GridGain's 2023 Growth Positions Company for Strong 2024

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Jan 24, 2024, 08:38 ET

Revenue growth, increased customer adoption and expanded executive team reflect a decade of successful execution and unique market position

FOSTER CITY, Calif., Jan. 24, 2024 /PRNewswire/ -- GridGain^®, provider of the leading unified real-time data platform, today announced strong momentum across all areas of the business during 2023. The company continued to experience substantial revenue growth and expanded its management team to meet surging demand for its solutions. GridGain also garnered broad industry recognition.

In 2023, GridGain experienced its 10th consecutive year of strong revenue growth with cash-positive operations. Responding to customer requests, key enhancements were made to the platform in the areas of data integration, data hub capabilities, and operational efficiencies. Furthermore, GridGain strengthened its executive team, announcing Andy Sacks as Chief Revenue Officer, and promoting Lalit Ahuja to Chief Product and Customer Officer and Elena Schtein to Chief Financial Officer.

Growth

GridGain's core business has averaged 40% annual sales growth since 2017
Sales to existing customers increased by 42% in 2023
Average deal size increased by 31% in 2023, reflecting GridGain's expanding value proposition and exceptional customer satisfaction
The number of companies that purchased over $1 million from GridGain in 2023 increased by 33%

"Strong revenue growth, increased customer adoption, and a host of industry accolades once again reflect the unique and compelling position GridGain has held in the market for over a decade," said Eoin O' Connor, GridGain President and CEO. "Our solution for ultra-low latency processing and analytics of massive amounts of disparate data is enabling our customers to implement real-time, data-intensive use cases that create a competitive advantage. We are committed to investing in both employees and R&D to ensure our solutions stay ahead of industry demands."

Product

The release of GridGain Platform v8.9 extended GridGain's robust data integration and data hub capabilities to help companies address their more complex real-time, distributed data processing and analytics use cases. Enhancements include:
- An expanded data ecosystem, including native support for Apache Parquet, Apache Iceberg, CSV and JSON data formats
- Performance and scalability improvements on a broader set of datastores, including enterprise data lakes and NoSQL/semi-structured document databases
- Enhanced data management to enable more storage- and read-efficient management of massive data tables, with support for high performance, ACID-compliant queries and diverse document data types, helping developers to build new and more complex applications faster
GridGain Control Center introduced several new features and enhancements throughout the year for delivering deeper operational efficiencies. Key new capabilities include:
- Improved user experience for monitoring and dashboards, with predefined configurations based on customer usage patterns
- Expanded visualization, inspection and troubleshooting capabilities for cluster data, metadata and diagnostic information
- Fine-grained tuning of and visibility into the cluster's high availability, resiliency and replication capabilities

Industry Recognition

Industry Analysts – GridGain was named in the newly introduced "Unified Real-Time Platforms" category in the 2023 Gartner Market Guide for Event Stream Processing¹, and in this Bloor InBrief Report.
Industry Awards – In 2023, GridGain won the:

Industry Leadership

GridGain hosted Ignite Summit 2023, a virtual conference showcasing the breadth and flexibility of Apache Ignite.
Lalit Ahuja, GridGain Chief Product and Customer Officer, was a speaker on DBTA's Enabling Broader AI and ML Analytics Adoption webinar. Ahuja also presented Powering the Modern Data Architecture with a Unified Real-Time Data Platform.
Stephen Darlington, GridGain Principal Consultant, presented Top 3 Data Challenges in Financial Risk Management & How to Solve Them.

[1] Gartner, Market Guide for Event Stream Processing, W. Roy Schulte, et. al., 15 May 2023

Additional Resources

GridGain eBook: The Ultimate Guide to Unified Real-Time Data Platforms

Connect with GridGain

About GridGain
GridGain is a unified real-time data platform. It enables a simplified and optimized data architecture for enterprises that require extreme speed, massive scale, and high availability from their data ecosystem. GridGain's distributed memory-first architecture and colocated compute deliver data processing and analytics at millisecond latencies, with configurable disk-based persistence for added durability. Horizontally scalable clusters can be deployed both on-premises and natively in public or private clouds, empowering companies to handle even the most demanding workloads in multi, hybrid, and inter-cloud environments. GridGain is trusted by companies like Citi, Barclays, American Airlines, AutoZone, and UPS to accelerate their existing applications, speed operational analytics and fraud detection, train machine learning models for AI, and provide fast-access data hubs. To learn more, please visit www.gridgain.com.

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CONTACT:
Brigit Valencia
For GridGain Systems
[email protected]
360.597.4516

GridGain is a trademark or registered trademark of GridGain Systems, Inc. All other product and company names herein may be trademarks of their registered owners.

SOURCE GridGain