- Syniti reports a stellar third quarter in 2023, driven by its Data First strategy.
- Significant achievements include record annual contract value, cloud ARR growth, and major project go-lives.
- The company’s focus on high-quality data and digital transformation sets a new precedent in the enterprise data management market.
Introduction: A New Benchmark in Data Management
Syniti, a global leader in enterprise data management, has announced a remarkable third quarter in 2023, setting new standards in the industry. The company’s Data First strategy, emphasizing the primacy of data in digital and business transformation, has led to significant financial growth and operational achievements.
Financial and Product Highlights
Record-Breaking Software Sales
- Syniti set a new record for annual contract value (ACV) since tracking this metric.
- Software bookings increased by 57% compared to Q2 2023, with a 25% increase from the same period last year.
- Cloud annual recurring revenue (ARR) saw a 63% year-over-year increase, highlighting the company’s momentum in cloud-based solutions.
Expanding Global Clientele
- The addition of 10 significant new logos in Q3 expanded Syniti’s client base, especially in industries like oil & gas and aerospace & defense.
- Major go-lives with key clients like Merck, Organon, and Lion, with over 50 successful enterprise go-lives in 2023.
Services Revenue and Strategic SAP Alliance
- A 4% growth in services revenue compared to Q2 2023, with EMEA posting record numbers.
- The highest quarter ever in license volume with SAP, underlining the critical role of data in digital transformation projects.
Strategic Executive Promotions
- Key executive promotions to support the Data First strategy, including Ryan Rodenburg as COO and Melanie Payne as CBO.
- Focus on enhancing software products and specialized data delivery with a team of over 1,000 experts.
Innovations and Recognitions
- Launch of Syniti Sense, an AI-powered tool for increasing employee efficiency and productivity.
- Melanie Payne named a finalist in the Stevie Awards for Women in Business.
- Inclusion in DBTA’s Big Data Quarterly Big Data 75: Companies Driving Innovation in 2023.
- Syniti’s participation in the Carbon Disclosure Project, highlighting its commitment to environmental transparency.
CEO and Chairman Insights
CEO Kevin Campbell’s Perspective
- Emphasizing the critical importance of high-quality data for business success.
- Advocating for a data-aligned approach over traditional ‘lift and shift’ transformation methods.
Chairman Bill Green’s Observations
- Recognizing the pivotal role of data as the foundation of all successful digital initiatives.
- Acknowledging Syniti’s leadership and innovation as key factors in its market-leading position.
Syniti, a Bridge Growth Partners LLC portfolio company, has been a game-changer in solving complex data challenges for over 15 years. Its enterprise data management platform offers a comprehensive solution for data migration, quality, replication, master data management, analytics, governance, and strategy. Syniti’s unique combination of intelligent software and vast data expertise delivers certain and superior business outcomes for Fortune 2000 companies.
Conclusion: Setting a New Industry Standard
Syniti’s impressive third-quarter results in 2023 are more than just financial success; they represent a paradigm shift in the enterprise data management industry. The company’s Data First strategy and its commitment to high-quality data and digital transformation have positioned it as a leader in the market, poised for continued growth and innovation.
[Explore more about Syniti and its comprehensive data management solutions at www.Syniti.com]
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