Syniti Continues Momentum with Best First Quarter for Bookings

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Apr 28, 2022, 08:00 ET

Company reports record Q1 in software & services bookings, increases in services revenue and cloud ARR nearly doubling year-over-year

Continued expansion with Global2000 enterprises; new locations to attract, grow & retain talent

BOSTON, April 28, 2022 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced its best first quarter on record for software and services bookings as well as services revenue, building on the successful momentum coming out of 2021. Software and services bookings increased when compared to Q1 2021, with annual recurring revenue from cloud nearly doubling as customers continue to accelerate and expand cloud usage. Services revenue also increased globally, year over year. More than 20 new enterprise logos were added this quarter expanding in retail and consumer, as well as continued work with long-standing customers in life sciences and manufacturing.

Financial Highlights:

Data migrations drove more than 60% of Syniti's bookings, with SAP Advanced Data Migration by Syniti the number one contributor to software revenue; supporting customers' continued adoption of SAP S/4HANA® for business transformation.
Uptick in the use of Syniti Data Replication, with change data capture (CDC) technology, to accelerate customers' artificial intelligence (AI), cloud and analytics initiatives.
Continued growth with its alliance partner ecosystem, including key wins in aerospace/defense, food and beverage and retail with partners IBM, HCL Technologies (HCL), and Deloitte.
2021 acquisitions of DMR and 360Science, strengthening services capabilities and platform matching technology, paying off with strong renewals and net new business.

Company Offerings & Expansion:

Syniti Education Services saw a significant increase in users, achieving 71% of last year's total count of unique learners attending training in Q1 alone. Improving and refining education offerings to customers and prospects is a key part of the company's "Customer for Life" strategy as well as supporting the overall enterprise data management market.
The company announced it intends to open three new offices in India, reinforcing Syniti's commitment to the country's innovative tech community. Offices in Kolkata, Gurugram and Pune are expected to open later in 2022, adding to current spaces in Hyderabad and Bangalore. The new cities were selected to offer locations across all four corners of India, particularly in major tech hubs to continue to attract best-in-class talent.
The company moved its North American global delivery center in Omaha, Nebraska to a new facility to consolidate the onboarding and training of Syniti's data-focused consulting team, helping build the skills of the next-generation of data experts.

Kevin Campbell, CEO, Syniti, said: "Organizations continue to turn to us as they realize that data is a fundamental part of their business decision making – and the key to realizing the value of their business transformation efforts. There is no digital transformation without a data transformation. I'm proud of what we delivered in Q1 and very excited about the remainder of 2022; we have a strong product pipeline, major projects in the works and key partner alliances coming this year."

You can see Syniti exhibiting and speaking at the following conferences later this year:

SAP Sapphire & ASUG Accelerate Orlando: May 10-12, 2022, Partner Plaza, booth PA716
Data Summit 2022: Kevin Campbell, CEO, will be speaking on May 17 on the topic of "Every Problem is a Data Problem: How Bad Data is Killing Your Business"
WomenTech Global Conference 2022, Chief in Tech Summit: Kate Reed, CMO will be hosting a panel discussion on June 7 on Navigating the C-Suite as a Working Mom

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