Syniti Reports Continued Momentum and Growth with Second Quarter 2024 Results

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Jul 30, 2024, 08:00 ET

Company's Data First strategy continues to resonate as it added 15 new logos, celebrated 22 successful go-lives and kicked off major transformation projects with current Global 2000 customers

Double-digit growth in software bookings and annual recurring revenue, services revenue rises 11% YoY as organizations prioritize data quality and governance

BOSTON, July 30, 2024 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the second quarter of 2024. The company expanded its client base with 15 significant new logos in the quarter; adding five more Global 2000 organizations to its customer roster including major players in retail, food & beverage, manufacturing and life science. This growth exemplifies the confidence organizations have in Syniti, as industry leaders continue to turn to the company for its Data First approach.

In addition to celebrating 22 successful project go-lives with many longstanding customers, the company also reported strong growth within its current customer base, starting major transformation projects with Canadian retailer Sobeys and other market leaders in pharmaceuticals, aerospace & defense and professional services. Syniti also saw substantial growth in its software bookings and annual recurring revenue, as well as increases in services revenue year over year, as new and current clients put more emphasis on data quality and ongoing data governance initiatives.

Financial highlights:

Cloud ARR increased 26% year over year and was up 5% from Q1 2024.
Software bookings grew 28% over Q1 2024 and were up 23% from Q2 2023.
Total quarterly revenue was up 8% when compared to Q2 2023, with services revenue rising 11% from a year ago.
The company reported an EBITDA margin in the mid-teens, reflecting its strong operational performance.
More than 11 clients with over $1 million in bookings, demonstrating bigger commitments and continued trust in Syniti solutions and expertise.
Strong software renewals at longstanding clients in aerospace and defense and manufacturing, life sciences, and oil & gas.
Robust volume with its SAP business with more than 50% of software annual contract value coming from the partnership; Syniti's software is sold as an SAP Solution Extension and is available as an Endorsed App on SAP Store.

Company highlights:

Syniti celebrated 22 successful go-lives this quarter, including projects with new and longstanding customers Organon, Merck, Smithfield Foods, Hy-Vee, REI, Panasonic and Japanese multinational Glico.
The company was a diamond sponsor at SAP Sapphire Orlando and Barcelona 2024. At both shows, the company demonstrated its new AI-enhanced data quality proof of concept that uses AI agents, the Syniti Squad™, to address data quality issues more effectively and efficiently and featured educational sessions from customers – including Diageo, Gentex, Bridgestone and IKEA touting the business benefits of starting data work early in their transformation efforts.
Built a global master data management (MDM) platform with Caldic, a global distribution solutions provider for the life and material science markets, for active data governance and improved data quality to help drive operations more effectively and efficiently.
Established a migration factory approach for The Heraeus Group, a German multi-technology company, to better enable the company's merger, acquisition and divestiture (MA&D) activities – including harmonizing and de-duplicating data from various SAP and non-SAP systems.
Promoted longstanding Syniti employee and global governance practice lead Alyssa Sliney to senior vice president of delivery in EMEA, where she will help drive delivery success and support go-to-market initiatives to drive continued growth in the EMEA region.
Named to CRN's 2024 Storage 100 list as one of the top 40 coolest data recovery, observability and resiliency vendors.
Selected by Database Trends & Applications for its annual DBTA 100 2024 list of the data companies that matter most for the 11^th consecutive year; Syniti has been chosen for the list every year since the award's inception in 2013.
The company added two new locations to its Syniti Forest program, the Brazilian Amazon and England's Community Forests, joining locations in India, Oregon and Spain. The program plants a tree for every successful customer go-live and new hire; by the end of 2024, Syniti will have planted more than 20,000 trees worldwide.

Rupinder Dhillon, vice president of enterprise data, Sobeys, said, "We are pleased to continue our partnership with the Syniti team on taking a Data First approach to our transformation program. Syniti's expertise aligns Sobeys' data goals with our broader business objectives, bolstering our vision for innovation and growth."

Kevin Campbell, CEO, Syniti, said: "Our Data First approach is driving our year-over-year growth, as companies realize that starting data work early and prioritizing data quality and data governance are critical to delivering successful transformation outcomes. We're thrilled to be working with so many new market-leading organizations and excited to be trusted with taking so many current customers live, on time, and with the highest-quality data. Our team of 100% data-focused experts continues to demonstrate the importance of understanding data in context, and that technical and functional skills are essential to drive value from any digital transformation initiative."

Bill Green, board chairman, Syniti, said: "Seeing so many customers embark on major transformation projects is a powerful testament to the confidence and trust they have in the Syniti team. Frankly, it shows that market leaders have realized that a Data First approach focused on data quality is the only way to deliver real business benefits from any transformation effort. The data market continues to heat up, and the board is excited to see momentum for Syniti solutions, building on major revenue milestones in the first quarter and helping to set the stage for strong growth in the second half of the year."

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.

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SOURCE Syniti