up, protected, and easily recoverable in this ransomware era.”
“Cohesity offers a next-gen approach to data management by consolidating data and apps onto a single platform called Helios designed for simple management through a single UI,” said Phil Goodwin, research vice president, IDC. “Cohesity is aiming to provide a consolidated data management platform across the enterprise, including data centers, cloud, and edge. This could offer many advantages for eliminating data silos when compared to the effort of managing numerous environment-specific tools.”
Expanded Board Leadership:
Over the past 12 months, Cohesity has expanded its Board of Directors and Cohesity Advisors to include Robin Matlock, Bask Iyer, and, most recently, Kimberly Hammonds.
● Kimberly Hammonds: Hammonds, Cohesity’s newest board member, was previously the group chief operating officer of Deutsche Bank AG, where she was the third female in the company’s 150-year history to serve on the management board. She is a former group chief information officer for the Boeing Company, and advises multiple private technology companies, including Zoom, UiPath, Tenable, and Box.
● Robin Matlock: Matlock joined Cohesity’s board in January. She was most recently chief marketing officer at VMware. During her 11 years at VMware, she helped shape the company’s business and go to market strategy and played a key role in scaling the company’s revenues from $2 billion to $11 billion. Prior to that, she held senior marketing roles at Imperva and McAfee.
● Bask Iyer: Iyer recently became a Cohesity Advisor. He served as chief information and digital transformation officer for VMware and has more than 30 years of experience executing and driving change at Fortune 100 manufacturing and high-tech companies, including SaaS transformations.
Fiscal Year 2021 Advancements and Accolades:
In fiscal year 2021, Cohesity continued to rapidly innovate, help customers win the war against ransomware, and garner leadership positions in key reports. The company’s success in many of these areas was fueled by Cohesity’s next-gen data management platform that helps ensure data is available, visible, compliant, movable, accessible to third-party apps, protected and easily recoverable — critical in an age of escalating cybersecurity threats.
● Protecting customers from ransomware attacks: Sky Lakes Medical Center, a Cohesity customer, was hit by a ransomware attack and was able to rely on Cohesity to successfully recover all of its servers and applications — without paying a penny of the ransom. Not only did the effort save the health care provider money, but it helped the company potentially save lives.
● Igniting a new era in simplified data management via SaaS deployments and AWS: Cohesity announced a strategic collaboration with Amazon Web Services (AWS) to bring to market Data Management as a Service. This unique solution, which is gaining traction in the market, provides customers with a radically simple way to back up, secure, govern, and analyze their data, all managed directly by Cohesity and hosted on AWS. Additionally, Amazon made an equity investment in Cohesity.
● Recognition from leading analyst firms:
○ Named a Leader, for the second consecutive year, in the 2021 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions report.
○ Named a Customers’ Choice in the Gartner Peer Insights ‘Voice of the Customer’: Data Center Backup and Recovery Solutions report.
○ Named a Customers’ Choice in the Gartner Peer Insights ‘Voice of the Customer’: Distributed File Systems and Object Storage report.
○ Named a leader for two years in a row in the GigaOm Radar for Hybrid Cloud Data Protection for the Enterprise report.
○ Named to the prestigious 2021 Forbes Cloud 100 for the third year in a row.
