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Syniti Announces Strong Third Quarter 2023 Results Propelled by Data First Strategy
Wednesday, November 15, 2023
Company experiences strong annual recurring revenue and annual contract value; big deals recorded in EMEA with region posting record services revenue
Relationship with SAP continued to strengthen with critical project go-lives and highest ever license volume
Success in Generative AI requires current, clean data driving demand for Syniti skills and expertise
BOSTON, Nov. 7, 2023 /PRNewswire/ -- Syniti, a global leader in enterprise data management, today announced key financial and company highlights for the third quarter of 2023. New and repeat customers are responding to Syniti's Data First strategy which advocates the importance of starting data alongside or even before global design during digital and business transformation efforts. As businesses realize that "good enough" shouldn't apply to the quality of their data, they continue to ask Syniti and its team of data experts to take a principal role in leading the crucial stages of their transformation projects.
Financial & Product Highlights:
-- Software sales set a new record for annual contract value (ACV) since
the company began tracking the metric; additionally, software bookings
increased by 57% compared to Q2 2023, marking a 25% increase from the
same time last year. Cloud annual recurring revenue (ARR) increased 63%
year over year, underscoring momentum in this area.
-- Syniti added 10 significant new logos in the quarter, expanding its
client base globally and deepening its expertise with Global2000 oil &
gas and aerospace & defense enterprises.
-- The company celebrated major go-lives with longstanding life sciences
customers Merck and Organon as well as global beverage company Lion; the
most recent project with Lion has had zero significant data defects
post-go-live. Syniti now counts more than 50 successful enterprise
go-lives in 2023 for various digital transformation projects, including
handling multiple divestitures and acquisitions as well as moves to SAP
S/4HANA Cloud.
-- Services revenue grew by 4% compared to Q2 2023, with EMEA achieving a
record high for the region in services revenue, thanks to large deals
closed with customers in food & beverage, manufacturing, utilities and
multinational retail.
-- Syniti closed its highest quarter ever in license volume with SAP,
underpinning the importance of data in driving digital transformation
with SAP S/4HANA Cloud. Deals were closed through its SAP Solution
Extension offering, where Syniti's flagship product, Syniti Knowledge
Platform (SKP) is resold as SAP Advanced Migration & Management by
Syniti and via the SKP as an SAP Endorsed App.
-- The company expanded its support for SAP® Master Data Governance with
six domain-specific data model extensions to help enterprises unlock the
full potential of their deployments. The data domains include bank
master, classifications/characteristics, purchase information records,
source list (material master), collection management (business partner),
and internal order settlement rules (finance). Syniti has leveraged its
own Rapid Data Governance solution framework to create this series of
prepackaged, custom objects to accelerate data governance activities
across various SAP Master Data Governance domains.
Company Highlights:
-- Syniti promoted key executives to support its Data First strategy,
including elevating Ryan Rodenburg to chief operating officer where he
will steer the company's software product team as well as the company's
1,000+ team of specialized data delivery experts; current chief
financial officer Melanie Payne was promoted to chief business officer
where she will lead all business support functions including HR,
marketing, IT and sales operations in addition to retaining her CFO
responsibilities for global finance strategy and operation.
-- Additional promotions to support the company's Data First strategy and
growth initiatives include Jason Thompson as senior vice president,
solution architects; Linda Hipol as senior vice president, delivery
operations; Brian Regan as senior vice president, delivery growth; Gaj
Pasupathy as head of delivery for the APJ region and Erin Grohs as vice
president, marketing.
-- The company launched an employee-created AI-powered tool, Syniti Sense,
to increase efficiency and productivity and empower employees with
cutting-edge technology. By combining OpenAI's GPT4 LLM with vector
databases, it accesses thousands of support articles, product
documentation, sales presentations, case studies and other pertinent
content to make it easier and faster for Syniti employees to find the
information they need.
-- Melanie Payne, chief business officer, was named finalist in the Stevie
Awards for Women in Business as female executive of the year -
highlighting her unwavering dedication, exceptional financial acumen and
remarkable leadership qualities that have significantly impacted the
company.
-- Syniti was featured in DBTA's Big Data Quarterly Big Data 75: Companies
Driving Innovation in 2023; the company has been featured in the yearly
report of the Top 50 or Top 75 companies driving innovation in data
since 2015.
-- Syniti has furthered its commitment to environmental transparency by
disclosing its environmental impact through the Carbon Disclosure
Project.
Kevin Campbell, CEO, Syniti, said, "It's never been clearer that high quality data is mission-critical to business success. It will only become more important as companies invest in digital transformation projects or as they continue to explore opportunities and realize benefits from advanced analytics and generative AI. We're thrilled that customers are adopting our Data First strategy to digital transformation and continuing to put their trust in our team to drive real, tangible business benefits. Unlike other market offerings that advocate an antiquated 'lift and shift' approach to transformation, Syniti remains steadfast that high quality data aligned with business objectives will drive value, faster."
Bill Green, chairman of the board, Syniti, said: "As technology and digital infrastructure rapidly transform, data remains the linchpin, the core foundation for all successful initiatives. The strength of Syniti's leadership bench, combined with the company's forward-thinking direction and innovation, are what truly puts the company ahead of the pack. Syniti's Data First strategy demonstrates a deep understanding of customers' needs and challenges, positioning it for continued growth and development amid an increasingly noisy market."
About Syniti
Syniti solves the world's most complex data challenges by uniquely combining intelligent software and vast data expertise to yield certain and superior business outcomes. For over 15 years, Syniti has partnered with the Fortune 2000 to unlock valuable insights that ignite growth, reduce risk and increase their competitive advantage. Syniti's silo-free enterprise data management platform supports data migration, data quality, data replication, master data management, analytics, data governance, and data strategy in a single, unified solution. Syniti is a portfolio company of private equity firm Bridge Growth Partners LLC. Read more at www.Syniti.com.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
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SOURCE Syniti
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