At a time when organizations are focused on simplifying data management, mitigating threats from ransomware attacks, and accelerating their move to the cloud, more enterprises and mid-size organizations around the globe are relying on Cohesity to back up, manage, protect, and derive value from their data. This is evidenced by Cohesity’s record-breaking financial performance in its third quarter 2021 results.
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“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”
The third quarter, which ended April 30, 2021, saw Cohesity firing on all financial cylinders:
- Strong subscription business: Cohesity achieved a nearly 80% increase year-over-year YoY (Q3/Q3) in annual recurring revenue (ARR), further emphasizing the success of the company’s subscription-based software model.
- Strong net expansion rate: Cohesity’s net expansion rate — or the rate of expansion net of churn from existing customers over the last year — continues to exceed 130% in Q3, a benchmark for leading subscription/SaaS companies. This means that ARR from Cohesity’s existing customer set grew more than 30% over the last 12 months.
- Rapid customer growth: Cohesity saw more than a 40% increase YoY (Q3/Q3) in the number of customers doing business with the company, bringing its customer count to nearly 2,500 globally. In Q3, Cohesity recorded its largest transaction from a single customer in company history.
- Strong traction across verticals and the Fortune 500: The company added 30 financial services customers to its roster in Q3, bringing the total number of customers in that vertical to nearly 350 globally. The company saw a nearly 40% increase YoY (Q3/Q3) 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.
- Triple-digit growth in multimillion-dollar deals: Cohesity realized a 73% increase YoY (Q3/Q3) in the number of customers that spent between $1 million and $5 million on Cohesity software in total lifetime spend, and a 333% YoY (Q3/Q3) increase in customers with more than $5 million in total lifetime spend.
- Strong partner momentum: The company saw more than a 20% increase YoY (Q3/Q3) in the number of partners actively selling Cohesity. The average contribution per partner (total bookings divided by the number of partners) grew 25% during the same time period of the prior year. These metrics indicate that not only are more partners selling, but their contribution is increasing.
“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,” said Mohit Aron, CEO and founder, Cohesity. “Customers are also embracing Cohesity because we give them the flexibility to manage data their way — either directly, via our ‘as a service’ offerings, or a combination of both — all through one platform with one user interface. No other vendor today offers this type of choice and radical simplicity.”
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