Virtana Attains 54% YoY Sales Growth for First Half of 2021

Three in a Row Makes a Trend; Company Achieves Three Consecutive Quarters of Sales Growth

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Jul 13, 2021, 09:02 ET

SAN JOSE, Calif., July 13, 2021 /PRNewswire/ -- Virtana, the AIOps observability company for hybrid cloud, today announced continued business momentum with 54% sales growth in the first six months of 2021 compared to the same period in 2020. The company also achieved three quarters in a row of sales growth. This financial growth was fueled by the increasing demand to simplify hybrid cloud infrastructure from new and existing Virtana customers.

"I believe two in a row starts a line and three in a row makes a trend, and I am excited to see customers' trust in Virtana driving our now trending growth for three consecutive quarters," said Kash Shaikh, President and CEO of Virtana. "With current first half attainment at 108% of the plan and accelerated annual recurring revenue (ARR), we expect to finish the year even stronger than we started it, surpassing what once felt like a lofty goal. Our people-first servant leadership, customer-obsession, teamwork, and dedication to achieving our mission is transforming the company to set new records."

Financial Growth and ARR Transition

54% YoY 1H FY2021 sales growth
109% Q4 2020, 111% Q1 2021, 105% Q2 2021 – sales attainment versus plan three quarters in a row
73% of revenue in 1H HY2021 is recurring revenue in only its second year of transition from primarily on-premises, perpetual license-led to a SaaS and subscription licensing business model
13% YoY 1H FY2021 annual recurring revenue (ARR) growth

Product Innovation
Product innovation was key to the company's growth this past year. The innovation was timely as public cloud adoption was accelerated by the pandemic, leading to faster growth. According to IDC, enterprise cloud spending, both public and private, increased 34.4 percent from a year previous, while non-cloud IT spending declined by eight percent. Virtana customers can accelerate their hybrid cloud adoption, enabled by the company's flagship Software-as-as-Service (SaaS) product, Virtana Platform, and its modules (Migrate and Optimize).

Customer Adoption
With numerous deployments and ongoing active trials of Virtana Migrate and Virtana Optimize, customers are taking advantage of Virtana's technology and services to enable their digital transformation goals. A recently released customer story with a national insurance company shared the companies' success with Virtana Migrate. Their CTO commented, "We received a comprehensive total cost of ownership (TCO) analysis to de-risk our move to AWS, accelerating our time to move by months and validating that our move would provide a significant payback."

Industry Recognition
James Sanders, Research Analyst Cloud Transformation of 451 Research, part of S&P Global Market Intelligence, stated, "Virtana, with its platform to optimize hybrid cloud infrastructure, has established a systematic and repeatable process for migrating workloads from private cloud/on-premises environments to public cloud platforms. This process starts with identifying applications in use in a given environment and subsequently assessing their performance and mapping that performance against existing capacity."

With ongoing recognition for its technology and its leaders, Virtana is looking forward to what the second half of the year has in store. In 2021, Virtana was named Coolest Cloud Company by CRN, Top Cloud Leader Reducing Public Cloud Costs by Business Insider, a Leading Company of 2021, Customer First company by Gartner, World Technology Leader, and Top Company Revolutionizing Healthcare. In addition, Virtana leaders were named Channel Chief of 2021 and CTO of the Year.

The company's 2H focus is on delivering Virtana Platform product expansion, new customer acquisition, and channel-led scale.

Learn how to gain unprecedented visibility to drive digital transformation: www.virtana.com

About Virtana

Virtana delivers the industry's first unified observability platform for migrating, optimizing, and managing application workloads across public, private, hybrid, and multi-cloud environments. Using artificial intelligence for IT operations (AIOps) technologies, including machine learning and advanced data analytics, the cloud-agnostic Virtana Platform solves the most difficult challenges facing enterprises as they seek to leverage public clouds. The SaaS platform enables a "know before you go" approach by providing intelligent observability into which workloads to migrate. It also ensures that unexpected costs and performance degradation are avoided once workloads are operating in the cloud. With the Virtana Platform, enterprises can confidently speed cloud adoption and reduce cloud operating costs by simplifying management of their IT environments.

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SOURCE Virtana