ExaGrid: Record Bookings and Revenue in 4FQ23

ExaGrid Systems, Inc. had an all-time record bookings and revenue in the fourth quarter ending December 31, 2023, and a record-breaking year overall in FY23.

Revenue grew over the previous quarter and the same quarter a year ago. The company grew at over 20% in FY23 while maintaining positive P&L, EBITDA, and free cash flow for the past 12 consecutive quarters.

It added 173 new customers in 4FQ23, including 59 6-figure new customer deals and 3 7-figure new customer deals. It has more than 4,100 active upper mid-market to large enterprise customers that use its Tiered Backup Storage to protect their data, adding many Fortune 1000 customers in the quarter.

Its growth is accelerating, and the company 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, with 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. We now do 48% of our business outside USA,” 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 de-dupe 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,” 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 de-dupe 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,” he added.

Highlights of 4FQ23:
• Strong competitive win rate at over 70% for the quarter
• Brought on 173 new customers
• 59 6-figure new customer deals and 3 7-figure new customer deals
• More than 4,100 customers protect their data with 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 USA
• Company remains cash, EBITDA, and P&L positive over the last 12 quarters
• 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, the company could take Commvault de-duped data and improve the de-dupe ratio by 3x. In 4Q23, it announced that both Commvault compression and de-dupe can be enabled and it can further de-dupe the data.