Syniti Completes Q3 with Record Software and Alliance Partner Bookings
Latest results demonstrate company’s commitment to delivering innovation and best-of-breed software in surging global enterprise data market.
Latest results demonstrate company’s commitment to delivering innovation and best-of-breed software in surging global enterprise data market
BOSTON – November 15, 2021 – Syniti continues its rapid growth in 2021 with the completion of its third quarter fiscal period delivering record software bookings, double digit growth in services bookings, triple digit growth with alliance partners and new capabilities in its Syniti Knowledge Platform. In addition, Syniti added 22 net-new enterprise customers in its third quarter, including seven Global 2000 public companies, and now counts 9 of the 10 top pharmaceutical and life sciences as well as 8 of the 10 leading food and beverage companies as customers.
Software bookings were the highest quarter on record showing 73% growth year-over-year, with annual recurring revenue from cloud up more than five times in comparison. The company continues to invest in its cloud engineering and development team, recently adding a new Vice President of Cloud Operations to enhance cloud customers’ experience and optimize their and Syniti’s operational savings.
With one of the world’s largest teams of exclusively data-focused experts, Syniti services celebrated new go-lives with leaders in pharma, life sciences, consumer packaged goods, healthcare and the financial services markets. Joint delivery and execution with partners also continues to be a strong growth and demand area for Syniti consulting and delivery services. After launching in 2019 and reinforcing its commitment to Global Alliances last year, Syniti’s business with Alliance Partners grew triple digits. More than 30% of Syniti’s total software bookings in the third quarter were also initiated from the Alliance Partner Ecosystem.
“More global enterprises are turning to Syniti to deliver critical business advantages with their data,” said Kevin Campbell, Syniti CEO. “We’re starting to see a shift from data as a technical responsibility to one that’s a clear driver for business outcomes and a critical component of any transformation efforts. I am so proud of our accomplishments and the trust our customers and partners put in our team.”
The company’s Syniti Knowledge Platform, the industry’s first knowledge-driven platform for enterprise data, has also been enhanced with innovative capabilities for business insights, efficiency and productivity:
- Automated Relationship Suggestions use AI/ML driven Named Entity Recognition functionality built on natural language processing to help automate the time-consuming task of searching through and defining data relationships. Through automated intelligent suggestions, users can now spend less time searching and more time on the value of the data relationships and how they contribute to the organization’s overall data management.
- Methodology-Infused data Migration Dashboards add new intelligent indicators and insights providing data migration teams and executive stakeholders with improved levels of real-time, up-to-date information on all phases of data migration project status with full drill down linkage from the overall project to individual attributes of all data objects, enabling lower risk, easier and more successful migration projects.
- Fully integrated Global Address Data Validation provides a way for customers to more easily validate and standardize address data across nearly all countries, giving them more accurate data and simpler processes.
- Custom Relationships empowers organizations to make meaningful connections between business knowledge and technical metadata so that business decisions can be made with the right data and technical projects are executed with a focus on the expected business outcomes.
“The Syniti Knowledge Platform is about delivering critical outcomes; allowing everyone within an organization to understand, trust and act on business-ready information,” said Tyler Warden, SVP Engineering & Product, Syniti. “Our focus is always on listening. Customer feedback is at the heart of all we do and these enhancements are a direct result of our desire to always to improve our user’s experience so things are easier, faster and better.”
This is yet another impressive quarter in an already strong year for Syniti, with record breaking revenue growth in H1 2021, and strategic mergers with 360Science in September 2021 and DMR in April 2021.
Syniti solves the world’s most complex data challenges by uniquely combining intelligent, AI-driven software and vast data expertise to yield certain and superior business outcomes. For over 25 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
1 “Global 2000: How the world’s biggest public companies endured the pandemic,” Forbes, May 13, 2021