Robust growth in ARR and services bookings build on momentum from record-breaking Q4 2023
Customers are turning to Syniti to deliver successful business outcomes in large-scale digital transformation efforts
Syniti, a global leader in enterprise data management, today announced record-breaking first quarter 2024 results, setting the stage for a strong year. The company reports its highest revenue in company history as customers continue to turn to Syniti and its Data First strategy to drive greater success in their critical business transformation projects. The company also saw significant increases in both software revenue and annual recurring revenue (ARR) when compared to the first quarter of 2023. Services bookings were the highest recorded first quarter bookings ever, up 65% over Q1 2023.
Whether organisations are modernising systems or trying to make the most of AI, they must start with clean, quality data to achieve their desired goals. However, many of them approach transformation projects with a “This is how we’ve always done it” mindset or they take a “lift and shift” approach that doesn’t address the business accuracy of the data – which will not deliver on the promised value of these transformations. Syniti’s Data First approach prioritises data quality before the project begins, converging its technology, business data expertise and methodology for greater understanding of data in context and faster time to value.
Financial highlights:
- Total quarterly revenue was the highest in company history, up 11% when compared to Q4 2023 and 12% higher than the first quarter of 2023.
- Services bookings grew 65% over Q1 2023, the highest services bookings first quarter in company history.
- Services revenue jumped 17% when compared to the previous quarter and 9% higher than the same time period in Q1 2023. Sixteen customers booked more than $1 million in projects, resulting in the company’s highest first quarter for deal volume. More than one third of these bookings came from new Syniti customers.
- ARR increased 22% when compared to the first quarter of 2023.
- The company added seven significant new logos in Q1 and nearly all new logos were $1 million+ accounts. Syniti continues to see strong growth with new and current customers across all industries, including manufacturing, aerospace and defence, and life sciences.
- Syniti celebrated seven successful go-lives this quarter, including major projects completed with Bridgestone, Lactalis, Organon and Zespri.
Product and company highlights:
- Syniti acquired Proceed Group’s Rightsizer software, a tool that identifies archiving opportunities with SAP and non-SAP systems and determines infrastructure sizing as organisations embark on their SAP S/4HANA transformations.
- The Syniti Rapid Data Governance (RDG) solution received SAP Endorsed App status and is available for purchase on SAP Store.
- Syniti welcomed Craig Ayers as its chief people officer to lead the global HR function, including talent management, recruiting and employee engagement efforts.
- After a year leading the company’s engineering organisation, Dr. Javeed Nizami was promoted to the role of chief technology officer and head of product and engineering.
- Syniti released a joint study with HFS Research, Don’t let your GenAI project fail before it begins, providing four guidelines for how organisations can take a Data First approach to achieve better business outcomes.
- ● Syniti’s employee resource groups (ERGs) hosted six events and many learning opportunities for employees, with particular emphasis around Black History Month and Women’s History Month. That included launching the new Women in Technology Recognize Awards to draw attention to the women helping drive Syniti’s success and perpetuating the company’s core values.
You can see Syniti exhibiting and speaking at the following conferences later this year:
HFS Spring Summit, New York City: Kevin Campbell, CEO, will be speaking on the May 8 C-suite panel, “Can Today’s Services Industry Survive the AI Tsunami?”
The company will be exhibiting at SAP Sapphire & ASUG Annual Conference in Orlando, Florida at booth 502 from June 3-5 and at SAP Sapphire Barcelona at booth 7-105 from June 11-13; at both shows the company will showcase the importance of high-quality data for AI initiatives.
Kevin Campbell, CEO, Syniti, said: “We continue to see existing and new customers turn to Syniti as they realise how important high-quality data is to their digital and business transformation projects. As the industry’s only pure-play data organisation, we’re uniquely differentiated with a track record of delivering successful business outcomes for the world’s largest and most complex enterprises as they take on these increasingly difficult and mission-critical initiatives. Whether we come in at the start of a project or later to help course correct, we are truly humbled by the trust and loyalty our customers have in Syniti and we remain committed to delivering for them.”
Bill Green, board chairman, Syniti, said: “With a record-breaking fourth quarter and significant revenue milestones in Q1, Syniti customers continue to vote with their wallets as they embrace the company’s Data First mindset. It’s gratifying to see so many world-class organisations seek out the value that Syniti can uniquely provide: to deliver successful outcomes, you need a deep understanding of data in the context of your business. The board is pleased to see such strong momentum in the early part of 2024.”
