Privately held ExaGrid says it has recorded its strongest Q3 in the company’s history, gaining 150 new customers to take its total past 4,400.
The backup appliance vendor boasted of double-digit annual revenue growth, said it sealed 48 six and seven-figure deals, and claimed it was both free cash flow and P&L positive for the 15th consecutive quarter. As a private company, ExaGrid doesn’t make the actual figures public.
President and CEO Bill Andrews stated: “ExaGrid continues to profitably grow as it keeps us on our path to eventually becoming a billion-dollar company. We are the largest independent backup storage vendor and we’re very healthy, continuing to drive top-line growth while maintaining positive EBITDA, P&L, and free cash flow … ExaGrid continues to have an over 70 percent competitive win rate replacing primary storage behind the backup application, as well as deduplication appliances such as Dell Data Domain and HPE StoreOnce.”
ExaGrid is a niche storage market business providing Tiered Backup Storage with a disk-cache Landing Zone for the fastest backups, restores, and instant VM recoveries, plus a long-term deduplicated, virtual air-gapped retention repository with immutable objects, scale-out architecture, and comprehensive security features.
Andrews said: “ExaGrid prides itself on having a product that just works, is sized properly, is well-supported, and just gets the job done. We can back up these claims with our 95 percent net customer retention, [net promoter score] of +81, and the fact that 94 percent of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, 92 percent of our customers report to our automated health reporting system, and 99 percent of our customers are on our yearly maintenance and support plan.”
He told us: “We have paid off all debt and have zero debt of any kind and continue to generate cash ever quarter. [We] have not raised any capital in 12 years [and have] very healthy financials and are in control of our own destiny.”
The company sells to upper mid-market to large enterprise customers, with 45 percent of bookings coming from existing customers and 55 percent from new logos. Andrews tells us: “Our product roadmap throughout 2025 will be the most exciting we have ever had, especially in what we will announce and ship in the summer of 2025. We don’t see the competitors developing for backup storage. Our top competitors in order are Dell, HPE, NetApp, Veritas Flexscale Appliances, Pure, Hitachi, IBM, Huawei. Everyone else is a one-off sighting here and there.”
