Syniti Reports Highest Total Revenue Quarter in Company's History

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Oct 27, 2022, 08:00 ET

Growth driven by increases in software bookings and triple digit cloud ARR, key wins with new enterprise customers

BOSTON, Oct. 27, 2022 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the third quarter of 2022. The company reports its third quarter revenue, including services and software, is the highest in company history. The company also had strong software bookings growth, fifty percent quarter on quarter, particularly in North America, Germany, New Zealand and Japan. The company is seeing continued success in life sciences/pharma, retail and manufacturing and had key new wins in local government and healthcare. Higher revenue deals increased in comparison to second quarter 2022, with nine significant new logos added. This marks the largest amount of new major logos in the year.

Financial and Product Highlights:

Thirty-seven percent growth in cloud annual recurring revenue (ARR), building on momentum from the first half of 2022, as customers continue to adopt cloud technologies.
Continued collaboration, joint marketing and software and services bookings with strategic partners IBM, Deloitte and HCL; more than forty percent of new wins were influenced by partners.
Approval by SAP of Syniti's latest cloud-native migration platform. SAP resells the company's flagship product, the Syniti Knowledge Platform (SKP), as SAP Advanced Data Migration and Management by Syniti under their Solution Extension program. This release provides customers more control over data residency, and additional capabilities to deliver faster, more effective data migrations.
The addition of the SKP to the SAP® Store, joining its governance acceleration product, Syniti RDG and additional accelerators for SAP Enterprise Performance Management platforms.
The availability of new data quality and catalog capabilities in the cloud-native SKP, bringing quality, catalog, matching, replication, migration and governance together in a fully cloud-based unified platform. Users no longer have to buy multiple-point based solutions and can use one solution to deliver the data they need to drive business outcomes.
Strong interest in the company's recent new AI-driven operational data matching offering focused on ERP and supply chain data, which is offered as a module in the SKP, or standalone as Syniti Match.

Company Highlights:

More than 1,000 unique learners and 6x more course enrollments of Syniti Education Services persona-based learning offerings compared with the same time period last year. New learning paths were released to support the new migration capabilities announced in the SKP, as well as a new tutorial course for the Syniti Match solution.
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.
Syniti employees held multiple events as part of the Syniti Gives Back initiative which aims to make the world a better place through volunteering and to honor International Day of Charity. They included volunteering at a local farm in Boston, donating needed supplies to local schools in Ohio, supporting humanitarian relief organizations and packing meals in the U.K. to fight food insecurity and raising money for the programs and services offered by Movement for the Intellectually Disabled of Singapore.
Further enhancement of the company's ESG program including tracking GHG emissions and participation in sustainability initiatives like the Carbon Disclosure Project (CDP).

Kevin Campbell, CEO, Syniti, said: "We continue to do the hardest data work for the world's leading organizations. Even with continued market uncertainty, we closed more significant deals than in previous quarters. Our clients turn to us for our unwavering commitment to deliver for them – which is a testament to the quality and dedication of our people and the advancements we've made in our products. It's particularly gratifying to see clients realize the importance of data quality and governance initiatives, and to see them choose Syniti over traditional solutions like ETL tools, spreadsheets or competitive products."

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.

© 2022 Syniti. All rights reserved. Syniti, Syniti product names, logos, and other Syniti marks are trademarks and/or registered trademarks of BackOffice Associates, LLC d/b/a Syniti ("Syniti") in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

SOURCE Syniti