Cohesity Increased by 100% Software Revenue in FY19

Cohesity, Inc. announced performance metrics from another record-breaking fiscal year which ended on July 31.

It shows that more and more organizations globally are discarding antiquated legacy point products and are embracing firm’s modern, software-defined data management platform.

In FY19, Cohesity completed its transition to a software business model and is already seeing success.

Key highlights from the fiscal year include:

• The company’s software revenue grew more than 100% Y/Y.
• Within the last two quarters, more than 50% of new contracts were recurring, further emphasizing the success of a subscription-based software model.
• The firm received a customer software order valued at more than $10 million.
• The number of customer orders worth more than $1 million surged by 350% compared to the previous year.

“Demand for our disruptive data management solutions continues to skyrocket as more companies turn to Cohesity to simplify backup, defend vs. ransomware, make data easier to manage, and solve mass data fragmentation,” said Mohit Aron, CEO and founder. “And now, with the Cohesity MarketPlace, we are enabling customers to bring apps to the data, which opens a new world of possibilities in extracting value from data. Just as Google made it easy for consumers to manage and extract value from consumer data, we are doing the same with enterprise data across hybrid and multi-cloud environments.”

Customers Turn to Cohesity for Next-gen Data Management
The vendor doubled the number of customers utilizing its solutions compared to the previous fiscal year, with strong growth in the Americas, AsiaPac, and EMEA. A small sampling of customer base includes AutoNation, Australian Football League, LendingClub, Northern Trust, Ørsted, Riverside Health System, Schneider Electric, Sector Alarm, Softbank Corp., Statnett, the San Francisco Giants, Vita Group, West Lotto, West Midlands Fire Service, William Buck, and the U.S. Federal Government including the U.S. Air Force, U.S. Army, and USDA.

The top-five fastest growing verticals embracing data management solutions are financial services, public sector, technology, professional services (including consulting and legal), and healthcare.

Organizations Rely on Cohesity to Advance Hybrid and Multi-Cloud Journeys
More than half of customers licensed the company’s cloud capabilities in FY19, showing growing momentum for hybrid and multi-cloud deployments.

The company continued delivering solutions with public cloud partners over the past fiscal year, including: partner ready validation of Cohesity for VMware Cloud on AWS, comprehensive data management capabilities for AWS GovCloud, a new backup service for Google Cloud, and integration with Office 365 and support for Microsoft Azure Data Box.

Partners Embrace Cohesity Solutions
In FY19, the company expanded its partner program, empowering partners to provide greater value while increasing profitability.

Channel partners experienced success in FY19. Of those active channel partners that booked business with Cohesity in FY19, nearly 70% grew their business in excess of 100% during that time, while more than 50% grew their business by more than 200%.

Many service providers across the globe standardized on Cohesity to deliver managed backup, file share, archival, DR, and security services to their customers. The firm added more than 30 new service providers in FY19, expanding the company’s reach into enterprise, mid-market, and SMB segments through Cohesity Powered services.

At the same time, the firm made progress in delivering its software via technology partners. In 4FQ19, more than 30% of software sold was installed on certified hardware from technology partners, up from single digits in FY18.

“We rarely see a new technology platform catch immediate interest from a broad section of large enterprises like we have with Cohesity,” said Cynthia Johnson, VP, global data center sales, Cisco Systems, Inc. “In the last year, Cohesity has been the fastest growing Cisco portfolio company in our SolutionsPlus program, driven by the operational simplicity of our joint solutions on Cisco UCS and HyperFlex, and by the new world of possibilities customers see to unify, protect, and extract value from their data.”

“Over the last 12 months, we’ve seen tremendous interest and adoption from large enterprises on the joint HPE-Cohesity solution,” said Patrick Osborne, VP and GM, big data business, HPE. “In Cohesity, we have a partner that shares our vision of an intelligent data platform for hybrid/multi-cloud IT, empowering customers to not just protect data, but also gain insights from it.”

In FY19, Cohesity was recognized for its leadership in data management:

• Named a Leader by Forrester Research in The Forrester Wave: Data Resiliency Solutions, Q3 2019.
• Named to the Forbes 2019 Cloud 100, a ranking of the top 100 private cloud companies, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
• Received a 5-star rating in CRN’s 2019 Partner Program Guide, an annual guide that identifies the strongest and most successful partner programs in the channel.
• Named to the CNBC Disruptor 50, underscoring how the company is transforming the way enterprises backup, manage, and extract insights from their most important data.