Syniti Continues to Deliver for Global Clients with Strong 2022 Results

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Feb 28, 2023, 08:03 ET

Company continues exemplary success rate in delivering transformational projects for key Global2000 clients

Record cloud bookings in Q4 2022; cloud revenue grew 55% year over year

BOSTON, Feb. 28, 2023 /PRNewswire/ -- Syniti, a global leader in enterprise data management, announced today its financial and company highlights for the fourth quarter and fiscal year 2022. The company shows continued strong growth in services, with services bookings up nearly 70% in the final quarter of the year, positioning the company well for continued services revenue growth in 2023. Services revenue grew 5% over the previous year, despite a challenging global environment. Cloud revenue grew 55% over the previous year, with the highest mix of cloud bookings for the year in the fourth quarter of 2022. Syniti reported several milestone quarters in 2022, including its highest services and software revenue in company history in the third quarter.

Kevin Campbell, CEO, Syniti said: "It's clear that 2022 brought a myriad of continued challenges, with rising inflation, global disruption and the resulting economic slowdowns. We do see additional scrutiny on projects, yet clients continue to invest in digital transformation projects and data is at the core for enabling future revenue and bottom-line growth. I am particularly pleased with a number of selections and signings in Q4 by the world's biggest companies for our newly released cloud-native SAP Advanced Data Migration & Management by Syniti platform, which is also sold directly by Syniti as the Syniti Knowledge Platform.

In addition, our team and our partners continue to deliver, day in and day out, to help ensure that these complex and crucial transformative efforts are successful."

Nineteen significant new logos were added in the fourth quarter, bringing the total number of net new, significant logos to 54 for the year, representing key wins in media & entertainment, and continued dominance in life sciences/healthcare and manufacturing. The company also strengthened its existing customer base with 44% growth in food & beverage, 56% growth in aerospace and defense, and 66% growth in manufacturing. Syniti's team of data-focused experts completed 13 successful go-lives in the fourth quarter; a total of 57 go-lives were celebrated with large enterprise clients in 2022, continuing the company's record of delivering successful, on-time go-lives for critical transformation projects. Research from McKinsey & Company¹ shows that cloud migration costs continue to mount with inefficiencies costing the average company 14% more in migration spend than planned each year, and 38 percent of companies have seen migrations delayed by more than one quarter.

Partner & Product Highlights:

The company continued to deepen its relationship with IBM announcing the IBM Data Readiness with Syniti Knowledge Platform as well as closing several strategic wins in the fourth quarter.
New partnerships were announced with HCL Technologies and Cognizant. A strategic reseller agreement with TD SYNNEX was also announced providing customers more access to Syniti's direct solutions, Syniti Match & Syniti Replicate.
Launching the company's fully cloud-native Syniti Knowledge Platform (SKP), including an enhanced data migration module to help enterprise customers realize value faster from critical migration and consolidation projects and a revamped data quality and catalog module. The SKP now has data quality, catalog, matching, replication, migration and governance capabilities together in a fully cloud-based unified platform.
Announcing AI-driven operational data matching capabilities focused on ERP and supply chain data offered as a module in the SKP, or standalone as Syniti Match.
The company was recognized for the second time as a Visionary in Gartner's Magic Quadrant for Data Quality Solutions.
The addition of the SKP, Syniti Match and Syniti Replicate on SAP Store, joining its governance acceleration product, Syniti RDG and additional accelerators for SAP Enterprise Performance Management platforms.

Company highlights:

Gordon Lam was promoted to President & Chief Revenue Officer, and Ryan Rodenburg was named President, Chief Delivery Officer to support the growth and scale of the company and best serve its diverse, global customer base and partner network.
Dr. Javeed Nizami joined the company as Senior Vice President of Engineering, leading development and engineering operations. Most recently at Siemens, Nizami has more than 25 years' experience in various software and engineering roles. He holds a Ph.D from University of Akron, has 12 publications in peer reviewed international journals and conferences and has been granted six patents.
New drop-in office locations opened in Kolkata, Gurugram and Pune, India supporting the company's work from anywhere strategy to employ the best talent while offering options for collaboration, training and networking. The company also moved its North American global delivery center to Omaha, Nebraska to consolidate the onboarding and training of Syniti's data-focused consulting team.
Two new employee resource groups (ERGs): the "F.I.T. Fam" (Fitness Inspiration Team) to inspire and support physical, mental, and emotional wellbeing, and HOLA!, which cultivates and supports Latin & Hispanic heritage talent. Syniti now has a total of seven ERGs including women in technology, LGBTQIA, intergenerational and a veterans/military group providing support for employees and demonstrating the company's vibrant and diverse culture.

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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.

¹ Cloud-Migration Opportunity: Business Value Grows but Missteps Abound, McKinsey & Company, October 2021

SOURCE Syniti