Growing Demand for Hybrid Cloud Storage Solutions Fueled by AI Integration and Cloud Consolidation Trends
Nasuni Corporation, a provider of hybrid cloud storage solutions, has announced its exceptional performance for the fiscal year ending December 31, 2023. This achievement is attributed to the demand for its Nasuni File Data Platform. Enterprises increasingly seek agile solutions for managing unstructured data, integrating data intelligence and AI, and safeguarding against ransomware.
Gartner’s insights reinforce the significance of the hybrid cloud storage market, positioning it as the future. In contrast, legacy hardware storage vendors experienced stagnant or declining growth in 2023, underscoring the shift towards a new cloud architecture and AI-accelerated consolidation cloud approach. Nasuni’s File Data Platform addresses these needs by enabling seamless consolidation of unstructured data in the cloud while maintaining the performance and familiarity of traditional file systems. Leveraging the cloud’s scalability, security, and cost-effectiveness, Nasuni empowers enterprises to optimize their data management strategies.
In 2022, Nasuni achieved a significant milestone by surpassing the $100 million mark in annual recurring revenue (ARR). Despite the challenging economic landscape in 2023, Nasuni experienced a notable 30% growth in ARR. Paul Flanagan, CEO of Nasuni, expressed his satisfaction, stating, “Over the last five years, we have maintained a consistent annual recurring revenue growth rate of 30%, and we are pleased to continue this trend in 2023.”
Flanagan highlighted the company’s strong performance metrics, emphasizing their ability to sustain positive cash flow throughout the year. He attributed Nasuni’s continued growth to the effectiveness of their hybrid cloud platform in managing costs, delivering superior data performance, ensuring robust data protection, and facilitating AI innovation.
Nasuni’s responsible business management amidst dynamic market conditions has led to steady company expansion, boasting over 800 customers and a workforce of 500 employees. Flanagan reiterated Nasuni’s commitment to innovation and customer support, expressing confidence in a promising outlook for 2024 and beyond.
Nasuni’s Remarkable Achievements in 2023
- Achieved a remarkable 30% growth in Annual Recurring Revenue (ARR) year over year.
- Experienced an impressive 46% increase in new customer Annual Contract Value bookings.
- Secured over 120 new large enterprise customers across diverse sectors, including renowned brands such as Tommy Bahama, Patagonia, Aedas, Oshkosh Corporation, State of Vermont, and Autodesk.
- Closed the first 8-figure customer contract for the Nasuni File Data Platform, marking a significant milestone.
- Maintained world-class customer support, evidenced by top decile gross revenue retention rates exceeding 98% and a net revenue retention rate of 118%.
- Expanded its employee base to over 500 professionals, reflecting Nasuni’s commitment to growth and excellence.
- Witnessed substantial growth in its ransomware detection offering, with a notable attach rate of 71% on new customer sales in 2023, following its launch at the end of 2022.
- Recorded significant year-over-year growth in terabytes of cloud capacity, particularly in Microsoft Azure (43%), AWS (34%), and Google Cloud (133%).
Nasuni’s Additional Achievements and Strategic Partnerships in 2023
- Introduced new integrations with Microsoft Sentinel, streamlining file data protection against cyber threats and enhancing recovery through Targeted Restore.
- Expanded collaboration with Presidio, a solutions provider, to simplify file data storage, protection, and management in hybrid cloud environments. Nasuni optimized AWS Cloud utilization and reduced OpEX through Presidio’s Proactive Recapture into Savings Management (PRISM) program.
- Formed a strategic partnership with energy solutions provider Cegal, driving momentum in the energy sector with a remarkable 235% year-over-year growth. This partnership facilitated the transition of global operators such as Petronas, Neptune Energy, and BW Energy to a cloud-based data platform, offering tailored benefits to the energy industry.
- Strengthened the leadership team with key appointments: Pete Agresta as Chief Revenue Officer (CRO), Asim Zaheer as Chief Marketing Officer (CMO), and the promotion of Jim Liddle to Chief Innovation Officer, tasked with spearheading Nasuni’s data intelligence and Artificial Intelligence (AI) strategies.
- Appointed Matthew Grantham as Head of Worldwide Partners and Curt Douglas as Vice President of Sales for the Western region.
- Received the prestigious NorthFace ScoreBoard Service Award for Global Customer Support Excellence for the third consecutive year. Nasuni maintained outstanding customer satisfaction scores with an NPS score of 89 and a gross customer retention rate of 98%.
- Secured eight (8) new US patents, focusing on Nasuni’s core cloud-native global file system solution, including features for enhanced security, edge performance, and scalability. Additionally, patents were granted for rapid ransomware detection and recovery, and AI-workload support.
Flanagan emphasized Nasuni’s proactive approach in addressing challenges faced by enterprise IT leaders in 2023, such as managing escalating data volumes, unstructured data, hybrid work requirements, and budget limitations while mitigating heightened cyber threats. Nasuni’s developed tools offer unparalleled scale, security, and performance at a competitive cost compared to traditional file infrastructure providers. Nasuni is a catalyst for businesses to optimize their file data, reducing expenses, unlocking efficiencies, and fostering innovation. By consolidating file data into a versatile enterprise hybrid cloud platform, Nasuni enables the implementation of core enterprise AI use cases. Currently, Nasuni provides support to over 800 enterprise customers worldwide, including numerous Fortune 500 companies across 70 countries.
[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]
