Cloudy Cohesity has been doing well in its third quarter as companies simplify data management, mitigating threats from ransomware attacks, and accelerating their move to the cloud.
The third quarter, which ended April 30, 2021, saw Cohesity subscription business increase by nearly 80 percent year on year in annual recurring revenue (ARR).
The company saw a strong net expansion rate which continues to exceed 130 percent in the third quarter, a benchmark for leading subscription/SaaS companies. This means that ARR from Cohesity’s existing customer set grew more than 30 percent over the last 12 months.
Cohesity saw more than a 40 percent increase in the number of customers bringing its customer count to nearly 2,500 globally. Cohesity recorded its largest transaction from a single customer in company history.
There was strong business with verticals and the Fortune 500. The company added 30 financial services customers to its roster in the third quarter, bringing the total number of customers in that vertical to nearly 350 worldwide. The company saw a nearly 40 percent increase in the number of Fortune 500 accounts doing business with Cohesity. Cohesity customers include three of the top five pharmaceutical companies globally and two of the top five Fortune 500.
Cohesity realised a 73 percent increase in the number of customers that spent between $1 million and $5 million on Cohesity software in total lifetime spend, and a 333 percent increase in customers with more than $5 million in total lifetime spend.
The company saw more than a 20 pe cent increase in the number of partners actively selling Cohesity. The average contribution per partner (total bookings divided by the number of partners) grew 25 percent during the same time period of the prior year. These metrics indicate that not only are more partners selling, but their contribution is increasing.
Cohesity CEO and founder Mohit Aron said: “Our record-breaking results show that more businesses are trusting Cohesity to manage their data in a world in which hybrid cloud is the norm, ransomware attacks are soaring, and the need to derive value from data has never been greater.”
