Record 3FQ21 for Cohesity

At a time when organizations are focused on simplifying data management, mitigating threats from ransomware attacks, and accelerating their move to the cloud, more enterprises and mid-size organizations around the globe are relying on Cohesity, Inc. to backup, manage, protect, and derive value from their data. This is confirmed by Cohesity’s record-breaking financial performance in its third quarter 2021 results.

The third quarter, which ended April 30, 2021, saw following results:
• Subscription business: The company achieved a nearly 80% increase Y/Y in annual recurring revenue (ARR), further emphasizing the success of its subscription-based software model.
• Net expansion rate: Or the rate of expansion net of churn from existing customers over the last year continues to exceed 130% in 3FQ21, a benchmark for subscription/SaaS companies. This means that ARR from existing customer set grew more than 30% over the last 12 months.
• Customer growth: The firm saw more than a 40% increase Y/Y in the number of customers, bringing its customer count to nearly 2,500 globally. In 3FQ21, it recorded its largest transaction from a single customer in company’s history.
• Traction across verticals and Fortune 500: The company added 30 financial services customers to its roster in 3FQ21, bringing the total number of customers in that vertical to nearly 350 globally. The company saw a nearly 40% increase Y/Y in the number of Fortune 500 accounts. Customers include 3 of the top 5 pharmaceutical companies and 2 of the top 5 Fortune 500.
• Triple-digit growth in multimillion-dollar deals: The vendor realized a 73% increase Y/Y in the number of customers that spent between $1 million and $5 million on its software in total lifetime spend, and a 333% Y/Y increase in customers with more than $5 million in total lifetime spend.
• Partner momentum: The company saw more than a 20% increase Y/Y in its number of partners. The average contribution per partner (total bookings divided by the number of partners) grew 25% during the same time period of the prior year. These metrics indicate that not only are more partners selling, but their contribution is increasing.

“Our record-breaking results show that more businesses are trusting Cohesity to manage their data in a world in which hybrid cloud is the norm, ransomware attacks are soaring, and the need to derive value from data has never been greater,” said Mohit Aron, CEO and founder. “Customers are also embracing Cohesity because we give them the flexibility to manage data their way – either directly, via our ‘as a service’ offerings, or a combination of both – all through one platform with one user interface. No other vendor today offers this type of choice and radical simplicity.“

“Cohesity is the multicloud data management company to watch,” said Carl Eschenbach, partner, Sequoia Capital. “With a very healthy subscription business, benchmark net expansion rates, and a rapidly growing customer base and partner ecosystem, the company is hitting the mark from every angle and the future looks very bright.“

“Cohesity’s platform offers a flexible, software-defined approach for creating a unified data layer that consolidates data across hybrid and multicloud infrastructure and addresses the data fragmentation problem for enterprises,” said Brinda Jadeja, senior partner at In-Q-Tel, Inc. “The visibility, security, and control provided by Cohesity’s data management platform are essential for protecting sensitive data. These capabilities make Cohesity’s solution well suited for securing and managing data in the diverse operating environments of the US intelligence and defense communities.”