All-time high cloud ARR reported as Syniti lands its largest cloud deal ever
Company delivers highest quarter for services revenue as new and repeat customers continue to trust Syniti with critical large-scale digital transformation efforts
BOSTON, Oct. 17, 2024 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the third quarter of 2024. The company reports its highest third-quarter revenue in its history, along with a record-breaking quarter for services revenue, and its strongest quarter on record for cloud annual recurring revenue (ARR). Revenue growth was driven by robust software renewals with longstanding clients in aerospace and defense, manufacturing, life sciences and oil & gas; new clients kicking off major business transformation projects; and current clients extending data projects. Additionally, Syniti added 13 significant new logos, including two Global 2000 organizations and market leaders in food & beverage, consumer products and manufacturing; the company has added 35 major new clients to its customer roster in 2024.
Syniti's Data First Strategy, launched at this time last year, continues to resonate with organizations contemplating mergers, acquisitions & divestitures, exploring generative AI or considering investing in complex digital transformations.
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Syniti will be exhibiting and speaking at the following SAP and data industry conferences later this year:
Kevin Campbell, CEO, Syniti, said: "The results delivered this quarter are a testament to the Syniti team and the trust that our new and existing customers place in our ability to successfully deliver their complex, and often critical, business transformations. We've seen it time and time again – companies struggle and frequently fail when they rely on outdated approaches: focusing on data late in a program's delivery, putting the onus of the data work on the business without guidance on the business context, or failing to prioritize high-quality data. Our most satisfied clients are putting Data First to realize faster time to value from their investments, proving that data is the key to successful business transformation."
Bill Green, board chairman, Syniti, said: "Another quarter, another record broken. This growth exemplifies the confidence organizations have in Syniti and further validates that what Syniti brings is truly unique in the market. The complexity of data cannot be overstated, and successful organizations will continue to realize that in order to reap true business benefits from their transformations, they need the data expertise that only Syniti can deliver. The board is thrilled to see Syniti's continued dominance in the data management space."
About Syniti
Syniti solves the world's most complex data challenges by uniquely combining intelligent software and vast data expertise to yield certain and superior business outcomes. For over 15 years, Syniti has partnered with the Fortune 2000 to unlock valuable insights that ignite growth, reduce risk and increase their competitive advantage. Syniti's silo-free enterprise data management platform supports data migration, data quality, data replication, master data management, analytics, data governance, and data strategy in a single, unified solution. Syniti is a portfolio company of private equity firm Bridge Growth Partners LLC. Read more at www.Syniti.com.
Media Contact
Andrew McLean
Global PR & Executive Communication Manager
andrew.mclean@syniti.com
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SOURCE Syniti