Syniti Finishes 2023 Strong with Record-Breaking Fourth Quarter
Historic software ACV with growth in all regions
All-time high in services bookings and highest average services deal size ever
Company excited about momentum leading into 2024
BOSTON – January 16, 2024 – Syniti, a global leader in enterprise data management, today announced record-breaking fourth quarter 2023 results, setting a strong position for the company in the new year. The company’s Data First strategy continues to resonate with customers and partners, with record highs in software annual contract value (ACV) and services bookings, as well as key strategic wins with multinational brands in the oil & gas, chemical manufacturing, food and beverage, and retail industries. Syniti also reports its highest average services deal value ever, with the fourth quarter delivering the highest volume of deals over $1 million in company history.
Having a solid foundation of clean, quality data is critical to the success of any business transformation, whether that’s system modernization or taking advantage of AI. Yet many organizations continue to use a “status quo” approach to transformation projects that hasn’t fundamentally changed in decades, doesn’t support innovation and isn’t delivering on the value promised. Syniti’s Data First approach ensures data quality is prioritized from day one; combining intelligent software and patented methodology with specialized technology and business data expertise to understand data in context and help accelerate the timeline for capturing value from these strategic initiatives.
- Annual recurring revenue (ARR) grew 7% over third quarter, and 36% when compared to the fourth quarter of 2022.
- The company closed 47 enterprise software contracts, exceeding the previous high in the fourth quarter of 2022.
- Twenty-six significant new logos were added in the quarter, including global distribution solutions provider Caldic and global technology company Heraeus Group; Syniti also expanded work with existing clients Bridgestone, BHP and others.
- The company reported record volume and value with its SAPÒ business, breaking records set in the third quarter of 2023 and demonstrating the company’s growing momentum with its largest and longest-standing partner.
- Syniti experienced growth in all regions. It hit record-breaking sales in software and services in EMEA, and the Americas delivered a 44% increase in services bookings over the previous quarter. The Asia Pacific and Japan (APJ) region had big wins with major food & beverage and mining/manufacturing clients.
- Significant renewals at many key clients, bringing the yearly total renewal rate to greater than 90%, demonstrating the value of Syniti’s data expertise and client’s desire for Syniti to handle their entire digital transformation journey.
- Syniti celebrated 18 successful go-lives in the fourth quarter resulting in 38 major project go-lives in 2023. The company also celebrated its first go-lives with its cloud-native product, Syniti Knowledge Platform, which launched in the fourth quarter of 2022. These go-lives were celebrated at Legrand as well as other Global 2000 clients undergoing major SAP transformations.
Product and company highlights:
- The company received a new patent, Data Management Suggestions for Knowledge Graph Actions, for its novel use of knowledge graph technology in the data management space to help companies understand how best to manage their data.
- The Syniti Knowledge Platform achieved SAP Endorsed App status and was made available for online purchase at SAPÒ Store.
- The company joined the AWS Partner Network (APN) and its Syniti Knowledge Platform was made available in AWS Marketplace.
- Syniti’s Education Services released the Migrate Developer certification in the fourth quarter, adding to its catalog of learning paths and certifications which support the company’s Data First strategy to ensure proficiency in Syniti technology. In 2023, the company had 132 certified users.
- Syniti expanded its ESG efforts: 20 D&I events held in 2023 for employees helped drive the company’s Stronger Together core value.
- Syniti was awarded the Ecovadis Bronze Certification for its work through the SynitiRITE compliance program, Syniti Gives Back initiatives, and Syniti Forest Sustainability efforts
Lenno Maris, chief data officer, Caldic, said: “I’m excited to partner with Syniti as we work to establish a full data-to-insights strategy for Caldic, initially focusing on master data management and data quality. Syniti’s integrated approach of starting foundational data work early with focus on clean, quality data will be instrumental in supporting our ongoing business transformation efforts to secure & enable a seamless digital journey for our business partners when working with Caldic.”
Kevin Campbell, CEO, Syniti, said: “As companies continue to invest in digital transformation projects, including exploring the possibilities of AI, they are recognizing that data quality is crucial to their success. Our data first strategy is clearly resonating with our customer base, which reflects our specialized approach to data and our strong voice in the data space. Prospects can see this track record of trust and success, and the investor community can observe our continued growth across multiple industries. 2023 was a great year for Syniti, and it sets us up for an even stronger 2024.”
Bill Green, board chairman, Syniti, said: “If data is the new oil, Syniti is the hardest-working and most meticulous oil refinery currently available. The company’s growth and trajectory are exciting to see, as they underscore the importance of the work Syniti does and their real market value. The board is pleased with these Q4 2023 results and looks forward to the growth and innovation that lie ahead in 2024.”
Syniti solves the world’s most complex data challenges by uniquely combining intelligent software and vast data expertise to yield certain and superior business outcomes. For over 15 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.
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Shannon Van Every
Force4 Technology Communications