Nasuni records 46% growth in new customer bookings
Author: Isha Jain
Nasuni has announced record results for its fiscal year ending December 31, 2023. These results were fuelled by unprecedented demand for the Nasuni File Data Platform, as enterprises are requiring more agile operations with unstructured data management, data intelligence and AI, and ransomware safeguards.
According to Gartner, the hybrid cloud storage market is the future. In 2023, legacy hardware storage vendors continued to show flat-to-negative growth, highlighting the shift to a new cloud architecture and a consolidation cloud approach accelerated by AI. The Nasuni platform enables enterprises to consolidate silos of unstructured data in the cloud and retains the familiarity and fast performance of traditional file systems, all while leveraging the cloud’s global scalability, security, and cost efficiencies.
In 2022, Nasuni announced that it had passed the $100m milestone in annual recurring revenue (ARR). In 2023, despite the challenging economic environment, its ARR grew by 30%.
Paul Flanagan, Nasuni CEO, comments, “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. We have maintained top decile key performance indicators in our business allowing us to be cash flow positive for the year. Our continued growth validates the approach of a hybrid cloud platform being the key to managing cost, delivering outstanding data performance, providing world-class data protection, and enabling AI innovation via the cloud.
“Managing our business responsibly through the ever-changing market and global conditions of the last few years has allowed us to grow consistently as a company, with over 800 customers, 500 employees, and a very strong balance sheet that has enabled us to avoid any reduction in workforce. For Nasuni, 2023 was another exceptional year and we’re confident that our ongoing product innovation and outstanding customer support will lead to a stronger 2024 and beyond.”
In 2023, Nasuni delivered:
- 30% growth in ARR year over year
- 46% growth in new customer Annual Contract Value bookings
- 120+ new large enterprise customers across all verticals, including Tommy Bahama, Patagonia, Aedas, Oshkosh Corporation, State of Vermont, and Autodesk
- Closing the first 8-figure customer contract for the Nasuni File Data Platform
- Customer support delivering top decile gross revenue retention rates of over 98% and net revenue retention rate of 118%, a testament to Nasuni’s ability to retain and expand customers
- Growth in its employee base
- Growth for its ransomware detection offering with an attach rate of 71% on new customer sales in 2023
- Significant year over year growth of terabytes in cloud capacity, predominantly in Microsoft Azure (43%), AWS (34%), Google Cloud (133%)
“In 2023, we saw enterprise IT leaders struggling to handle skyrocketing data volumes, unstructured data, hybrid work needs, and budget constraints, while trying to reduce risks from increased cyber attacks. We’ve anticipated these challenges by developing tools that deliver scale, security, and performance at a cost unmatched by traditional file infrastructure providers. 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,” adds Paul Flanagan.
Read further Nasuni achievements here.
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