Repeat performance — ExaGrid exceeds revenue record in second consecutive quarter

Deduping backup target appliance suppler ExaGrid has exceeded revenue records for a second consecutive quarter, with revenue up 50 per cent year-on-year and ten per cent sequentially in Q2 2021.

It posted a record first quarter and has now done it again, gaining 137 new customers in the quarter — a record in itself — and enjoying a 72 per cent competitive win rate. ExaGrid now has more than 3137 customers. The company supplies scale-out deduplicating backup targets which feature a non-deduplicated backup Landing Zone and a Performance Tier for the fastest ingest and restores of the newest data. It also has a retention time lock feature with immutability, to protect against ransomware.

Bill Andrews.

President and CEO Bill Andrews said in a prepared statement: “ExaGrid continues to save IT organisations money on low-cost primary storage behind the backup application and increases performance, as well as saves money over first-generation deduplication appliances such as Dell EMC Data Domain, HPE StoreOnce and Veritas appliances.”

There were 38 six-figure deals in the quarter, with revenue records set in the Americas and ExaGrid’s international regions, and the company was cash-flow-positive, as it was in the first 2021 quarter.

It is encouraged by its results and aims to recruit 40 additional inside and field sales staff worldwide.

These results are especially encouraging after a ransomware incident last month and hopefully presage a record-setting full year.

ExaGrid was founded in 2002 and has taken in only $107 million in funding, with the last round in 2011. Andrews became President and CEO in 2005, and he has ensured ExaGrid has stuck like superglue to its deduping backup target appliance market sector. It introduced an updated set of appliances in January.