Syniti Completes Record Growth Year, Prepares for Continued Momentum in 2021
Syniti announced today it achieved record growth in 2020, including the biggest Q4 in company history in both software and services.
BOSTON, MA – February 17, 2021 – Syniti, a global leader in Enterprise Data Management, announced today it achieved record growth in 2020, including the biggest Q4 in company history in both software and services.
Responding to competitive market pressures, including the COVID-19 pandemic, several enterprises accelerated digital transformation plans and increased their focus on cash flow, margins and new growth opportunities. Optimizing success in these initiatives requires the highest levels of data knowledge and drove strong demand for Syniti’s data leadership, software and services.
“Large enterprises can often consider data just a technical responsibility,” said Kevin Campbell, Syniti CEO. “Last year more companies turned to Syniti to create advantage with their data and improve their bottom lines. I’m proud of everything we accomplished together in trying times and humbled by the faith our customers and partners continue to put in us.”
Syniti’s record growth last year included an all-time high in services bookings, 71% YoY growth in software, 400% YoY growth in annual recurring revenue (ARR) in Cloud software, 90 net-new customers signed globally, and a 99.7% customer satisfaction rating, the highest in company history. “More companies than ever are discovering how data can be translated into real business value and how Syniti uniquely accelerates these returns,” said Melanie Payne, Syniti CFO, who was also interviewed about the business value of data in executive leadership, adding to Syniti’s leadership podcasts launched in 2020.
Syniti also expanded last year in other areas, including 20% YoY growth in its Global Delivery and Consulting organization, as well as Syniti’s Global Alliances ecosystem. Syniti’s Alliances business grew 110% YoY and announced new partnerships with IBM, Deloitte, Rizing, Selective Data Transition for SAP S/4HANA and SAP Ariba, and Genpact Partner Plus, adding to existing partnerships with firms like NTT DATA Services and DXC Technology. In 2021, Syniti is introducing a new organization focused on expanding its commitment, execution and joint success with Alliance partners – Syniti Partner Success.
Syniti also continued to accelerate advancements in its award-winning Syniti Knowledge Platform™, the first knowledge-driven platform to unlock and reuse insights across all data initiatives for better, faster outcomes. Last year, the company added cloud-native platform and AI capabilities with the acquisition of Virtyx, and introduced new automated workflows for data-related services in mergers, acquisitions and divestitures, the Data Quality Jump Start and intelligent Business Outcomes.
“We will continue to innovate in multiple areas of data leadership, delivering the highest levels of quality and value for our customers,” said Rex Ahlstrom, Syniti Chief Strategy & Technology Officer. “An organization’s success is linked with its ability to use data intelligently, and we make sure that happens 100% of the time.” Syniti was recognized with multiple awards in 2020, including the DBTA 100: The Companies That Matter Most in Data for the seventh consecutive year and the Big Data 50: Companies Driving Innovation for the third consecutive year.
McKinsey predicts the implementation of digital transformation is here to stay, and that as many as 80% of enterprise customer interactions will continue to be digital. Campbell acknowledges this as an opportunity for Syniti, its customers and partners, saying “Digital excellence will continue to be a requirement for companies to remain competitive, and you can’t achieve it without using data as a true business asset. We look forward to helping even more enterprises use their data to grow faster, save more, and win in their markets.”
Syniti, was founded in 1996 to solve business’ complex data challenges, bring synergy between data and business, and deliver value along clients’ business transformation journey. Through a combination of unique data expertise, services, and intelligent software leveraging artificial intelligence and machine learning, Syniti helps clients manage their data journey across transformation, quality, archival and replication, master data management, analytics, information governance, operations and strategy. Syniti works with several industry leaders including nine of the top ten pharmaceutical and life sciences companies, eight of the top ten food and beverage companies, four of the top six retail companies, three of the top five chemical companies, and others. Syniti is a portfolio company of private equity firm Bridge Growth Partners LLC.
VP, Growth & Communications