Customers are clamoring for cloud-based file data services, and both CTERA and Nasuni are growing strongly on the back of this.
Such services have a cloud-based object storage vault storing files, which are served to accessing customers’ distributed datacenters, remote sites and end-points – typically with local caching to speed access. The central cloud repository synchronizes any file state changes. Startups CTERA and Nasuni are two such suppliers, with Egnyte and Panzura also active.
CTERA announced record results for 2023, driven by strong demand for its AI-based CTERA Ransom Protect. It recorded over 30 percent growth in annual recurring revenue for 2002 to 2023. It revealed it won major deals with state agencies, leading banking institutions, and global media groups. CTERA also expanded its presence in Asia, winning customers in India, Australia, and Singapore. It manages hundreds of billions of files comprising more than 200PB of data.
CEO Oded Nagel issued a statement: “We are thrilled by the staggering market reaction to our recent product releases, which combined with the expansion of our strategic partnerships, have played a pivotal role in increasing our reach and impact.”
Competitor Nasuni also had a good 2023, with a 30 percent growth in ARR. CEO Paul Flanagan stated: “Over the last five years, we have averaged a steady annual recurring revenue growth rate of 30 percent, and we are proud that we’ve done it again in 2023. We have maintained top decile key performance indicators in our business allowing us to be cash flow positive for the year.”
Nasuni has, he claimed: “Over 800 customers, 500 employees, and a very strong balance sheet that has enabled us to avoid any reduction in workforce.” It enjoyed 46 percent growth in new customer Annual Contract Value bookings and won more than 120 large enterprise customers in 2023, with its first eight-figure customer contract for the Nasuni File Data Platform product.
Like CTERA, ransomware protection was a focus – with an attach rate of 71 percent for its ransomware detection on new customer sales in 2023.
Competitor Panzura has just appointed a new CEO to improve its growth rate.
