ExaGrid Growing 20% Y/Y in 4Q22

ExaGrid Systems, Inc. had an all-time record bookings and revenue quarter ending December 31, 2022.

Its revenue grew over the previous quarter and the same quarter a year ago. The firm is growing at over 20% per year while maintaining positive P&L, EBITDA, and free cash flow.

It added 192 new customers in 4Q22, including 59 6-figure new customer deals and 3 7-figure new customer deals. The new customer ASP was once again over $100,000 in the quarter. The company also had 6-figure existing customer deals in the quarter. It has more than 3,750 active upper mid-market to large enterprise customers that use its Tiered Backup Storage to protect their data. Company’s growth is accelerating, and the it is hiring in all aspects of the business WW.

“ExaGrid is continuing to expand its reach and now has sales teams in over 30 countries worldwide and has customer installations in over 80 countries. Outside of USA, our business in Canada, Latin America, Europe, the Middle East, Africa, and AsiaPac is rapidly growing,” said Bill Andrews, President and CEO.

“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, DR and the economics of backup, with low costs up front and over time,” he said. “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 94.5% net customer retention, NPS score of +81, and 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 our yearly maintenance and support plan.”

Highlights of 4Q22:

• Competitive win rate at 73% for the quarter
• Brought on 192 new customers
• 62 6-figure new customer deals and 3 7-figure new customer deals
• Sales and support teams in 30 countries and customer installations in over 80 countries
• Company remains cash, EBITDA, and P&L positive over the last 9 quarters
• More than 3,750 customers protect their data with Tiered Backup Storage
• Firm won Storage Company of the Year and Vendor Channel Program of the Year at the SDC Awards in November, adding to its other 4 industry awards wins earlier in the year at the Storage Awards and the Network Computing Awards – for a total of 6 industry awards in 2022
• Added Cloud Tier support for DR in the AWS cloud and also improved performance and scalability of its Azure cloud tier
• Added fast cloning for Veeam and improved performance of Veeam synthetic fulls by 30x
• NPS Score of +81, with over 300 published customer success stories on firm’s website, and over 100 Gartner Peer Insights reviews