Key Takeaways:
- Historic Growth: Syniti achieved record software annual contract value (ACV) and services bookings in Q4 2023, with a strong growth trajectory leading into 2024.
- Global Expansion and Client Wins: The company experienced growth in all regions, adding 26 significant new logos, including renowned global brands, and hit record-breaking sales in EMEA and the Americas.
- Product and Certification Milestones: Syniti’s Knowledge Platform achieved SAP Endorsed App status and joined the AWS Partner Network, indicating significant strides in product development and market acceptance.
A Year of Unprecedented Success
Syniti, a global leader in enterprise data management, has capped off 2023 with a record-breaking fourth quarter, signaling a robust position for the company in the upcoming year. With historic highs in software ACV and services bookings, Syniti’s “Data First” strategy continues to resonate deeply with customers and partners worldwide.
Strategic Wins Across Industries
Syniti’s fourth quarter saw key strategic wins with multinational brands across diverse industries, including oil & gas, chemical manufacturing, food and beverage, and retail. This diversified client base underscores Syniti’s capability to deliver tailored data management solutions across different sectors.
Financial and Operational Highlights
- Annual Recurring Revenue Growth: Syniti’s ARR grew 7% over the third quarter and 36% compared to Q4 2022, indicating robust and sustainable growth.
- Enterprise Software Contracts: The company closed a record 47 enterprise software contracts, surpassing the previous high set in Q4 2022.
- Global Expansion: Syniti’s growth was palpable in all regions, with EMEA achieving record-breaking sales and the Americas witnessing a 44% increase in services bookings over the previous quarter. APJ region also saw significant wins with major clients.
Client Testimonials and Renewals
Lenno Maris, chief data officer of Caldic, praised Syniti’s approach, stating: “I’m excited to partner with Syniti as we work to establish a full data-to-insights strategy for Caldic.” Syniti’s renewal rate of over 90% for the year reflects its clients’ trust and reliance on the company’s expertise for their entire digital transformation journey.
Product Innovation and Recognition
- SAP Endorsed App Status: Syniti’s Knowledge Platform achieved this prestigious status, a testament to its innovative capabilities.
- AWS Partner Network: Joining the APN and making the Syniti Knowledge Platform available in AWS Marketplace marks a significant step in cloud-based data management.
- New Patent Awarded: Syniti’s novel use of knowledge graph technology in data management further solidifies its position as an innovator in the industry.
Expanding Educational and ESG Efforts
- Migrate Developer Certification: This addition to Syniti’s educational services supports its Data First strategy by ensuring proficiency in Syniti technology.
- ESG Initiatives: Syniti’s commitment to ESG is evident in its 20 D&I events and Ecovadis Bronze Certification for its SynitiRITE, Syniti Gives Back, and Syniti Forest Sustainability efforts.
Leadership Perspectives
CEO Kevin Campbell reflects on the year: “2023 was a great year for Syniti, and it sets us up for an even stronger 2024.” Board chairman Bill Green adds, “The company’s growth and trajectory are exciting to see.”
Looking Ahead to 2024
With its record-breaking performance in Q4 2023, Syniti is poised for an even more successful 2024. The company’s focused approach to data management, combined with its innovative solutions and global expansion, positions Syniti as a frontrunner in the enterprise data management industry.
Source: https://www.syniti.com/
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