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ExaGrid’s FY 2023 Results—A Record-Breaking Year for Company

IndiaExaGrid’s FY 2023 Results—A Record-Breaking Year for Company

Business Wire India

ExaGrid®, the industry’s only Tiered Backup Storage solution, today announced that it had an all-time record bookings and revenue in the fourth quarter ending December 31, 2023, and a record-breaking year overall in 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240108089855/en/

ExaGrid’s revenue grew over the previous quarter and the same quarter a year ago. ExaGrid grew at over 20% in 2023 while maintaining positive P&L, EBITDA, and free cash flow for the past 12 consecutive quarters.

ExaGrid added 173 new customers in Q4 2023, including 59 six-figure new customer deals and 3 seven-figure new customer deals. ExaGrid has more than 4,100 active upper mid-market to large enterprise customers that use ExaGrid Tiered Backup Storage to protect their data, adding many Fortune 1000 customers in the quarter. ExaGrid’s growth is accelerating, and the company is hiring in all aspects of the business worldwide.

“ExaGrid is continuing to expand its reach and now has sales teams in over 30 countries worldwide, with customer installations in over 80 countries. Outside of the United States, our business in Canada, Latin America, Europe, the Middle East, Africa, and Asia Pacific is rapidly growing. We now do 48% of our business outside of the United States,” said Bill Andrews, President and CEO of ExaGrid.

“Years ago, ExaGrid realized that no vendor was building storage that optimizes backup, as they were all selling primary storage products as backup storage targets or they were selling inline deduplication 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 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, disaster recovery and the economics of backup, with low costs up front and over time,” said Andrews. “Primary storage is not as fast for large backup jobs, is typically not scalable, and it is very expensive for longer-term retention, and it is network-facing making it vulnerable to security attacks. Inline deduplication 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 back up these claims with our 95% net customer retention, NPS score of +81, the fact that 92% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99% of our customers are on an active yearly maintenance and support plan,” said Andrews.

Highlights of Q4 2023:

  • Strong competitive win rate at over 70% for the quarter
  • Brought on 173 new customers
  • 59 six-figure new customer deals and 3 seven-figure new customer deals
  • More than 4,100 customers protect their data with ExaGrid Tiered Backup Storage
  • Sales and support teams in 30 countries and customer installations in over 80 countries
  • Growing global sales—48% of business came from outside of the United States
  • Company remains Cash, EBITDA, and P&L positive over the last 12 quarters
  • ExaGrid won “Storage Company of the Year” and “Backup/Archive Innovation of the Year” at the SDC Awards in November, adding to the 5 industry award wins earlier in the year at the Storage Awards and the Network Computing Awards—for a total of 7 industry awards in 2023
  • Stronger integration with Commvault: Previously, ExaGrid could take Commvault deduplicated data and improve the deduplication ratio by 3X. In Q4, ExaGrid announced that both Commvault compression and deduplication can be enabled and ExaGrid can further deduplicate the data.

About ExaGrid

ExaGrid provides Tiered Backup Storage with a unique disk-cache Landing Zone, long-term retention repository, and scale-out architecture. ExaGrid’s Landing Zone provides for the fastest backups, restores, and instant VM recoveries. The Repository Tier offers the lowest cost for long-term retention. ExaGrid’s scale-out architecture includes full appliances and ensures a fixed-length backup window as data grows, eliminating expensive forklift upgrades and planned product obsolescence. ExaGrid offers the only two-tiered backup storage approach with a non-network-facing tier (creating a tiered air gap), delayed deletes, and immutable objects to recover from ransomware attacks.

ExaGrid has physical sales and pre-sales systems engineers in the following regions: Argentina, Australia, Benelux, Brazil, Canada, Chile, CIS, Colombia, Czech Republic, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Nordics, Poland, Portugal, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Turkey, United Arab Emirates, United Kingdom, United States, and other regions.

Visit us at exagrid.com or connect with us on LinkedIn. See what our customers have to say about their own ExaGrid experiences and learn why they now spend significantly less time on backup storage in our customer success stories. ExaGrid is proud of our +81 NPS score!

View source version on businesswire.com: https://www.businesswire.com/news/home/20240108089855/en/

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