Syniti Continues to Deliver with Company’s Highest Revenue Quarter in History
Company reports record services revenue and robust year-over-year growth in cloud ARR. Continued expansion with key Global 2000 customers, enhanced partnerships with HCL and IBM, and key leadership hires fuel momentum
BOSTON – July 27, 2022 – Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the second quarter of 2022. The company reports its second quarter revenue is the largest in company history, and its top quarter for services revenue on record. Revenue growth was driven by new clients in manufacturing, consumer products and aerospace and defense. The company also saw increases in deeper engagements with existing clients, with more than 80% of Q2 deals coming from new work with current customers. Twenty-four new logos were added in the quarter with a significant number of net new business driven by the company’s direct solutions for data matching and replication, Syniti Match (formerly 360Science) and Syniti Replicate.
Financial and Product Highlights:
- Sixty-three percent year-over-year growth in cloud annual recurring revenue (ARR), building on momentum in Q1 and 2021, as customers continue to adopt cloud technologies.
- The global alliance partner business drove nearly a quarter of software and services bookings with key wins from strategic partners IBM, Deloitte, HCL, SAP and Accenture.
- HCL Technologies adopted the Syniti Knowledge Platform as its strategic data platform, in addition to announcing a new partnership to develop industry-specific data solutions and deliver higher quality SAP S/4HANA®
- A new offering with IBM – the IBM Data Readiness with Syniti Knowledge Platform – to help accelerate digital transformation for joint customers preparing to transition to SAP S/4HANA
- The launch of the company’s enhanced data migration offering, Syniti Migrate, aimed at helping enterprise customers realize value faster from critical migration and consolidation projects.
- Key leadership hires globally, including adding data industry veteran Chris Gorton as Senior Vice President of EMEA North, South and Emerging Markets, former SAP-exec Lazaros Lazaridis as Vice President EMEA, Southern Europe, Middle East & Africa and Marcus Scott, formerly of PwC and SNP Group, as Vice President of Sales for Australia and New Zealand.
- An increase of 6x more course enrollments of Syniti Education Services persona-based learning offerings compared with the same time period last year, and a 42% increase in trainings compared to the first quarter of this year.
- A new code of conduct and diversity program for suppliers under its global SynitiRITE compliance initiative to ensure shared commitment to ethical business practices and human rights, diversity and inclusion.
- Listed for the ninth year in a row on the DBTA 100: The Companies that Matter Most in Data for 2022.
Kevin Campbell, CEO, Syniti, said: “Even with uncertainty in the market, the Syniti team generated strong results for the company, our customers and partners. We’re driving a lot of repeat business, as well as seeing an uptick in what I call a ‘rescue’ – both former and new customers coming to Syniti when their current vendors can’t handle the project, particularly when doing complex data migrations. This is a real testament to the incredible and practically-minded talent we have, as well as the sophistication, ease-of-use and business-oriented nature of our platform.
Bill Green, Chairman of the Board, Syniti, said: “The work that the Syniti team is doing is absolutely crucial to the success of its customers and frankly, to any business that needs to drive competitive advantage. The board is excited to see leading organizations across every industry embrace the Syniti value proposition to realize the benefits of their own business transformation efforts: whether that be a mission-critical MA&D or supply chain and finance digitalization initiatives.”
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.