Nasuni, the established hybrid cloud storage solution provider, has reported record outturns for its 2023 fiscal year, demonstrating a 30% year over year growth in annual recurring revenue. The company won over 120 new large enterprise clients, among them global apparel manufacturer, Patagonia.
Echoing Gartner’s prediction of the hybrid cloud market being the future as companies transition to new cloud architectures and streamline cloud usage for effective AI deployment, Nasuni’s growth comes during a difficult year for the technology sector. Unlike many, it has managed to increase its workforce amidst widespread layoffs presenting in the industry.
Details from Nasuni show a 30% increase in annual recurring revenue, a 46% surge in new customer bookings, which include its over 120 new major enterprise clients, a gross revenue retention rate upwards of 98% and a 118% net revenue retention rate, indicating Nasuni’s stellar customer support. The firm's growth has led it to double its workforce to over 500 employees. Its ransomware detection, launched in the closing parts of 2022, has seen a rise of 71%. The terabytes in cloud capacity have also seen significant growth, particularly with Microsoft Azure at 43%, AWS at 34%, and Google at 133%.
These impressive outcomes have been primarily fuelled by the sudden demand for the Nasuni File Data Platform. Enterprises are increasingly needing more nimble operations concerning unstructured data management, data intelligence and AI, and ransomware safeguards. Legacy hardware storage vendors continued to show flat-to-negative growth in 2023, highlighting the shift towards a new cloud architecture and a consolidated cloud approach, accelerated by AI. The Nasuni File Data Platform enables enterprises to consolidate silos of unstructured data in the cloud while retaining the familiarity and quick performance of traditional file systems.
Paul Flanagan, Nasuni's CEO, shared, "Over the last five years, we have averaged a steady annual recurring revenue growth rate of 30%, and we are proud that we’ve done it again in 2023." He added that Nasuni has maintained top decile key performance indicators in its business, allowing it to be cash flow positive for the year. Flanagan praised the continued growth, crediting the approach of a hybrid cloud platform as the key to managing costs, delivering outstanding data performance, providing top-tier data protection, and enabling AI innovation via the cloud.
Nasuni's achievements throughout 2023 are plentiful, including integrations with Microsoft Sentinel, a widened partnership with solutions provider Presidio, a partnership with energy solutions provider Cegal, strengthening its leadership team, winning the NorthFace ScoreBoard Service Award for Global Customer Support Excellence for the third year in a row, and securing eight new US patents related to its core cloud-native global file system solution.
In his closing remarks, Flanagan reiterated, "Nasuni is an enabler for businesses to transform their file data into a real asset, while reducing costs and unlocking efficiencies and innovation, by consolidating file data into a versatile enterprise hybrid cloud platform that can facilitate core enterprise AI use-cases.” Presently, Nasuni supports more than 800 enterprise customers, including numerous Fortune 500, across over 70 countries.