Syniti Achieves Record-Breaking Results with Company's Highest Revenue Quarter in History

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Oct 17, 2024, 08:00 ET

All-time high cloud ARR reported as Syniti lands its largest cloud deal ever

Company delivers highest quarter for services revenue as new and repeat customers continue to trust Syniti with critical large-scale digital transformation efforts

BOSTON, Oct. 17, 2024 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the third quarter of 2024. The company reports its highest third-quarter revenue in its history, along with a record-breaking quarter for services revenue, and its strongest quarter on record for cloud annual recurring revenue (ARR). Revenue growth was driven by robust software renewals with longstanding clients in aerospace and defense, manufacturing, life sciences and oil & gas; new clients kicking off major business transformation projects; and current clients extending data projects. Additionally, Syniti added 13 significant new logos, including two Global 2000 organizations and market leaders in food & beverage, consumer products and manufacturing; the company has added 35 major new clients to its customer roster in 2024.

Syniti's Data First Strategy, launched at this time last year, continues to resonate with organizations contemplating mergers, acquisitions & divestitures, exploring generative AI or considering investing in complex digital transformations.

Financial Highlights:

Service revenue was up 15% year-over-year, and it is the highest services quarter for the company on record
Cloud ARR was the largest in company history, increasing 27% year-over-year and up 13% from Q2 2024, reflecting increasing customer adoption and confidence in the company's cloud-native Syniti Knowledge Platform
Annual contract value for software bookings grew 32% and total contract value increased 54% when compared to the previous quarter, indicating longer-term commitments to Syniti's software from major customers
Robust volume with its SAP business, with more than 31% of software annual contract value coming from the partnership; Syniti's software is resold as an SAP Solution Extension under the name SAP Advanced Data Migration & Management by Syniti
Fifteen clients with more than $1 million in bookings, demonstrating bigger commitments and continued trust in Syniti solutions and expertise.

Company & Product Highlights:

In August, it was announced that Capgemini signed a definitive agreement to purchase Syniti. The pending acquisition, awaiting regulatory approval, aims to enable both companies to deliver more powerful digital transformation solutions while providing clients with enhanced expertise in data-driven decision-making and accelerated business outcomes
Syniti celebrated 12 successful project go-lives this quarter, with large-scale projects completed with Merck and Zespri. The company and its team of 100% data-focused experts have delivered 41 successful go-lives so far this year, enabling clients to put their Data First to achieve greater business value
A joint study with HFS Research was released, Don't drown in data debt, champion your Data First culture, surveying Global 2000 business leaders on how they are navigating the complex landscape of data management and providing tips to fully leverage operational efficiency and drive business growth with their data
Syniti has furthered its commitment to environmental transparency by disclosing its environmental impact and emissions report to the Carbon Disclosure Project
As part of the Syniti Gives Back initiative, employees held multiple community events near offices in Boston and Barcelona, as well as Omaha, Nebraska, the home of its North American Delivery Center
Updates to the Syniti Knowledge Platform included new cloud-native data quality reporting, setting the building block for migration datasets and validations rules to be reused for customers' data quality projects; RFC streaming for rapid data extraction via SAP application streaming; and adding Databricks Unity Catalog as a replication target

Syniti will be exhibiting and speaking at the following SAP and data industry conferences later this year:

CONNECT 2024: SAP Partner Summit, Berlin, October 23-24. Kevin Campbell, CEO, will be part of a keynote with Thomas Saueressig, SAP SE Executive Board Member, Customer Services & Delivery
ADIPEC, the world's largest energy exhibition, Abu Dhabi, November 4-7
ASUG Tech Connect, West Palm Beach Florida, November 12-14
JSUG (Japan SAP User Group), Tokyo, December 6. Syniti is a platinum sponsor of the event and will be presenting, "Strategic Transition to SAP S/4HANA: Embracing a Data First Paradigm"
DGIQ East, Washington D.C., December 9-13

Kevin Campbell, CEO, Syniti, said: "The results delivered this quarter are a testament to the Syniti team and the trust that our new and existing customers place in our ability to successfully deliver their complex, and often critical, business transformations. We've seen it time and time again – companies struggle and frequently fail when they rely on outdated approaches: focusing on data late in a program's delivery, putting the onus of the data work on the business without guidance on the business context, or failing to prioritize high-quality data. Our most satisfied clients are putting Data First to realize faster time to value from their investments, proving that data is the key to successful business transformation."

Bill Green, board chairman, Syniti, said: "Another quarter, another record broken. This growth exemplifies the confidence organizations have in Syniti and further validates that what Syniti brings is truly unique in the market. The complexity of data cannot be overstated, and successful organizations will continue to realize that in order to reap true business benefits from their transformations, they need the data expertise that only Syniti can deliver. The board is thrilled to see Syniti's continued dominance in the data management space."

About Syniti
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.

Media Contact
Andrew McLean
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SOURCE Syniti