Syniti Announces Key Financial & Company Highlights for First Half 2023

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Aug 08, 2023, 08:00 ET

Clients continue to rely on Syniti's data experts and intelligent software as they accelerate investments in critical business transformation projects

BOSTON, Aug. 8, 2023 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company milestones for the second quarter and first half of 2023. The company sees its customers increasingly recognizing the importance of a "data-first" strategy as they embark on critical business transformation projects like integrating an acquisition, carving out a divestiture or moving to SAP S/4HANA^®.

Financial & Product Highlights:

Syniti added 11 significant, multinational customer logos in the quarter, expanding its client base in all regions across a wide variety of industries including: infrastructure, specifically construction and utility providers; diversified manufacturing providers in oil and gas, and aerospace and defense, and consumer packaged goods.
Software bookings annual contract values (ACV) increased 20% and cloud annual recurring revenue increased 49% percent year-over-year compared to the previous year as customers continue to embrace cloud technologies.
Twenty-two clients have adopted the company's new cloud-native Syniti Knowledge Platform (SKP), which is also resold by SAP as SAP^® Advanced Data Migration & Management by Syniti, since becoming generally available in early 2023.
The company celebrated 10 major go-lives of multi-year transformation projects; successful projects were completed with longstanding clients, including a global aerospace corporation and one of the world's largest apparel companies.
Services revenue grew by 5% in the first half of 2023 versus first half of 2022.
Syniti continues to deepen its relationship with its largest partner, SAP. Ten major deals were closed with SAP in Q2 with key clients in manufacturing, utilities, retail and oil & gas.
The Syniti Knowledge Platform was recognized as an SAP Endorsed App and made available on SAP Store; the company saw its first sales from this new certification with customers Singapore Airlines and Imperial Brands.

Additional Highlights:

Key EMEA leadership hires with Erast Wortel appointed as Syniti's new vice president, go-to-market for EMEA North and René Haag named senior sales director for Middle and Eastern Europe
The United States Patent and Trademark Office (USPTO) granted Syniti an allowance to expand its patent portfolio for its low-code development platform, which allows the generation of forms and workflows that enables users to adapt to changing business requirements. The patent is expected to be issued in a few weeks by the USPTO.
More than 400 enrollments of Syniti Education Services courseware for the cloud-native SKP since the course was released, enabling customers and partners on the new solution.
Syniti was listed for the tenth year in a row on the DBTA 100: The Companies that Matter Most in Data for 2023.

Chris Conrad, Senior Vice President & CIO, Levi's Strauss & Co, said: "Syniti's team of data experts played a crucial role in the success of LS&Co's immense, multi-year digital transformation initiative. They have been a trusted partner and we're thankful for their support in this project which is critical to delivering new business efficiencies and data insights."

Kevin Campbell, CEO, Syniti, said, "Like others, we are seeing customers exercise a bit more caution with their spending - whether that be in extending buying cycles or bringing more folks into the decision-making process. That being said, there is an uptick in the sense of urgency to get started with critical business transformation efforts. We've had major deals the first half of this year from customers realizing that complex digital transformation requires the specialized data expertise that only Syniti can bring to the table. We're thrilled to be expanding with our current customers and gaining new large enterprise clients; our built-for-purpose team of data experts will continue to deliver successful business outcomes with every project."

Bill Green, Chairman of the Board, Syniti, said: "Organizations that effectively drive crucial digital efforts understand two things: the importance of a data-first mindset and that difficult and large-scale enterprise transformations require deep expertise in order to be successful. In these critical moments, experience is not a luxury but a necessity. The Syniti team demonstrates time and again that their experience in complex data environments is second to none."

About Syniti
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.

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SOURCE Syniti