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These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

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The four press release sources discuss advancements in AI and how companies are leveraging them to improve data storage and content management.

1/ Infinidat’s Retrieval-Augmented Generation (RAG) workflow deployment architecture allows enterprises to utilise their own data to make AI models more accurate.

2/ Box has introduced several AI-powered innovations, including Box AI Studio, which allows enterprises to customize and deploy AI agents for specific business needs.

3/ Pure Storage and CoreWeave have partnered to accelerate AI cloud services innovation by offering a scalable storage solution within CoreWeave’s dedicated environments.

4/ Box and Slalom have announced a partnership to help customers unlock valuable insights from their content by combining Box’s Intelligent Content Management platform with Slalom’s business transformation expertise.

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WALTHAM, Mass., Nov. 13, 2024 — / BackupReview.info / — Infinidat, a leading provider of enterprise storage solutions, today announced its Retrieval-Augmented Generation (RAG) workflow deployment architecture to enable enterprises to fully leverage generative AI (GenAI). This dramatically improves the accuracy and relevancy of AI models with up-to-date, private data from multiple company data sources, including unstructured data and structured data, such as databases, from existing Infinidat platforms.

With Infinidat’s RAG architecture, enterprises utilize Infinidat’s existing InfiniBox® and InfiniBox™ SSA enterprise storage systems as the basis to optimize the output of AI models, without the need to purchase any specialized equipment. Infinidat also provides the flexibility of using RAG in a hybrid multi-cloud environment, with InfuzeOS™ Cloud Edition, making the storage infrastructure a strategic asset for unlocking the business value of GenAI applications for enterprises.

“Infinidat will play a critical role in RAG deployments, leveraging data on InfiniBox enterprise storage solutions, which are perfectly suited for retrieval-based AI workloads,” said Eric Herzog, CMO at Infinidat. “Vector databases that are central to obtaining the information to increase the accuracy of GenAI models run extremely well in Infinidat’s storage environment. Our customers can deploy RAG on their existing storage infrastructure, taking advantage of the InfiniBox system’s high performance, industry-leading low latency, and unique Neural Cache technology, enabling delivery of rapid and highly accurate responses for GenAI workloads.”

RAG augments AI models using relevant and private data retrieved from an enterprise’s vector databases. Vector databases are offered by a number of vendors, such as Oracle, PostgreSQL, MongoDB and DataStax Enterprise. These are used during the AI inference process that follows AI training. As part of a GenAI framework, RAG enables enterprises to auto-generate more accurate, more informed and more reliable responses to user queries. It enables AI learning models, such as a Large Language Model (LLM) or a Small Language Model (SLM), to reference information and knowledge that is beyond the data on which it was trained. It not only customizes general models with a business’ most updated information, but it also eliminates the need for continually re-training AI models, which are resource intensive.

“Infinidat is positioning itself the right way as an enabler of RAG inferencing in the GenAI space,” said Marc Staimer, President of Dragon Slayer Consulting. “Retrieval-augmented generation is a high value proposition area for an enterprise storage solution provider that delivers high levels of performance, 100% guaranteed availability, scalability, and cyber resilience that readily apply to LLM RAG inferencing. With RAG inferencing being part of almost every enterprise AI project, the opportunity for Infinidat to expand its impact in the enterprise market with its highly targeted RAG reference architecture is significant.”

“Infinidat is bringing enterprise storage and GenAI together in a very important way by providing a RAG architecture that will enhance the accuracy of AI. It makes perfect sense to apply this retrieval-augmented generation for AI to where data is actually stored in an organization’s data infrastructure. This is a great example of how Infinidat is propelling enterprise storage into an exciting AI-enhanced future,” said Stan Wysocki, President at Mark III Systems.

Fine-tuning AI in the Enterprise Storage Infrastructure
Inaccurate or misleading results from a GenAI model, referred to as “AI hallucinations,” are a common problem that have held back the adoption and broad deployment of AI within enterprises. An AI hallucination may present inaccurate information as “fact,” cite non-existent data, or provide false attribution – all of which tarnish AI and expose a gap that calls for the continual refinement of data queries. A focus on AI models, without a RAG strategy, tends to rely on a large amount of publicly available data, while under-utilizing an enterprise’s own proprietary data assets.

To address this major challenge in GenAI, Infinidat is making its architecture available for enterprises to continuously refine a RAG pipeline with new data, thereby reducing the risk of AI hallucinations. By enhancing the accuracy of AI model-driven insights, Infinidat is helping to advance the fulfillment of the promise of GenAI for enterprises. Infinidat’s solution can encompass any number of InfiniBox platforms and enables extensibility to third-party storage solutions via file-based protocols such as NFS.

In addition, to simplify and accelerate the rollout of RAG for enterprises, Infinidat integrates with the cloud providers, using its award-winning InfuzeOS Cloud Edition for AWS and Azure to make RAG work in a hybrid cloud configuration. This complements the work that hyperscalers are doing to build out LLMs on a larger scale to do the initial training of the AI models. The combination of AI models and RAG is a key component for defining the future of generative AI.

Additional Resources

Blog – “Infinidat: A Perfect Fit for Retrieval-augmented Generation (RAG): Making AI Models More Accurate” by Bill Basinas

Solution Brief – “AI Workloads

About Infinidat
Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers, as recognized by Gartner® Peer Insights reviews. For more information, visit www.infinidat.com

Connect with Infinidat

Media Contact
Infinidat
Sapna Capoor
Director of Global Communications
scapoor@infinidat.com
Mobile: +44 (0) 7789684159

Source: Infinidat

 

 

  • Box AI Studio delivers ability to choose secure AI models for more customization and flexibility
  • Box Apps makes it easier than ever to create no-code experiences powered by metadata
  • New Enterprise Advanced plan delivers the full power of Intelligent Content Management in one offering

REDWOOD CITY, CA – November 12, 2024 — / BackupReview.info / — Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced a new set of AI-powered innovations to revolutionize how organizations manage content. These announcements include Box AI Studio, which enables businesses to create and deploy powerful Box AI agents that are specifically tailored to their unique requirements, and Box Apps, which makes it easier than ever to build applications for critical business processes like contract management, invoice processing, employee onboarding, and thousands more. Box also introduced Enterprise Advanced, a new plan that combines the full power of the Box Intelligent Content Management platform into a single offering.

“90 percent of the data in an enterprise is unstructured – and the vast majority of that data is content. Innovation in LLMs has transformed our ability to more easily structure that data, freeing it from data silos and connecting it with business processes,” said Aaron Levie, Co-founder and CEO of Box. “That’s all changing with Intelligent Content Management from Box. For the first time ever, businesses of all sizes will be able to realize the full value of their content and leverage the data inside their files to drive innovation, automate processes, and secure their most important information at a fraction of the cost of legacy systems.”

“Box continues to add innovative capabilities to its Intelligent Content Management platform to support the content life cycle including, most recently, metadata management and generative AI, enabling users to generate additional business value from unstructured data,” commented Holly Muscolino, Group Vice President, IDC, Workplace Solutions. “Its ease of use, regional deployments, and strong security capabilities make Box a good option for organizations of all sizes that are looking for a modern SaaS intelligent content cloud services platform.”

Unlock the Power of Your Content Like Never Before with Box AI Studio
Since the unveiling of Box AI in May 2023, the company has been at the forefront of enterprise-grade AI. Box has built Box AI to be flexible and to securely integrate today’s most powerful large language models, including Microsoft’s Azure OpenAI Service, AWS Bedrock, Claude via AWS, and Google Cloud’s Vertex AI – with more models to come.

Box AI Studio, set to begin rolling out in January 2025, offers enterprises even more customization and control over how they apply AI to their content. With AI Studio, admins can select their preferred AI model from Box’s list of trusted providers to create tailored Box AI agents with custom prompts and parameters to match their specific industry needs and workflows—no coding required. This flexibility is unique to Box, and will allow businesses to mix-and-match AI models from different AI providers and deploy specialized AI agents that are customized to address the unique needs of their use cases, in a secure and permissions-integrated manner.

With Box AI Studio, admins will be able to:

  • Create, test, and deploy powerful Box AI agents that supercharge workflows across your organization;
  • Seamlessly switch between different state-of-the-art AI models using a simple drop-down toggle;
  • Develop custom prompts that enhance performance for specific tasks or departments;
  • Track and analyze model performance data-driven decisions about which models work best for different use cases;
  • Set permissions and access controls for seamless management of who can utilize and customize these intelligent solutions within your organization;
  • Effortlessly integrate Box AI Studio into your existing tech stacks and workflows without any disruptions.

The opportunity for enterprises to drive and automate powerful, intelligent workflows with Box AI Studio is unprecedented and includes applications throughout the enterprise. For example:

  • Sales: A Box AI Sales agent that is customized with prompt instructions will be able to help sales teams standardize the format for AI-generated contracts summaries, answer relevant and targeted questions on past contracts, customer data insights, while improving sales efficiency;
  • Marketing: A Box AI Marketing agent that is customized with brand guidelines, target audience preferences, and content formats will be able to generate blog posts, social media content, and marketing copy that aligns with the company’s messaging, and brand guidelines;
  • Customer Service: A Box AI Service agent that is customized with prompt instructions will be able to give employees accurate answers immediately based on product catalogs, customer data insights, and past interactions, while reducing response times dramatically;
  • HR: A Box AI People agent that is customized with company values and employee guidelines will be able to enhance the candidate experience with timely follow-ups and provide insights from employee feedback and performance data;
  • Product: A Box AI Product agent that is customized with product information – including current and future product offerings – will be able to ingest feedback from customers, summarize gaps, and offer recommendations of knowledge-base articles that can help address customer questions.

Accelerate Business Processes Across the Enterprise with Box Apps
Every team and department in the enterprise runs multiple processes that rely deeply on content. However, the technology available for enabling and automating them is often insufficient: emails and spreadsheets are underpowered and manual, while legacy Enterprise Content Management (ECM) systems are overly complex and difficult to use. As a result, IT and department leaders find themselves unable to drive transformation or enhance the productivity of their teams and processes.

Box Apps, available in Beta today, is a no-code solution that makes it easier than ever to create intelligent applications that manage content-centric business processes throughout the enterprise. With Box Apps, people can craft purpose-built applications that include powerful dashboards, tailored content views, and integrated workflow automation. Specifically, Box Apps can run AI-powered metadata extraction that revolutionizes running content-centric business process automation at scale.

Box Apps will transform how people manage content-centric workflows, including:

  • HR teams will be able to create policy Apps that intelligently apply metadata to employee policies, internal procedures, and benefits information to systematically manage the processes around creating, updating, and maintaining these heavily used documents;
  • Marketing teams will be able to create asset Apps to manage rich media assets like graphics, images, videos and more, making it easier to ingest, store, search, retrieve, and collaborate with users;
  • Legal teams will be able to create contract Apps to automate the extraction of metadata on agreements stored centrally on Box, with built-in expiration alerts and standardized processes to generate, review, approve and send contracts out for signature;
  • Accounting teams will be able to create transaction Apps that intelligently extract metadata from invoices, help map them to existing purchase orders, and efficiently manage the process of tracking transactions from approval to payment;
  • Sales teams will be able to create account management Apps that speed up deal cycles, enabling sellers to quickly find and retrieve NDAs, proposals, quotes, and contracts.

To help businesses further develop complex workflow automation solutions, Box also introduced two new features, Box Forms and Box Doc Gen, available in Beta today. Box Forms allows users to easily design and publish engaging web and mobile forms, while Box Doc Gen automatically creates custom documents within Box by pulling data from Box Forms, third-party apps, custom apps, and metadata. Together with Box Apps, Box Relay, and Box Sign, customers are already seeing the value of using a powerful, integrated workflow automation solution within the Box platform, while others are strongly considering moving to the cloud with Box and retiring legacy on-premise ECM systems.

Security and Compliance Enhancements
Box also announced a new suite of advanced data security and compliance features including Box Archive, which simplifies long-term content preservation so that enterprises can meet their regulatory and compliance obligations, and Content Recovery, which can help organizations recover content from ransomware attacks rapidly and with precision, restoring thousands of files in hours instead of days.

With Box Archive, available in Beta starting in January, admins will be able to:

  • Ensure controlled access to archived content by maintaining enterprise ownership and removing it from user files and search results to allow users to focus on active, collaborative work while reducing the risk of content loss during employee turnover;
  • Access archived content in Box instantly and from anywhere to give users the same response time as active files – unlike competitors where retrieving or restoring archived data can take hours or even days;
  • Enforce controls and policies with end-to-end content lifecycle management to help users effortlessly maintain governance and compliance standards from creation to disposal while addressing preservation requirements for regulated industries, including document control in life sciences, FINRA retention mandates in financial services, and NARA archiving requirements in the public sector;
  • Address regulatory requirements by leveraging Box Zones and Box Archive to support an organization’s in-region storage requirements by storing archived content in the geographic region of choice;
  • Preserve content by ensuring the final version is unable to be altered to help meet compliance requirements and speed up processes during audits.

Ransomware continues to be the preferred method of attack for cybercriminals seeking to breach and compromise organizations, with devastating consequences. Recent reports indicate that ransomware attacks surged by 62 percent in 2023, underscoring the growing threat to enterprises. Box’s Content Recovery provides an advanced solution for mitigating the impact of ransomware, allowing organizations to swiftly and precisely restore compromised files, whether on an individual basis or at scale, ensuring business continuity.

With Box’s Content Recovery features, set to begin rolling out in January, enterprises will be able to:

  • Accelerate recovery by significantly reducing the time needed for file restoration, cutting recovery from days or weeks to just a few hours, regardless of the scale of the incident;
  • Gain insight into potential ransomware incidents by providing a dashboard that shows full visibility of files modified or disposed of during the identified timeframe;
  • Restore with precision by empowering admins to precisely target which files to restore using customizable date ranges, segmenting files by the actions taken on them, or searching by file name, instead of simply rolling back the system to a snapshot;
  • Restore at scale by streamlining the restoration process, which allows admins to select the content they’d like to recover and restore it in a matter of clicks;
  • Rapidly sync to Box Drive by having restored content automatically saved back to Box, ensuring minimal business disruption.

Introducing Enterprise Advanced
Today, Box also introduced a new plan, Enterprise Advanced, to allow customers to access the full power of the Intelligent Content Management platform in one package. Enterprise Advanced will include all of the capabilities currently in the Enterprise Plus plan, along with the following new Intelligent Content Management capabilities announced today at BoxWorks including:

  • Box AI Studio
  • Box Apps
  • Box Forms
  • Box Doc Gen
  • Box Archive
  • 500GB file uploads
  • Enhanced developer tools and higher API allocation

The new Enterprise Advanced plan will be available for purchase starting in January.

The Box Impact Fund

In its fourth year, the Box Impact Fund supports organizations pursuing digital transformation projects in one of our three Box.org theme areas: child welfare, crisis response, and the environment. Each grantee will receive a $25,000 grant for a total of $150,000 to help fuel critical missions and digitally transform the nonprofit workplace. New this year is a focus on projects that involve AI as part of the digital transformation proposal. Past winners include Foster America, NatureServe, Sesame Street, and the International Refugee Assistance Project.

Applications open November 12 – December 9, 2024. To learn more and to apply go to https://www.box.org/impact-fund

For more information on today’s announcements check out the BoxWorks keynote and visit the Box Blog.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding Box AI Studio, Box Apps, Box Archive, Box Forms and Box Doc Gen, their planned product introduction and product features, and the market adoption and benefits of such product introduction and features. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: (1) adverse changes in general economic or market conditions; (2) Box’s ability to partner with third parties to integrate AI technologies with the Box Intelligent Content Management platform; (3) delays or reductions in information technology spending; (4) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products or features offered by Box on a timely basis, or at all; (5) Box’s ability to provide timely and successful product introductions, enhancements, new features and modifications to its platform and services; and (6) actual or perceived security vulnerabilities in Box AI or other Box services or any breaches of Box’s security controls. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase Box products should make their purchase decisions based upon features that are currently available. Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.box.com/investors. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.

About Box
Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

Contacts
PR
Dani Robin
press@box.com

Investor Relations
IR@box.com

Source: Box

 

 

SANTA CLARA, CA – Nov. 13, 2024 — / BackupReview.info / — Pure Storage® (NYSE: PSTG), the IT pioneer delivering the world’s most advanced data storage technologies and services, and CoreWeave, the AI Hyperscaler™, today announced Pure Storage’s strategic investment in CoreWeave to accelerate AI cloud services innovation. Alongside the investment, the companies unveiled a strategic partnership, enabling customers to leverage the Pure Storage platform within CoreWeave Cloud.

Building on their shared success with some of the world’s most advanced AI companies, this collaboration helps to fuel the next generation of AI innovators, driving breakthroughs with CoreWeave’s cloud services and the Pure Storage platform. By adding Pure Storage as a partner, CoreWeave recognizes Pure Storage’s 15 years of innovation in flash technologies and its proven track record with some of the world’s top AI companies.

“Our strategic collaboration with CoreWeave reflects a shared commitment to delivering AI innovation at scale and marks a major milestone in delivering the flexibility and scalability that AI-driven organizations need to thrive. Integrating the Pure Storage platform into CoreWeave’s specialized cloud service environments enables customers that require massive scale and flexibility in their infrastructure the ability to tailor their infrastructure and maximize performance on their own terms.” – Rob Lee, Chief Technology Officer, Pure Storage

Empowering AI Supercomputers with Cutting-Edge Scale, Performance, and Flexibility
The Pure Storage platform is now available as an option within CoreWeave’s dedicated environments, which customers access through the CoreWeave Platform, a no compromise engineering solution purpose-built for some of the world’s most compute intensive workloads. The CoreWeave Platform uses automation to simplify complexity, maximizing infrastructure performance and efficiency, while Pure Storage offers a highly scalable, efficient storage solution, with joint solutions already deployed in production at supercomputing scale across thousands of GPUs. Together, they empower customers to accelerate their time to market. This strategic partnership will deliver tremendous opportunities to customers, including:

  • Availability in CoreWeave AI Supercomputer Environments: Enterprises can now select their preferred storage provider within CoreWeave’s platform, with Pure Storage offering a proven, high-performance solution already deployed by one of the largest AI labs in the world.
  • Infrastructure at Supercomputing Scale: CoreWeave powers some of the world’s largest AI clusters, and its suite of cloud services is designed to support the most demanding AI workloads. Through this partnership, AI innovators gain access to one of the industry’s most unified and consistent storage platforms—spanning file, object, and block—delivering consistent high performance with enterprise-grade 99.9999% reliability. This helps to ensure fast deployment, seamless scalability, and the ability to grow effortlessly with evolving demands.
  • Optimized Performance and Customization: Organizations can now customize their storage solution with the Pure Storage platform, delivering optimal scalability and performance throughout every stage of the AI lifecycle. This flexibility enables AI innovators to meet precise data requirements while seamlessly adapting and expanding as their needs evolve with the Pure Storage Evergreen architecture.

“At CoreWeave, our mission is to provide the most advanced AI environments with unmatched scalability and performance. Partnering with Pure Storage gives our customers the flexibility to select storage solutions tailored to their specific AI needs. This collaboration strengthens our commitment to providing high speed performance, reliability, and flexibility for our customers that trust our cloud platform to accelerate the development and deployment of AI.” – Brian Venturo, Chief Strategy Officer, CoreWeave

As AI reshapes industries, companies must build scalable, future-ready infrastructure to manage massive data and computational demands while staying agile in an ever-evolving landscape. With Pure Storage and CoreWeave, organizations can unlock exceptional  performance, empowering large-scale AI deployments that maximize computational power—enabling greater innovation.

About CoreWeave
CoreWeave, the AI Hyperscaler™, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company’s technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024. Learn more at www.coreweave.com

About Pure Storage
Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen® architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com

Pure Storage, the Pure Storage P Logo and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Analyst Recognition:

Connect with Pure

  • Blog — https://blog.purestorage.com/
  • LinkedIn — https://www.linkedin.com/company/purestorage/
  • X — https://twitter.com/PureStorage
  • Facebook — https://www.facebook.com/PureStorage/

Press Contact
Kaylin Deutscher
Pure Storage
pr@purestorage.com

Source: Pure Storage, Inc.

 

 

  • Companies to collaborate on solutions powered by advanced AI and machine learning

  • Box names Slalom AI Innovation Partner of the Year at BoxWorks 2024

REDWOOD CITY, CA & SEATTLE, WA – November 12, 2024 — / BackupReview.info /– Box, Inc. (NYSE: BOX), the leading Intelligent Content Management (ICM) platform, and Slalom, the global business and technology consulting company, today announced a partnership to help customers leverage advanced AI and machine learning to unlock valuable insights from their content. Box and Slalom will work together on enabling enterprises to modernize workflows, enhance collaboration, and transform their content management processes with AI.

The collaboration will combine the Box ICM platform with Slalom’s extensive business transformation expertise. Box and Slalom will collaborate on developing solutions and accelerators to help customers quickly and effectively deploy AI-powered content solutions. Additionally, they will work jointly on specialized workshops to provide customers with hands-on experiences using AI and machine learning for content management and collaboration. The companies will focus on a variety of industries – including financial services, healthcare, retail, and the public sector – helping organizations streamline processes, improve operational efficiency, and derive insights from their content that drive faster and better decisions.

“Content is the foundation of almost every business process, and AI is transforming how organizations interact with and derive value from their content,” said Olivia Nottebohm, Chief Operating Officer of Box. “Box enables customers to work smarter and unlock new levels of productivity by applying powerful generative AI to enterprise content. By partnering with Slalom, we’re providing enterprises with the tools and expertise they need to leverage AI to its fullest potential, enabling them to work smarter, move faster, and stay secure.”

Box and Slalom will share the news of their partnership and discuss how they will work together today at BoxWorks, the Box annual global user conference, which takes place in San Francisco and brings together IT leaders from around the world to network with each other and learn about exciting innovations and best practices in the world of content and AI in the enterprise. Box named Slalom as the company’s AI Innovation Partner of the Year for Slalom’s impactful contributions to advancing how organizations unlock value from their content. Box recognized Slalom for their leadership in enabling customers to better understand and manage their content at scale, powering smarter decision-making and operational efficiency.

“The partnership between Box and Slalom is a game-changer because together, we’re helping customers embed AI into their core business processes in a meaningful way,” said Sarah Duffy, General Manager at Slalom. “We’re seeing a significant shift in how our customers approach their unstructured data and content management challenges. AI is helping them unlock valuable insights from their content, enabling smarter decision-making and operational efficiencies. This partnership is about creating flexible, future-ready solutions that allow companies to innovate and adapt as AI evolves.”

The partnership leverages Box AI’s advanced capabilities, including intelligent content summarization, contextual insights, metadata extraction, and content creation, which are seamlessly integrated into users’ workflows.

To view the BoxWorks keynote live and on demand, please visit the BoxWorks website. More information about all the announcements made at the conference is available at the Box blog.

About Box
Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit www.box.com to learn more. And visit www.box.org to learn more about how Box empowers nonprofits to fulfill their missions.

About Slalom
Slalom is a next-generation professional services company creating value at the intersection of business, technology, and humanity. With our fiercely human approach, we deeply understand our customers—and their customers—to deliver practical, end-to-end solutions that drive meaningful impact. Backed by over 700 technology partners, our nearly 12,000 team members in ten countries and 52 offices help people and organizations dream bigger, move faster, and build better tomorrows for all. We’re honored to be consistently recognized as a great place to work, including being one of Fortune’s 100 Best Companies to Work For nine years running. Learn more at www.slalom.com

Contacts
Box:
PR: Dani Robin
press@box.com

Investor Relations
IR@box.com

Slalom:
PR: Brandon Vaughan
press@slalom.com

Source: Box

 

 

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

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The press releases focus on the latest developments in the cloud backup and data storage industry.

1/ Databarracks, a company specialising in technology and business resilience, has acquired COOLSPIRiT, a leading Commvault solution provider, to create a data protection powerhouse.

2/ Druva, a leading provider of data security solutions, has announced support for Microsoft Dynamics 365 and Microsoft 365 Backup Storage, enhancing its multi-cloud data protection capabilities.

3/ CTERA has launched CTERA Insight, a powerful visualisation and analytics service that provides granular visibility into data stored in its Global File System.

4/ Veeam, a leading provider of data resilience solutions, has announced major updates to its Veeam Data Cloud Vault, a fully managed cloud storage service that simplifies storing backups offsite for enhanced business resilience.

5/ T-Mobile has announced enhancements to its Home and Small Business Internet Backup plans, including more data and a discounted portable battery pack, to help customers stay connected during outages.

6/ NAKIVO, a provider of data protection solutions, has reported strong Q3 2024 results, with a 33% increase in MSP revenue and an 11% growth in its global customer base.

7/ Synchronoss has renewed its partnership with a major French operator, allowing the operator to continue providing a range of value-added cloud offerings powered by Synchronoss Personal Cloud.

8/ Hitachi Vantara has expanded its Virtual Storage Platform One data platform with the addition of an all-QLC flash storage array and an object storage appliance, designed to redefine storage and data management for AI and analytics workloads.

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Databarracks, the technology and business resilience specialist, has acquired COOLSPIRiT

LONDON, UK – November 12, 2024 — / BackupReview.info / — COOLSPIRiT, the UK’s largest Commvault Solution Provider Partner and now joins Databarracks, the largest Managed Service Partner to form a data protection powerhouse.

COOLSPIRiT’s CEO Damon Robertson comments: “We’re thrilled to be joining a team who like us, have spent over 20 years protecting organisation’s data and continuity. I’ve known Databarracks Co-Founder Peter for a long time and Databarracks is an organisation that we know will be a great home and fit for our team and our customers.

Databarracks Managing Director, James Watts comments: “Three years ago we acquired 4sl, to become the UK’s largest Commvault MSP. With COOLSPIRiT, we add a fantastic Solution Provider and CASP capability.”

Robertson continues: “From our innovative infrastructure, cyber and data protection capabilities to Databarracks’ expertise in Business Resilience and Public Cloud, there are immediate benefits for customers of both organisations.

“Over the last few years, Commvault has made some terrific acquisitions and innovations and is shifting to subscription services. It aligns exactly with what Databarracks is doing in public cloud data protection and cyber resilience. Together, we have the best team in the industry and a global delivery capability using the public cloud.

Watts: “In addition to COOLSPIRiT’s expertise in Commvault, it also offers many other technologies across data protection, infrastructure, storage and cyber and brings some fantastic partnerships.

“When COOLSPIRiT and Databarracks were founded, we were protecting organisations against data loss and downtime caused by IT failures, fires or floods. We’ve since entered the cyber-era. Organisations still face those threats, but now too, the existential threat of ransomware and cyber.

“There are very few true data protection specialists and fewer still who can also help address the growing cyber, business continuity and resilience challenges.

“Our vision is that the only way to guarantee your recoverability and have confidence in continuity is with a holistic, integrated approach. IT Operations, Cyber, Risk, and Business Continuity can’t be siloed. Great response capability is only possible when the functions work together in concert.

“At Databarracks, we don’t just provide technology, we deliver outcomes for our customers. Prepared teams, organised response, faster recovery, reduced risk and improved resilience. The right technologies are vital but must be combined with the people and process to match. That is the value we add.”

About Databarracks
Databarracks is the technology and business resilience specialist.

In 2003, Databarracks launched one of the world’s first managed Backup services to bring indestructible resilience to mission-critical data.

Today, Databarracks deliver award-winning IT resilience and continuity services. Databarracks help organisations get the most out of the cloud and protect their data, wherever it lives.

And Databarracks back this up with unbeatable support. There’s no such thing as ‘above and beyond’ for our engineers because they only work to one standard: to keep your systems running perfectly.

Enterprise-class continuity, security, and resilience. Accessible for all.

For more information, visit: https://www.databarracks.com/

About COOLSPIRiT
Based in the heart of Derbyshire, COOLSPIRiT has been providing data management and business-critical IT infrastructure solutions for over 25 years. Initially founded to service global organisations by addressing their requirement around data protection, COOLSPIRiT has become an industry-leading, trusted and integral partner to many of the UK’s largest leading organisations – both commercial and public sector.

For more information, visit COOLSPIRiT’s website.

Press Contact:
Avinash Nandra/Alex Henderson
Spreckley Partners Ltd
Email: databarrackspr@spreckley.co.uk
Tel: +44 (0) 207 388 9988

Source: Databarracks

 

 

New capabilities empower businesses to secure data throughout Microsoft environments

SANTA CLARA, Calif. – November 12, 2024 — / BackupReview.info / — Druva, the leading provider of data security, today announced support for Microsoft Dynamics 365 to help enterprises secure mission-critical data across Dynamics 365 Sales and Customer Service CRM modules. With support for Dynamics 365, Druva ensures customers can keep business-critical CRM data secure and maintain business operations in the event of an incident. Druva is also announcing support for Microsoft 365 Backup Storage to increase customer choice with Microsoft 365 protection.

With core CRM capabilities, Dynamics 365 is the heartbeat of many businesses and contains a wealth of sensitive customer information frequently targeted by cyberattacks. Businesses need the right data protection strategies to ensure data stored in Dynamics 365 remains secure and compliant in the event of a cyber incident. With these new additions to its multi-cloud portfolio, Druva now delivers one centralized platform to simplify backup, security, and compliance across infrastructure, end-user data, and business-critical applications across the Microsoft ecosystem.

“With the Druva Data Security Cloud, customers gain peace of mind with robust data protection across all of their data,” said Nitin Nagpal, senior vice president and general manager, Druva Products. “Dynamics 365 and CRM systems track a myriad of customer data, including interactions, demographic and behavior information. With a single centralized platform, customers can better secure sensitive data, everywhere it lives on the Microsoft ecosystem.”

The Druva Data Security Cloud provides a comprehensive, fully managed SaaS solution to secure and protect data anywhere it lives on the entire spectrum of Microsoft environments including Microsoft Windows, Microsoft Azure VMs, Microsoft 365, and Microsoft Entra ID. With Druva’s latest support for Dynamics 365, customers benefit from:

  • Enhanced cloud-native data protection: Leverage air-gapped backups stored in the Druva Cloud, ensure data encryption in transit and at rest, and limit data access – with an extra layer of security from Druva’s Managed Data Detection and Response, a 24/7 backup monitoring service from Druva Incident Response experts.
  • Improved cyber response and recovery: Ensure uninterrupted business operations with granular recoveries to restore individual entities, records, and metadata with precision.
  • Long-term data retention: Create long-term backup retention policies to meet regulatory requirements – and securely delete data when it’s no longer needed.

Druva operates at enterprise scale protecting nearly 100 PB of data for millions of Microsoft 365 users across thousands of global customers with built-in cyber resiliency, ransomware recovery and threat hunting. Now, with support for Microsoft 365 Backup Storage customers benefit from enhanced choice for Microsoft 365 including built-in Microsoft Entra ID support – all seamlessly managed through the Druva Data Security Cloud.

“Microsoft Dynamics 365 is a core application for many enterprises. With support for this mission-critical business application, Druva addresses a need in the industry where data security support can be limited,” said Phil Goodwin, research vice president, IDC. “With robust data security, governance, and compliance capabilities, and deeper Microsoft integrations, Druva supplies native data protection to make it easy for customers to protect and recover from increasingly sophisticated threats.”

“Traditional security solutions are no longer enough to keep businesses safe against evolving cyber threats – they need security at the data level to succeed,” said Scott Rhyan, Senior VP of Services, at Advizex. “Druva has proven to have a best-in-class data security solution for the Microsoft ecosystem, and support for Dynamics 365 will vastly improve cloud-native data protection for our customers. From granular recovery capabilities that strengthen incident response and recovery, to true long-term data retention that meets compliance needs, Druva’s fully managed SaaS solution empowers customers to respond to and stay ahead of emerging data risks.”

Druva is committed to supporting customer needs across multi-cloud environments and continues to expand protection for the Microsoft ecosystem, including the company’s recent news announcing support for Microsoft Entra ID. With the Data Security Cloud, customers can simplify data protection and lower total cost of ownership by up to 40% compared to traditional solutions.

Druva support for both Microsoft Dynamics 365 and Microsoft 365 Backup Storage will be available in early 2025.

To learn more about how Druva can protect critical data across the Microsoft ecosystem, visit Druva booth #417 at Microsoft Ignite in Chicago on November 18-22, 2024.

To learn more about Druva’s Dynamics 365 capabilities, please visit the website.

About Druva
Druva is the leading provider of data security solutions, empowering customers to secure and recover their data from threats. The Druva Data Security Cloud is a fully managed SaaS solution offering air-gapped and immutable data protection across cloud, on-premises, and edge environments. By centralizing data protection, Druva enhances traditional security measures and enables faster incident response, effective cyber remediation, and robust data governance. Trusted by over 6,000 customers, including 65 of the Fortune 500, Druva safeguards business data in an increasingly interconnected world. Visit https://www.druva.com and follow us on LinkedIn, Twitter, and Facebook.

Media Contact:
Alex Cardenas
Sr. Manager, Marketing Communications
Druva Inc.
1-888-821-0592
alex.cardenas@druva.com

Source: Druva

 

 

Launched Powerful Visualization and Analytics Service for CTERA Global File System

NEW YORK, NY – November 12, 2024 — / BackupReview.info / — CTERA, a hybrid cloud data platform leader, today launched the next generation of CTERA Insight, a powerful visualization and analytics service designed to provide granular visibility into the content, usage, and security for data stored in the CTERA Global File System.

As unstructured data continues to grow across distributed environments, enterprises face the challenge of maintaining a comprehensive outlook over data usage, security, and resource allocation. The latest release of CTERA Insight addresses these needs by delivering end-to-end observability across edge locations, enabling organizations to make data-driven decisions that enhance security, optimize storage, and reduce costs. With centralized analytics and real-time visibility, CTERA Insight empowers IT teams to monitor and manage data activities across locations with greater accuracy and efficiency.

The new generation of CTERA Insight empowers enterprises to:
  • Monitor Activity: Real-time dashboard visualizations of file activity across filers and cloud, with granular detail and performance metrics. CTERA Insight enables organizations to identify trends and make informed IT operations and security decisions.
  • Discover Usage: Customers gain a comprehensive view into storage consumption, file types, access distribution, and ownership. CTERA Insight allows end-users to pinpoint opportunities for storage optimization, better predict capacity requirements, and maintain compliance.
  • Investigate Security Incidents: CTERA Insight provides long-term audit logging, enabling detailed filtering and activity forensics. It enables in-depth investigations of suspicious behaviors, helping enforce robust security measures across the organization.
  • Curate Datasets for AI: Enterprises can identify and refine high-quality datasets from vast volumes of unstructured data to advance large language model (LLM) and machine learning (ML) initiatives.

CTERA Insight is deeply integrated with CTERA’s Hybrid Cloud Data Platform, ensuring seamless operation within the Global File System, including single-sign-on capabilities with CTERA Portal, CTERA’s centralized management system. Optimized for performance and scale, the platform delivers powerful insights with minimal impact on system performance. Pre-built dashboards and a powerful big-data pipeline provide clear, actionable visualizations that allow IT teams to quickly respond to emerging data trends.

“CTERA Insight is a powerful tool for enterprises aiming to leverage unstructured data for AI,” said Oded Nagel, CEO of CTERA. “Providing complete visibility into the organizational data landscape and usage patterns, this product enhances data management and equips organizations to meet the evolving demands of AI and advanced analytics.”

The all-new CTERA Insight is available for purchase today as a managed service, with capacity-based annual pricing. For more information visit CTERA Insight, schedule a demo, or contact sales@ctera.com

CTERA’s social media resources include:
  • CTERA Blog: https://www.ctera.com/blog/
  • X: https://x.com/CTERA
  • LinkedIn: https://www.linkedin.com/company/ctera
  • Facebook: https://www.facebook.com/CTERA/

About CTERA
CTERA is the global leader in secure edge-to-cloud file services, enabling enterprises to manage and protect their data across distributed environments. With a focus on security, scalability, and seamless integration, CTERA’s Hybrid Cloud Data Platform empowers organizations to unify their file services and AI data management strategies under a single, secure umbrella. For more information, visit https://www.ctera.com

PR Contact:
Reese Goldsmith
Account Executive
reese@smartconnectionspr.com

Source: CTERA Networks

 

 

New cloud storage offering delivers extended availability, unique and predictable cloud storage pricing via two new editions, and provides seamless integration with Veeam Data Platform, on the foundation of Zero Trust Data Resilience principles

SEATTLE, WA – November 12, 2024 — / BackupReview.info / — Veeam® Software, the #1 leader by market share1 in Data Resilience, today announced major updates to Veeam Data Cloud Vault, a fully-managed, secure, and cloud-based storage service that leverages the power of Microsoft Azure and simplifies storing backups of mission critical data and applications offsite for unmatched business resilience. This new release, developed in collaboration with Microsoft, introduces two new editions with low-cost, all-inclusive pricing that eliminates common forecasting and bill shock challenges for customer-managed cloud storage. Furthermore, a new enhancement to Veeam Data Vault is the integration with Veeam Data Platform, making it simpler for customers to streamline immutable, offsite backup for Veeam users. Veeam Data Cloud Vault will be showcased at Microsoft Ignite, November 19-22 in Chicago.

Despite the benefits of cloud storage, including simplified security and the ability to accommodate growing volumes of data, many organizations still face obstacles. These include understanding and forecasting costs, improved efficiency, and acquiring the necessary expertise for effective configuration and management.

Veeam Data Cloud Vault addresses all of these. Veeam collaborated closely with Microsoft to develop this enhanced offering integrated with Azure Blob Cool Storage. It simplifies data storage management for backups and eliminates unpredictable cloud cost models, providing users with the confidence to securely store backup data in a Veeam-managed, logically air-gapped, always-immutable and encrypted offsite location for enhanced protection and reliable recovery, when needed. Veeam Vault also helps organizations minimize the duration of downtime through fast restores to both on-premises and Azure VMs.

“Given the value of data in a digital world and the growing risks to that data including cyber-attacks, organizations need a reliable and cost-effective path to data resilience,” said Niraj Tolia, Chief Technology Officer (CTO) at Veeam. “Veeam Data Cloud Vault provides secure and hassle-free cloud storage, eliminating management challenges and unpredictable pricing, and reinforces our strategic partnership with Microsoft. Our commitment to easy, secure, and predictable cloud storage for backups, further solidifies Veeam as the #1 global leader in Data Resilience. Veeam Data Cloud Vault introduces a new groundbreaking feature – predictable, low-cost cloud storage pricing – catering to the needs of Veeam users. With two new editions and seamless integration with Veeam Data Platform, this release further strengthens the partnership between Veeam and Microsoft by leveraging the power, scale and durability of Microsoft Azure.”

Aung Oo, Vice President, Azure Storage at Microsoft added, “Integrating Veeam’s Vault offering with the Veeam Data Platform simplifies the process for customers to safeguard their data and infrastructure. Given the increasing threats that customers must defend against, making data protection more accessible is crucial. By building Veeam Data Cloud Vault on Azure, with its diverse regional options, customers can meet their data residency and compliance needs. The combination of Azure’s secure cloud foundation and Veeam’s strengths in business continuity and disaster recovery (BCDR) provides an excellent end-to-end, anti-ransomware solution for customers.”

Veeam Data Cloud Vault follows a Zero Trust Data Resilience (ZDTR) approach that expands Zero Trust principles to include an organization’s backup environment. With Veeam Data Cloud Vault, organizations can align to the 3-2-1-1-0 rule and protect against cyberthreats. This philosophy forms the foundation of a solid data protection strategy and data resilience initiatives, ensuring the integrity and availability of backups.

New key benefits of Veeam Data Cloud Vault include:

  • Security and Durability: Veeam Data Cloud Vault storage-as-a-service (STaaS) ensures data confidentiality, integrity and availability through Zero Trust storage architecture that is always immutable, encrypted, and air-gapped. With the new release, Veeam Data Cloud Vault now offers up to 12 nines of durability that protects against entire data center failure. Veeam applies best-in-class security measures to protect organizations against cyber threats, and in particular threats against their backup repositories.
  • Predictability: Veeam Data Cloud Vault offers predictable, flat, per-TB pricing on two editions of cloud storage, inclusive of read/write requests, and egress fees. This enables organizations of all sizes to more predictably manage and control costs, while receiving all the benefits of secure, cloud-based storage.
  • Simplified: Veeam Data Cloud Vault minimizes cloud and security skills gaps with on-demand, pre-configured and fully managed cloud storage built on Azure, directly integrated with the Veeam Data Platform interface. This includes the ability to procure, provision, and monitor Veeam Vaults directly from Veeam Data Platform, as well as the ability to directly restore to on-premises and Azure VMs.

“Businesses face constant security threats, along with a need to balance their cyber resiliency goals with budgeting realities. In speaking with clients and based upon our own experience, one of the biggest challenges with using Public Cloud infrastructure is the unpredictable billing that can result,” said Russ Fellows, Head of Labs for The Futurum Group. “Veeam’s Data Cloud Vault helps companies enhance their security posture while also providing them with simple, all-inclusive, consumption-based pricing, making it a great option for businesses of all sizes.”

Veeam Data Cloud Vault brings predictable cloud storage pricing to the market across two new editions: Foundation and Advanced. Starting at $14 per-TB, these editions align closely with customer use cases for cloud storage backup, offering a cost-effective and secure-by-default alternative to DIY solutions.

To learn more about Veeam Data Cloud Vault, visit https://www.veeam.com/products/veeam-data-cloud/cloud-storage-vault.html. To learn more about Veeam, visit https://www.veeam.com.

About Veeam Software
Veeam®, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it. Veeam calls this radical resilience, and we’re obsessed with creating innovative ways to help our customers achieve it.

Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data freedom, data security, and data intelligence. With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments.

Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 74% of the Global 2000, that trust Veeam to keep their businesses running. Radical resilience starts with Veeam. Learn more at ?www.veeam.com? or follow Veeam on LinkedIn ?@veeam-software? and X? @veeam.

1IDC’s Worldwide Semiannual Software Tracker, 2024H1 for Data Replication & Protection Software

Veeam Contact:
Veeam Software
Director, Global Public Relations
Heidi Monroe Kroft, 614-339-8200 x8309

Source: Veeam

 

 

Virtual Storage Platform One integrates object storage with block and file, expands dense capacity with QLC flash, and extends software-defined cloud integration to provide reduced cost, improved management of unstructured data, and unmatched energy efficiency

SANTA CLARA, CA – Nov. 12, 2024 — / BackupReview.info / — Hitachi Vantara, the data storage, infrastructure, and hybrid cloud management subsidiary of Hitachi, Ltd. (TSE: 6501), today announced the launch of new solutions available through its Virtual Storage Platform One data platform. Designed to redefine storage and data management for AI and analytics workloads, the new suite includes an all-new quad-level cell (QLC) flash storage array with public cloud replication and an object storage appliance. Together, these solutions deliver simplicity, security, and sustainable scalability to help organizations optimize data management, ensuring they stay agile in an increasingly data-centric world.

For more information about Hitachi Vantara’s Virtual Storage Platform One, visit.
www.hitachivantara.com/products/storage-platforms/data-platform

As enterprises face mounting challenges in managing the costs and complexities of rapidly expanding hybrid and multi-cloud environments, the exponential growth of data continues to reshape the technological landscape. Many organizations are overwhelmed with finding ways to scale their data infrastructure and modernize applications, all while managing carbon footprints and IT budgets. A recent survey found the larger the volumes of data a company works with, the more compute power it needs, and the higher the associated costs, and in data analytics processes, for example, more than two-thirds of the organizations surveyed experienced “bill shock” at least quarterly or more frequently.

The addition of an all-QLC flash storage array is significant as this technology is easily scalable and reduces the cost per gigabyte compared to other flash types, making it a more economical choice for large-scale data storage needs without sacrificing performance. Hitachi Vantara engineering has focused on uptime and reliability, offering dual port QLC media to deliver data access if a hardware failure occurs. QLC flash storage offers higher density and lower power consumption compared to traditional storage solutions. This efficiency means that organizations can reduce their energy use, leading to lower carbon footprints. Additionally, the new object storage appliance is designed to easily scale to accommodate vast amounts of unstructured data that is prevalent in fueling numerous AI use cases, and each object is stored with rich metadata, which allows for easier categorization, searchability, and data lifecycle management, helping organizations quickly find and retrieve the data they need.

“Enterprises today are navigating an incredibly complex data landscape, with hybrid and multi-cloud environments and the growing influence of GenAI transforming how they operate,” said Octavian Tanase, chief product officer, Hitachi Vantara. “Our latest Virtual Storage Platform One solutions are designed to address these challenges head-on, providing customers with the advanced tools they need to harness their data, drive innovation, and achieve sustainable growth. By simplifying infrastructure and enhancing scalability, we are empowering businesses to unlock the full potential of their data in ways that were previously unimaginable.”

The new suite delivers powerful solutions tailored to meet evolving needs. These latest offerings include:

  • Virtual Storage Platform One Block – The all-QLC flash storage array with public cloud replication provides a new storage solution to harness QLC flash technology and deliver high-density, cost-effective storage ideal for large-capacity needs. With integrated public cloud replication, users can seamlessly backup and replicate data to the cloud for enhanced disaster recovery and data availability.
  • Virtual Storage Platform One Object – The object storage appliance is engineered for scalability and provides a robust solution for managing massive volumes of unstructured data driven by AI workloads. It combines durability and reliability, with multi-node configurations that ensure data availability and integrity, making it ideal for industries like media, healthcare, and finance. As a result, customers can optimize costs and significantly reduce rack space, power consumption, and CO2 emissions.

The new offerings complement Virtual Storage Platform One SDS Cloud, which is designed to protect critical data with zero impact on performance. This scalable, asynchronous solution also enables seamless replication from on-premises to the cloud (AWS), using snapshots to deliver real-time data for application development and testing in non-production environments. With support for multiple availability zones, bolsters operational resilience while simplifying database expansion, ensuring continuous protection and uninterrupted performance.

The all-QLC flash storage array addition to the platform affirms Hitachi Vantara’s commitment to energy-efficient technology, as recognized by ENERGY STAR®, which ranked Virtual Storage Platform One in the top three best storage solutions for performance in energy efficiency. The comprehensive suite of integrated solutions provides an end-to-end data management experience, which seamlessly integrates storage and cloud, to create a unified and adaptable environment.

“The addition of all-QLC flash and object storage appliance provides a compelling solution for organizations looking to manage large-scale data environments efficiently,” said, Scott Sinclair, practice director for cloud, infrastructure and DevOps at Enterprise Strategy Group. “Hitachi Vantara continues to address the pressing needs of modern IT infrastructure, which helps businesses stay competitive in an era defined by data-driven innovation.”

For more information about Virtual Storage Platform One and its suite of solutions, please visit https://www.hitachivantara.com/en-us/products/storage-platforms/data-platform

Additional Resources

  • Blog: Growing Our Platform, to Help You Grow Your Business — https://www.hitachivantara.com/en-us/blog/growing-our-platform-to-help-you-grow-your-business
  • Blog: Elevating VSP One to a New Level with Samsung QLC — https://www.hitachivantara.com/en-us/blog/elevating-vsp-one-new-level-with-samsung-qlc
  • Virtual Storage Platform One Object — https://www.hitachivantara.com/en-us/products/storage-platforms/object-storage
  • Blog: Hitachi Vantara Revolutionizes Midrange Storage with Virtual Storage Platform One Block Storage Appliances — https://www.hitachivantara.com/en-us/blog/revolutionizes-midrange-storage-with-vsp-one-block-storage-appliances
  • Blog: Virtual Storage Platform One Block: Simplicity, Sustainability and Performance — https://www.hitachivantara.com/en-us/blog/vsp-one-block-simplicity-sustainability-performance

Connect With Hitachi Vantara

  • LinkedIn — https://www.linkedin.com/company/hitachi-vantara/
  • X — https://x.com/HitachiVantara
  • Facebook — https://www.facebook.com/HitachiVantara

About Hitachi Vantara
Hitachi Vantara is transforming the way data fuels innovation. A wholly owned subsidiary of Hitachi Ltd., Hitachi Vantara provides the data foundation the world’s leading innovators rely on. Through data storage, infrastructure systems, cloud management and digital expertise, the company helps customers build the foundation for sustainable business growth. To learn more, visit www.hitachivantara.com

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com

HITACHI is a trademark or registered trademark of Hitachi, Ltd. All other trademarks, service marks, and company names are properties of their respective owners.

Media Contacts:
Pamela Carr
Hitachi Vantara
pamela.carr@hitachivantara.com

Andrew McCrea
Weber Shandwick for Hitachi Vantara
amccrea@webershandwick.com
+1 (310) 854-8219

Source: Hitach Vantara

 

 

  • T-Mobile’s Internet Backup plans will include more data starting Nov. 14 — with three free data passes a year — giving cable internet customers all the connectivity they need when service is down
  • And, anyone who signs up for T-Mobile Home Internet Backup or T-Mobile Small Business Internet Backup can also snag 50% off a portable battery pack for their gateway for a limited time

BELLEVUE, Wash.- November 12, 2024 — / BackupReview.info / — T-Mobile US, Inc. (NASDAQ: TMUS):

What’s the news: When internet service providers (ISPs) go down, T-Mobile’s got your back(up). T-Mobile (NASDAQ: TMUS) today announced it’s amping Home Internet Backup and Small Business Internet Backup plans with more data to help traditional ISP customers stay connected when their primary ISP has an outage. In addition to the 130GB of 5G data/month already included in the Un-carrier’s Backup Internet plans — which is enough data to keep a typical household connected for up to seven days when their primary cable or fiber ISP goes down — starting Nov. 14, new and existing customers will get three additional free 130GB data passes a year, providing extra peace of mind and connectivity.

When a customer’s primary ISP has a longer outage and they need more data, they can activate one of their free passes to stay connected. Each pass lasts for three days or until the data is used — whichever comes first.

T-Mobile Home Internet Backup and Small Business Internet Backup plans are just $20/month with AutoPay. In addition to the included monthly data and three free data passes yearly, customers also get:

  • Fast and easy setup. Go from box to browsing in 15 minutes or less with a simple self-install process. Keep the gateway plugged in and simply switch devices over to T-Mobile 5G Internet when that primary cable or fiber internet connection goes down.
  • No monthly equipment fees. That’s right, customers get a 5G gateway included with their plan without paying a penny more.

And starting Nov. 14 for a limited time, new customers can get half off the Nimble Champ Pro 20k 65W Portable Power battery pack (making it $49.99!) to keep their gateway powered — and their home connected with Wi-Fi — for up to seven hours during power outages.

Visit a T-Mobile store or call Care to sign up for Home Internet Backup or Small Business Internet Backup and get 50% off a battery pack, or to add a free data pass.

Why it matters: With cable outages rising 28% year-over-year, T-Mobile’s Backup Internet plans now give people even more peace of mind with a backup 5G internet solution when they need it most.

Who it’s for: Anyone with a traditional ISP who’s looking for a reliable way to stay connected during an outage.

What else: For more information on Home Internet Backup, visit t-mobile.com/home-internet-backup, and visit a T-Mobile store to learn more about Small Business Internet Backup.

Follow @TMobileNews on X, formerly known as Twitter, to stay up to date with the latest company news.

Limited time offers; subject to change. During congestion, customers on this plan may notice speeds lower than other customers and further reduction if using >1.2TB/mo., due to data prioritization. Not available in all areas. $35 device connection charge due at sale. After 130GB monthly data allotment, speeds up to 600Kbps. Regulatory fees included in monthly price for qualified accounts. Credit approval required. AutoPay Pricing for lines 1-8 on account. AutoPay discount requires bank account or debit card, otherwise $5 more/line/mo. May not be reflected on first bill. 50% off Battery: Plus tax. Qualifying new Home Internet Backup line, gateway and battery pack accessory must be in stock and purchased in same transaction. Not valid on prior purchases or in combination with other offers/discounts. Limit 2 per account. While supplies last. National outage average based on independent analysis of broadband measurements recorded nationwide (excluding Hurricane impacted regions) June through October, 2023 & June through October, 2024. Outage being recorded as a lack of network connectivity lasting >30 seconds and affecting multiple subscribers. © 2024 Opensignal Limited.

About T-Mobile
T-Mobile US, Inc. (NASDAQ: TMUS) is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile and Mint Mobile. For more information please visit: https://www.t-mobile.com

Media Contact
T-Mobile US, Inc. Media Relations
MediaRelations@t-mobile.com

Investor Relations Contact
T-Mobile US, Inc.
Investor.Relations@t-mobile.com
https://investor.t-mobile.com

Source: T-Mobile

 

 

33% Increase in MSP Revenue and 11% Customer Growth Highlight NAKIVO’s Momentum in Delivering Comprehensive Data Protection Solutions Worldwide

Sparks, NV — November 12, 2024 — / BackupReview.info / — NAKIVO Inc., a leading provider of data protection solutions for physical, virtual, cloud, and SaaS environments, reported a strong Q3 2024, marked by a 33% increase in revenue from Managed Service Provider (MSP) partnerships and an 11% growth in its global customer base. This expansion highlights NAKIVO’s success in meeting the data protection needs of businesses around the world through its MSP program and reliable backup solutions.

Growth in MSP Partnerships Drives Revenue and Service Expansion
NAKIVO’s Managed Service Provider Program enables MSPs, cloud providers, and hosting providers to deliver critical services such as backup as a service (BaaS), replication as a service (RaaS), and disaster recovery as a service (DRaaS). The 33% increase in revenue from MSPs reflects NAKIVO’s commitment to supporting partners with advanced, high-performance data protection solutions that empower them to meet the growing demands of their clients.

Expanding Global Customer Base
NAKIVO now serves over 30,000 customers across 183 countries, achieving an 11% increase in its customer base year-over-year. This growth includes a 14% increase in the Asia-Pacific region, 11% in EMEA, and 9% in the Americas, as enterprises continue to select NAKIVO Backup & Replication as their trusted data protection solution. Recent deployments include prominent names like E.W. Wylie, the Institute of Earth Sciences at Ilia State University, and LAB Technologies.

Strengthening Technology and Solution Partnerships
In Q3 2024, NAKIVO welcomed 224 new solution providers to its Partner Program, further expanding its footprint in established and emerging markets. Technology partnerships also continued to strengthen, with ASUSTOR NAS installations growing by 48%, demonstrating NAKIVO’s commitment to integrating with trusted hardware solutions.

Executive Perspective
“Our 33% MSP revenue growth and expanding customer base reflect the reliability and value of our solutions,” said Bruce Talley, CEO of NAKIVO. “As the threat landscape evolves, we are committed to providing our partners and customers with robust tools to protect their data and ensure resilience in a rapidly changing environment.”

RESOURCES

  • Trial Download: https://www.nakivo.com/resources/download/trial-download/
  • Datasheet: https://www.nakivo.com/res/files/nakivo-backup-replication-datasheet.pdf
  • Success Stories: https://www.nakivo.com/customers/success-stories/

ABOUT NAKIVO
NAKIVO is a software vendor dedicated to delivering the ultimate backup, ransomware protection and disaster recovery solution for virtual, physical, cloud and SaaS environments. Over 28,000 customers in 183 countries trust NAKIVO to protect their data, including major companies like Coca-Cola, Honda, Siemens and Cisco.

Visit Nakivo at: www.nakivo.com
Follow on Twitter: @NAKIVO
Connect on Facebook: www.facebook.com/NakivoInc
Join on LinkedIn: www.linkedin.com/company/nakivo

PR Contact:
Sasha Tolkachova, PR Manager
sasha.tolkachova@nakivo.com
+1 416 845 3381
+380 667524448

Source: Nakivo

 

 

Building on an 8-Year Partnership, this Leading Service Provider Will Continue to Utilize Synchronoss Personal Cloud and Enable Subscribers throughout France to Manage, Optimize, and Share All Types of Digital Content

BRIDGEWATER, NJ – Nov. 12, 2024 — / BackupReview.info / — Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR), a global leader and innovator in personal cloud platforms, today announced a three-year contract renewal with a leading French operator. This service provider operates a high-speed, fixed, and mobile network across France and serves more than 27 million individuals, businesses, communities, and operators. Through the extended partnership, the company will continue to deliver a range of value-added cloud offerings powered by Synchronoss Personal Cloud.

Synchronoss Personal Cloud is a white-label platform that allows service providers to deliver a branded personal cloud solution to centrally backup, sync, and organize a broad range of digital content and files. Purpose-built for service providers, Synchronoss Personal Cloud offers a highly secure and scalable cloud platform that integrates artificial intelligence (AI), machine learning, and other advanced features.

“Expanding our long-standing partnership is a testament to our cloud platform and the value it delivers to this provider’s subscriber base throughout France,” said Jeff Miller, President and CEO of Synchronoss. “We’re excited to enhance the cloud offering with new features such as Tagging, Backtrack and AI photo enhancements that the French carrier will use to drive further subscriber engagement, increase ARPU and reduce churn amongst its subscriber base.”

Unlike some over-the-top (OTT) services, Synchronoss Personal Cloud ensures data security and privacy. It provides the flexibility for operators and service providers to select which capabilities and functionality they want to offer subscribers as part of tiered plans, such as basic, value-added, and premium offerings. As a private-label, branded solution, service providers can monetize the cloud in new ways, offering subscribers upgrade options to better engage with digital content, thus reducing churn and increasing average revenue per user (ARPU).

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com

Source: Synchronoss

 

 

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

The five sources are press releases from various cloud storage and data protection companies: HYCU, Box, Backblaze, N-able, and AvePoint. Each release reports on the company’s recent business performance, including financial results and product launches.

1/ HYCU announces an enhanced data protection solution for Box users.

2/ Box highlights its selection by the National Transportation Safety Board and its progress towards FedRAMP High authorization.

3/ Backblaze reports strong financial results with a record adjusted EBITDA margin and new customer wins in the AI space.

4/ N-able announces a successful third quarter with an updated revenue outlook and increased adjusted EBITDA margin outlook.

5/ AvePoint reports a strong third quarter with 45% year-over-year growth in SaaS revenue and a raise in full-year financial expectations.

Listen to the podcast:

Thanks for listening!

 

 

Latest Integration to be Showcased at BoxWorks Provides Unprecedented Support for Box Users that Need Secure and Reliable Backup and Granular Recovery

Boston, MA – Nov. 07, 2024 — / BackupReview.info / — HYCU, Inc., a leader for modern data protection for on-prem, cloud services, and SaaS, and one of the fastest growing companies in the industry, is showcasing data protection for Box users at BoxWorks (Booth #1) next week. Box users will now be able to leverage the latest HYCU R-Cloud integration, in addition to existing Box data protection capabilities, to further safeguard valuable data and quickly recover from any data loss scenario.

According to Gartner in “Top Trends in Enterprise Backup and Recovery for 2024,” by 2028, “75% of enterprises will prioritize backing up their Software-as-a-Service (SaaS) applications as a critical requirement.” This is one of the earliest indicators of a significant increase in a focus on protecting critical data stored within SaaS applications.

Valiantys, a leading Atlassian global consulting and services provider and Box partner, helped develop the HYCU R-Cloud integration for Box to provide additional backup and recovery capabilities for the leading Intelligent Content Management platform. Box has been powering the way the world works together for nearly two decades and has transformed the way enterprises securely store, manage, share, and collaborate on their most important content.

Through the groundbreaking collaboration between HYCU and Valiantys, Box users have a powerful solution to further safeguard valuable data and quickly recover from any data loss scenario. The HYCU R-Cloud for Box will be available on the HYCU R-Cloud Marketplace.

HYCU R-Cloud for Box offers a range of key features and benefits, including: 

  • Automated and Scheduled Backups: Set up regular backups of your Box data easily and efficiently, ensuring that your information is always protected and up to date.
  • Granular Recovery Options: Restore enterprise instances, folders, files, and or weblinks quickly, minimizing downtime and data loss.
  • Security and Compliance: Enhance enterprise-grade security by knowing what data is protected and what data still needs to be protected with HYCU’s visualization solution, R-Graph, providing peace of mind knowing that your data is in safe hands.
  • Simplified Management: Manage your Box backups directly from one single, unified interface through HYCU, streamlining your data protection workflows.

“At Valiantys, our Atlassian expertise is unparalleled and we continue to partner with companies like HYCU to deliver the right solutions to support customers across the entire spectrum of projects for Atlassian platforms and now extending to Box,” said Nathan Chantrenne, CTO of Valiantys. “Our new partnership with HYCU strengthens our promise to safeguard all Atlassian and Box data, ensuring that every aspect of your business operations is secure and resilient at all times.”

“With 80 percent of organizations storing sensitive data in the cloud, it’s no surprise that it has become a prime target for cyberattackers,” said Marc Fenner, Director of Strategic Partnerships and Business Development at Box. “Our mission at Box is to create a trusted platform that helps businesses of all sizes securely share, manage, and collaborate on their content from any device and across any application. Box natively allows customers to safeguard and recover their valuable data, but now with the added power of Valiantys and HYCU, these protections are bolstered – giving customers even more piece of mind when collaborating securely in the cloud.”

HYCU is showcasing the R-Cloud data protection for Box capabilities at BoxWorks (Booth #1). For more information or to schedule a demo, visit HYCU for Box Demo. To learn more about HYCU for Box and to pre-register for when HYCU for Box is generally available, visit HYCU for Box.

About HYCU
HYCU is the fastest-growing leader in the multi-cloud and SaaS data protection as a service industry. By bringing true SaaS-based data backup and recovery to on-premises, cloud-native, and SaaS IT environments, the company provides unrivaled data protection, migration, disaster recovery, and ransomware protection to thousands of companies worldwide. The company’s award-winning R-Cloud platform eliminates complexity, risk, and the high cost of legacy-based solutions, providing data protection simplicity to make it the #1 SaaS Data Protection platform. With an industry leading NPS score of 91, HYCU has raised $140M in VC funding to date and is based in Boston, Mass. Learn more at www.hycu.com

PR Contact:
Don Jennings
HYCU, Inc.
617-791-1710
don.jennings@hycu.com

Source: HYCU, Inc.

 

 

Box is ‘In Process’ for FedRAMP High Authorization

REDWOOD CITY, Calif. – November 07, 2024 — / BackupReview.info / — Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced that the National Transportation Safety Board (NTSB) selected Box as its cloud platform for their new Digital Content Delivery Platform project. Box will serve as the intelligent content layer for NTSB.gov, allowing NTSB investigators to collect documents, audio and video files related to investigations in the field and share with citizens across the country.

NTSB is an independent U.S. government investigative agency responsible for civil transportation accident investigation. The NTSB is also in charge of investigating cases of hazardous materials releases that occur during transportation.

To fulfill its mission, NTSB leadership is re-thinking how the organization and its systems and data are designed for a digital-first agency. By using Box, NTSB can:

  • Move from cumbersome legacy Enterprise Content Management (ECM) tools to a cloud-based technology platform that can scale and support its reporting on NTSB.gov for citizens looking to find and access reports related to investigations;
  • Easily and seamlessly allow investigators to upload and manage documents, and audio and video files to a library of reports;
  • Build and maintain data security around the critical information within the portal;
  • Leverage Box Hubs and Box AI to help organize information and enable advanced searching capabilities within the portal.

“NTSB is leading the way on how government agencies are leveraging modern technology to better engage with citizens, cut costs and improve mission outcomes,” said Wyn Elder, Global Managing Director for Public Sector at Box. “NTSB’s incredibly important mission, powered by its cloud strategy in partnership with companies like Box, is poised to help the agency bring agility to mission delivery, while ensuring the privacy and security of sensitive data. We look forward to continuing to work closely with NTSB on its intelligent content management journey.”

Box is ‘In Process’ for FedRAMP High Authorization
Box has officially received its “In Process” designation from the Federal Risk and Authorization Management Program (FedRAMP®) Program Management Office (PMO). Box received this designation after successfully completing a FedRAMP High Audit and receiving a ‘Recommend’ decision as well as receiving an Agency Authorization at the High Impact level. The FedRAMP High authorization is a rigorous attestation that includes over 400 security controls, making it one of the highest security standards for cloud service providers. This designation serves as a formal notice that Box is dedicated to obtaining a FedRAMP High Authority to Operate (ATO) within the next 12 months.

“We’re incredibly excited to reach this milestone with the FedRAMP PMO,” said Tom Cowles, Chief Compliance Officer for Box. “FedRAMP plays a vital role in ensuring consistency and evaluating and monitoring the security of government cloud services. It provides standardized approaches to security and risk assessment while promoting secure cloud adoption across federal agencies. By pursuing this certification, we are not only reinforcing our dedication to meeting strict security requirements for our federal customers but also enhancing overall security for all organizations using Box.”

Box is already Federal Risk and Authorization Management Program (FedRAMP) Moderate Authorized and received Department of Defense SRG Impact Level 4 Authorization by the Defense Information Systems Agency (DISA). With today’s announcement, NTSB joins leading organizations that have moved to Box to power new ways of working, including NASA, the U.S. Air Force, the USDA Forest Service and Farm Production and Conservation, Food and Drug Administration, Department of Justice, and the District of Columbia Government.

For more information about our progress or for any questions regarding our FedRAMP designation or secure cloud offerings, please don’t hesitate to contact us here — https://www.box.com/about-us/contact-us

To learn more about Box for government, please visit: https://www.box.com/industries/government-federal

To hear how innovative companies across industries are transforming their business with intelligent content management, register for BoxWorks taking place on November 12.

About Box
Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

Contacts
Media:
Sheridan Hoover
press@box.com

Investors:
Cynthia Hiponia / Elaine Gaudioso
+1 650-209-3463
ir@box.com

Source: Box, Inc.

 

 

39% Revenue Growth in B2 Cloud Storage, 29% Revenue Growth Overall in Q3 2024

SAN MATEO, Calif. – November 07, 2024 — / BackupReview.info / — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator delivering a modern alternative to traditional cloud providers, today announced results for its third quarter ended September 30, 2024.

“I’m excited that we have kicked off a go-to-market transformation and continue to build our upmarket momentum with two multi-year deals each totaling approximately $1 million,” said Gleb Budman, CEO of Backblaze. “We are also aggressively executing cost efficiencies throughout the organization to accelerate being adjusted free cash flow positive by Q4 2025.”

“I’m proud to share that our Adjusted EBITDA Margin for the quarter was 12%, which improved dramatically from (3%) last year, representing a 1,500 basis point improvement,” said Marc Suidan, CFO of Backblaze. “Our focus on growth and profitability will position us towards being a Rule of 40 company over time.”

Third Quarter 2024 Financial Highlights:

  • Revenue of $32.6 million, an increase of 29% year-over-year (YoY).
    • B2 Cloud Storage revenue was $16.2 million, an increase of 39% YoY.
    • Computer Backup revenue was $16.4 million, an increase of 20% YoY.
  • Gross profit of $17.8 million, or 55% of revenue, compared to $11.8 million or 46% of revenue, in Q3 2023.
  • Adjusted gross profit of $25.5 million, or 78% of revenue, compared to $18.7 million or 74% of revenue in Q3 2023.
  • Net loss was $12.8 million compared to a net loss of $16.1 million in Q3 2023.
  • Net loss per share was $0.29 compared to a net loss per share of $0.44 in Q3 2023.
  • Adjusted EBITDA was $3.7 million, or 12% of revenue, compared to $(0.8) million or (3%) of revenue in Q3 2023.
  • Non-GAAP net loss of $4.3 million compared to non-GAAP net loss of $7.8 million in Q3 2023.
  • Non-GAAP net loss per share of $0.10 compared to a non-GAAP net loss per share of $0.21 in Q3 2023.
  • Net cash from operating activities during the nine months ended September 30, 2024 was $10.3 million, compared to cash used in operating activities of $10.6 million in the nine months ended September 30, 2023.
  • Adjusted free cash flow during the nine months ended September 30, 2024 was $(15.6) million, compared to $(38.0) million in the nine months ended September 30, 2023.
  • Cash, short-term investments and restricted cash, non-current totaled $25.6 million as of September 30, 2024.

Third Quarter 2024 Operational Highlights:

  • Annual recurring revenue (ARR) was $130.5 million, an increase of 29% YoY.
    • B2 Cloud Storage ARR was $64.9 million, an increase of 39% YoY.
    • Computer Backup ARR was $65.6 million, an increase of 21% YoY.
  • Net revenue retention (NRR) rate was 118% compared to 108% in Q3 2023.
    • B2 Cloud Storage NRR was 128% compared to 120% in Q3 2023.
    • Computer Backup NRR was 109% compared to 100% in Q3 2023.
  • Gross customer retention rate was 90% in Q3 2024 compared to 91% in Q3 2023.
    • B2 Cloud Storage gross customer retention rate was 89% in Q3 2024 compared to 90% in Q3 2023.
    • Computer Backup gross customer retention rate was 90% in Q3 2024 compared to 91% in Q3 2023.

Recent Business Highlights:

  • Launched Go-to-Market Transformation and Cost Savings Initiatives: Revamping sales and marketing and hired new key senior sales leadership to accelerate growth. Launched Zero-Based-Budgeting program to realize cost savings and expect to be adjusted free cash flow positive by Q4 2025 with the goal of heading toward being a ‘Rule of 40’ growth company.
  • Unveiled Canadian Data Center Region Expansion: New data region expected to open in the first quarter of 2025 to expand Backblaze opportunity to customers wanting their data in Canada to meet their data sovereignty and compliance requirements.
  • Joined Forces with Opti9, the Largest Veeam MSP in Canada: Opti9 helps customers with managed cloud services that include security, backup, and disaster recovery, and Backblaze is positioned to support Opti9’s customers in both Canada and globally.
  • Won 3 New AI Customers Totaling $500k in Annual Revenue Run Rate: Large AI customer noted that “Backblaze is an amazing solution for AI training data. We looked at a number of options and Backblaze is seriously the best.”
  • Doubled the Data Stored by AI Customers: Backblaze continues to lean into the long-term tailwind created by GenAI by selling the underlying storage platform to support the industry.
  • Signed Two Approximately $1 Million Deals: Total contract value multi-year deals demonstrate momentum moving up-market with larger enterprise-grade customers.

Financial Outlook:

Based on information available as of the date of this press release,

For the fourth quarter of 2024 we expect:

  • Revenue between $33.5 million to $33.9 million
  • Adjusted EBITDA margin between 12% to 14%
  • Basic weighted average shares outstanding of 44.9 million to 45.4 million shares

For full-year 2024 we expect:

  • Revenue between $127.0 million to $128.0 million
  • Adjusted EBITDA margin between 9% to 11%

Conference Call Information:

Backblaze will host a conference call today, November 7, 2024 at 1:30 p.m. PT (4:30 p.m. ET) to review its financial results.

Attend the webcast here: https://edge.media-server.com/mmc/p/ywn46sgi
Register to listen by phone here: https://dpregister.com/sreg/10192395/fd6964326b

Phone registrants will receive dial-in information via email.

An archive of the webcast will be available shortly after its completion on the Investor Relations section of the Backblaze website at https://ir.backblaze.com.

About Backblaze

Backblaze is the cloud storage innovator delivering a modern alternative to traditional cloud providers. We offer high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling customers to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (Nasdaq: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.

Cautionary Note Regarding Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. These forward-looking statements are frequently identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or other similar terms or expressions that relate to our future performance, expectations, strategy, plans or intentions, and include statements in the section titled “Financial Outlook” and statements regarding the use and impact of our IPO proceeds.

Our actual results could differ materially from those stated in or implied by the forward-looking statements in this press release due to a number of factors, including but not limited to: the impact of our go-to-market transformation and ability to attract and retain customers, including increasingly larger customers and the continued growth of data stored by our customers; realizing the anticipated benefits relating to cost savings initiatives; market competition, including competitors that may have greater size, offerings and resources; effectively managing growth; ability to offer new features and other offerings on a timely basis, including geographic expansion, and achieve desired market adoption; disruption in our service or loss of availability of customers’ data; cyberattacks; continued growth consistent with historical levels; the impact of pricing and other product offering changes; material defects or errors in our software; supply chain disruption; ability to maintain existing relationships with partners and to enter into new partnerships; ability to remediate and prevent material weaknesses in our internal controls over financial reporting; hiring and retention of key employees; the impact of war or hostilities, and other significant world or regional events on our business and the business of our customers, vendors, supply chain and partners; litigation and other disputes; and general market, political, economic, and business conditions. Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual results or outcomes to differ materially from those included in or implied by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our Quarterly Report on Form 10-Q and other filings and reports we make with the SEC from time to time.

The forward-looking statements made in this release reflect our views as of the date of this press release. We undertake no obligation to update any forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP adjusted gross margin and adjusted EBITDA margin. These non-GAAP financial measures exclude certain items and are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present these non-GAAP measures because management believes they are a useful measure of the company’s performance and provide an additional basis for assessing our operating results. Please see the appendix attached to this press release for a reconciliation of non-GAAP adjusted gross margin and adjusted EBITDA margin to the most directly comparable GAAP financial measures.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. For example, stock-based compensation expense-related charges are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict with reasonable accuracy and subject to constant change.

Adjusted Gross Profit (and Margin)

We believe adjusted gross profit (and margin), when taken together with our GAAP financial results, provides a meaningful assessment of our performance and is useful to us for evaluating our ongoing operations and for internal planning and forecasting purposes.

We define adjusted gross margin as gross profit, excluding stock-based compensation expense, depreciation and amortization within cost of revenue, as a percentage of adjusted gross profit to revenue. We exclude stock-based compensation, which is a non-cash item, because we do not consider it indicative of our core operating performance. We exclude depreciation expense of our property and equipment and amortization expense of capitalized internal-use software because these may not reflect current or future cash spending levels to support our business. We believe adjusted gross margin provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric eliminates the effects of depreciation and amortization.

Adjusted EBITDA

We define adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, and other non-recurring charges. We use adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that adjusted EBITDA, when taken together with our GAAP financial results, provides meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis.

Non-GAAP Net Income (Loss)

We define non-GAAP net income (loss) as net income adjusted to exclude stock-based compensation and other items we deem non-recurring. We believe that non-GAAP net income (loss), when taken together with our GAAP financial results, provides meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook.

Adjusted Free Cash Flow

We define adjusted free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment, capitalized internal-use software costs, and principal payments on finance leases and lease financing obligations, as reflected in our condensed consolidated statements of cash flows, and excluding other nonrecurring charges.

Key Business Metrics:

Annual Recurring Revenue (ARR)

We define annual recurring revenue (ARR) as the annualized value of all Backblaze B2 and Computer Backup arrangements as of the end of a period. Given the renewable nature of our business, we view ARR as an important indicator of our financial performance and operating results, and we believe it is a useful metric for internal planning and analysis. ARR is calculated based on multiplying the monthly revenue from all Backblaze B2 and Computer Backup arrangements, which represent greater than 98% of our revenue for the periods presented (and excludes Physical Media revenue), for the last month of a period by 12. Our annual recurring revenue for Computer Backup and B2 Cloud Storage is calculated in the same manner as our overall annual recurring revenue based on the revenue from our Computer Backup and B2 Cloud Storage solutions, respectively.

Net Revenue Retention Rate (NRR)

Our overall net revenue retention rate (NRR) is a trailing four-quarter average of the recurring revenue from a cohort of customers in a quarter as compared to the same quarter in the prior year. We calculate our overall net revenue retention rate for a quarter by dividing (i) recurring revenue in the current quarter from any accounts that were active at the end of the same quarter of the prior year by (ii) recurring revenue in the current corresponding quarter from those same accounts. Our overall net revenue retention rate includes any expansion of revenue from existing customers and is net of revenue contraction and customer attrition, and excludes revenue from new customers in the current period. Our net revenue retention rate for Computer Backup and B2 Cloud Storage is calculated in the same manner as our overall net revenue retention rate based on the revenue from our Computer Backup and B2 Cloud Storage solutions, respectively.

Gross Customer Retention Rate

We use gross customer retention rate to measure our ability to retain our customers. Our gross customer retention rate reflects only customer losses and does not reflect the expansion or contraction of revenue we earn from our existing customers. We believe our high gross customer retention rates demonstrate that we serve a vital service to our customers, as the vast majority of our customers tend to continue to use our platform from one period to the next. To calculate our gross customer retention rate, we take the trailing four-quarter average of the percentage of cohort of customers who were active at the end of the quarter in the prior year that are still active at the end of the current quarter. We calculate our gross customer retention rate for a quarter by dividing (i) the number of accounts that generated revenue in the last month of the current quarter that also generated recurring revenue during the last month of the corresponding quarter in the prior year, by (ii) the number of accounts that generated recurring revenue during the last month of the corresponding quarter in the prior year.

BACKBLAZE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

September 30,

December 31,

2024

2023

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

2,950

$

12,502

Short-term investments, net

17,931

16,799

Accounts receivable, net

2,762

800

Prepaid expenses and other current assets

8,254

8,413

Total current assets

31,897

38,514

Restricted cash, non-current

4,682

4,128

Property and equipment, net

41,532

45,600

Operating lease right-of-use assets, net

15,729

9,980

Capitalized internal-use software, net

41,037

32,521

Other assets

1,367

944

Total assets

$

136,244

$

131,687

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

1,670

$

1,973

Accrued expenses and other current liabilities(1)

7,016

8,768

Finance lease liabilities and lease financing obligations, current

16,520

18,492

Operating lease liabilities, current

3,853

1,878

Deferred revenue, current

30,139

25,976

Total current liabilities

59,198

57,087

Debt facility, non-current

4,682

4,128

Deferred revenue, non-current

5,210

4,073

Finance lease liabilities and lease financing obligations, non-current

11,881

13,310

Operating lease liabilities, non-current

12,442

8,151

Total liabilities

$

93,413

$

86,749

Commitments and contingencies

Stockholders’ Equity

Class A common stock, $0.0001 par value; 113,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 44,265,173 and 39,150,610 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively.

4

4

Additional paid-in capital

224,435

192,388

Accumulated deficit

(181,608

)

(147,454

)

Total stockholders’ equity

42,831

44,938

Total liabilities and stockholders’ equity

$

136,244

$

131,687

(1) As of September 30, 2024, the company reclassified certain current liabilities from accounts payable to accrued expenses and other current liabilities. The prior period amount of $0.3 million as of December 31, 2023 has been reclassified to conform with current presentation.

BACKBLAZE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(unaudited)

Revenue

$

32,589

$

25,299

$

93,842

$

73,282

Cost of revenue

14,789

13,546

43,002

38,509

Gross profit

17,800

11,753

50,840

34,773

Operating expenses:

Research and development

10,734

9,639

30,069

30,097

Sales and marketing

11,723

10,736

32,736

31,170

General and administrative

7,541

6,944

20,552

19,786

Total operating expenses

29,998

27,319

83,357

81,053

Loss from operations

(12,198

)

(15,566

)

(32,517

)

(46,280

)

Investment income

313

447

1,059

1,576

Interest expense, net

(868

)

(936

)

(2,690

)

(2,801

)

Loss before provision for income taxes

(12,753

)

(16,055

)

(34,148

)

(47,505

)

Income tax provision

6

Net loss and comprehensive loss

$

(12,753

)

$

(16,055

)

$

(34,154

)

$

(47,505

)

Net loss per share, basic and diluted

$

(0.29

)

$

(0.44

)

$

(0.81

)

$

(1.35

)

Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted(1)

43,515,110

36,665,195

41,973,727

35,255,672

(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion.

BACKBLAZE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Nine Months Ended September 30,

2024

2023

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

$

(34,154

)

$

(47,505

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Net accretion of discount on investment securities and net realized investment gains

(33

)

113

Noncash lease expense on operating leases

1,708

1,839

Depreciation and amortization

21,268

18,337

Stock-based compensation

19,495

18,670

Gain on disposal of assets

(289

)

(242

)

Other

314

Changes in operating assets and liabilities:

Accounts receivable

(1,962

)

(1,135

)

Prepaid expenses and other current assets

(140

)

867

Other assets

(423

)

(313

)

Accounts payable

(383

)

(592

)

Accrued expenses and other current liabilities

837

(366

)

Deferred revenue

5,300

1,697

Operating lease liabilities

(1,266

)

(1,968

)

Net cash provided by (used in) operating activities

10,272

(10,598

)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of marketable securities

(32,501

)

(19,492

)

Maturities of marketable securities

31,402

57,380

Proceeds from disposal of property and equipment

337

319

Purchases of property and equipment

(885

)

(5,066

)

Capitalized internal-use software costs

(10,235

)

(11,061

)

Net cash (used in) provided by investing activities

(11,882

)

22,080

CASH FLOWS FROM FINANCING ACTIVITIES

Principal payments on finance leases and lease financing obligations

(14,755

)

(14,878

)

Proceeds from debt facility

554

4,273

Repayment of debt facility

(2,500

)

Principal payments on insurance premium financing

(893

)

(1,545

)

Proceeds from lease financing obligations

2,500

Proceeds from exercises of stock options

6,347

3,426

Proceeds from ESPP

1,359

1,171

Net cash used in financing activities

(7,388

)

(7,553

)

Net (decrease) increase in cash and restricted cash, non-current

(8,998

)

3,929

Cash and cash equivalents and restricted cash, at beginning of period

16,630

11,165

Cash and cash equivalents and restricted cash, at end of period

$

7,632

$

15,094

RECONCILIATION OF CASH AND RESTRICTED CASH

Cash and cash equivalents

$

2,950

$

9,016

Restricted cash, current

$

$

6,078

Restricted cash, non-current

$

4,682

$

Total cash and cash equivalents and restricted cash

$

7,632

$

15,094

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for interest

$

2,692

$

2,752

Cash paid for income taxes

$

54

$

58

Cash paid for operating lease liabilities

$

2,041

$

2,174

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Stock-based compensation included in capitalized internal-use software

$

3,162

$

3,703

Accrued bonus settled in restricted stock units

$

3,507

$

1,848

Bonus Plan expense classified as stock-based compensation

$

1,812

$

2,586

Equipment acquired through finance lease and lease financing obligations

$

11,355

$

11,995

Accruals related to purchases of property and equipment

$

94

$

131

Assets obtained in exchange for operating lease obligations

$

7,457

$

5,568

BACKBLAZE, INC.

RECONCILIATION OF GAAP TO NON-GAAP DATA

(unaudited)

Adjusted Gross Profit and Adjusted Gross Margin

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except percentages)

Gross profit

$

17,800

$

11,753

$

50,840

$

34,773

Adjustments:

Stock-based compensation

478

653

1,218

1,456

Depreciation and amortization

7,191

6,336

20,844

17,891

Adjusted gross profit

$

25,469

$

18,742

$

72,902

$

54,120

Gross margin

55

%

46

%

54

%

47

%

Adjusted gross margin

78

%

74

%

78

%

74

%

Adjusted EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except percentages)

Net loss and comprehensive loss

$

(12,753

)

$

(16,055

)

$

(34,154

)

$

(47,505

)

Adjustments:

Depreciation and amortization

7,331

6,473

21,268

18,337

Stock-based compensation (1)

8,438

7,958

19,495

18,545

Interest expense and investment income

555

489

1,631

1,225

Income tax provision

6

Foreign exchange loss (gain) (2)

178

(6

)

159

58

Non-recurring professional services

282

282

Workforce reduction and related severance charges

12

3,616

Adjusted EBITDA

$

3,749

$

(847

)

$

8,405

$

(5,442

)

Adjusted EBITDA margin

12

%

(3

)%

9

%

(7

)%

(1) During the nine months ended September 30, 2023, $125 thousand of stock-based compensation expense is classified as workforce reduction and related severance charges in the table above as it was incurred as part of our restructuring program.
(2) As of September 30, 2024, the Company included foreign exchange loss (gain) in its reconciliation of net loss to Adjusted EBITDA. Adjusted EBITDA and Adjusted EBITDA margin for the prior periods presented have been updated to conform with current presentation.

Non-GAAP Net Loss

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net loss and comprehensive loss

$

(12,753

)

$

(16,055

)

$

(34,154

)

$

(47,505

)

Adjustments:

Stock-based compensation(1)

8,438

7,958

19,495

18,545

Non-recurring professional services

282

282

Workforce reduction and related severance charges

12

3,616

Non-GAAP net loss

$

(4,315

)

$

(7,803

)

$

(14,659

)

$

(25,062

)

Non-GAAP net loss per share, basic and diluted

$

(0.10

)

$

(0.21

)

$

(0.35

)

$

(0.71

)

Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted(2)

43,515,110

36,665,195

41,973,727

35,255,672

(1) During the nine months ended September 30, 2023, $125 thousand of stock-based compensation expense is classified as workforce reduction and related severance charges in the table above as it was incurred as part of our restructuring program.
(2) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion.

Adjusted Free Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net cash provided by (used in) operating activities

$

4,629

$

(170

)

$

10,272

$

(10,598

)

Capital Expenditures(1)

(3,598

)

(4,310

)

(11,120

)

(16,127

)

Principal payments on finance leases and lease financing obligations

(5,044

)

(5,144

)

(14,755

)

(14,878

)

Workforce reduction and related severance charges

610

3,604

Adjusted Free Cash Flow

$

(4,013

)

$

(9,014

)

$

(15,603

)

$

(37,999

)

(1) Capital expenditures are defined as cash used for purchases of property and equipment and capitalized internal-use software costs.

BACKBLAZE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(unaudited)

Stock-based Compensation

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(In thousands, unaudited)

Cost of revenue

$

478

$

653

$

1,218

$

1,456

Research and development

3,097

2,865

7,455

6,786

Sales and marketing

2,908

2,747

6,492

6,616

General and administrative

1,955

1,693

4,330

3,812

Total stock-based compensation expense

$

8,438

$

7,958

$

19,495

$

18,670

</d

Contacts
Investors Contact
Mimi Kong
Senior Director, Investor Relations and Corporate Development
ir@backblaze.com

Press Contact
Patrick Thomas
VP, Marketing
press@backblaze.com

Source: Backblaze

 

 

  • TTM Dollar Based Net Revenue Retention Rate of 105%
  • Updates Mid-Point of Full-Year 2024 Revenue Outlook to $462M
  • Raises Full-Year 2024 Adjusted EBITDA Margin Outlook to 37%

BURLINGTON, MA – November 7, 2024 — / BackupReview.info / — N-able, Inc. (NYSE:NABL), a global software company helping IT services providers deliver remote monitoring and management, data protection as-a-service and security solutions, today reported results for its third quarter ended September 30, 2024.

“IT keeps businesses running and our software helps keep IT systems running and secure for small and medium sized enterprises and MSPs across the globe,” said N-able president and CEO John Pagliuca. “We made considerable progress during the quarter as our product development and go-to-market engines continued to deliver the resiliency and efficiency our customers need. We aim to continue building on this progress as we close out the year.”

“Our outperformance against our quarterly revenue and adjusted EBITDA guidance reflects our commitment to our mission and our execution,” added N-able CFO Tim O’Brien. “We are confident that delivering resiliency and efficiency to our customers is a winning value proposition, and we continue to make investments that drive these outcomes, positioning our customers and N-able to grow.”

Third quarter 2024 financial highlights:

  • Total revenue of $116.4 million, representing 3% year-over-year growth, or 7.3% year-over-year growth on a constant currency basis.
  • Subscription revenue of $115.0 million, representing 3% year-over-year growth, or 8.3% year-over-year growth on a constant currency basis.
  • GAAP gross margin of 9% and non-GAAP gross margin of 83.7%.
  • GAAP net income of $10.8 million, or $0.06 per diluted share, and non-GAAP net income of $24.3 million, or $0.13 per diluted share.
  • Adjusted EBITDA of $44.8 million, up 7% year-over-year, representing an adjusted EBITDA margin of 38.5%.

For a reconciliation of our GAAP to non-GAAP results, please see the tables below.

Additional highlights for the third quarter of 2024 include:

  • N-able launched global compliance initiatives to help fuel cyber resilience for its partners across a growing number of cybersecurity-focused compliance frameworks. Coming on the heels of the finalized Cybersecurity Maturity Model Certification (CMMC) 2.0 regulation, the initiatives extend ongoing product security, cloud infrastructure, and operational enhancements intended to address a number of overlapping controls in CMMC 2.0, NIS2, Cyber Essentials, Essential Eight, and other like-minded cybersecurity frameworks.
  • N-able was honored with a 2024 Stevie award for great employers. The Stevie Awards for Great Employers recognize the world’s best employers and the human resources professionals, teams, achievements, and HR-related products and suppliers who help to create and drive great places to work.
  • N-able expanded its Technology Alliance Program (TAP), furthering our open Ecoverse vision. New relationships include Bocada, AlertOps, DeskDay, PIXM, and Hudu. N-able TAP brings industry-leading technology companies together to further develop and integrate their solutions with the expansive solutions portfolio from N-able. This lets MSPs leverage a trusted community of providers focused on helping them succeed with a variety of third-party integrations and services, allowing them to serve their customers with more flexibility and choice.

Balance Sheet
As of September 30, 2024, total cash and cash equivalents were $174.4 million and total debt, net of debt issuance costs, was $333.6 million.

The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until N-able files its quarterly report on Form 10-Q for the period. Information about N-able’s use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”

Financial Outlook
As of November 7, 2024, N-able is providing its financial outlook for the fourth quarter of 2024 and full-year 2024. The financial information below represents forward-looking non-GAAP financial information, including adjusted EBITDA. These non-GAAP financial measures exclude, among other items mentioned below, amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We have not reconciled our estimates of these non-GAAP financial measures to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, these excluded items in future periods. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.

The financial outlook provided below reflects N-able’s expectations, as of the date of this release, regarding the impact on its business of changing foreign exchange rates and current macroeconomic dynamics.

Financial Outlook for the Fourth Quarter of 2024
N-able management currently expects to achieve the following results for the fourth quarter of 2024:

  • Total revenue in the range of $111.5 to $113.0 million, representing 3% to 4% year-over-year growth on a reported and constant currency basis.
  • Adjusted EBITDA in the range of $38.0 to $38.5 million, representing approximately 34% of total revenue.

Financial Outlook for Full-Year 2024
N-able management currently expects to achieve the following results for the full-year 2024:

  • Total revenue in the range of $461.2 to $462.7 million, representing approximately 9% to 10% year-over-year growth, or approximately 9% growth on a constant currency basis.
  • Adjusted EBITDA in the range of $169.3 to $169.8 million, representing approximately 37% of total revenue.

Additional details on the company’s outlook will be provided on the conference call.

Conference Call and Webcast
In conjunction with this announcement, N-able will host a conference call today to discuss its financial results, business and business outlook at 8:30 a.m. ET on November 7, 2024. A live webcast of the call will be available on the N-able Investor Relations website at http://investors.n-able.com. A replay of the webcast will be available on a temporary basis shortly after the event on the N-able Investor Relations website.

Forward-Looking Statements
This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the fourth quarter and full-year 2024 and the impact of macroeconomic conditions on our business. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be signified by terms such as “aim,” “anticipate,” “believe,” “continue,” “expect,” “feel,” “intend,” “estimate,” “seek,” “plan,” “may,” “can,” “could,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially and adversely different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) risks related to our spin-off from SolarWinds into a newly created and separately-traded public company, including that the spin-off may not achieve some or all of any anticipated benefits with respect to our business; that the distribution, together with certain related transactions, may not qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, which could result in N-able incurring significant tax liabilities, and, in certain circumstances, requiring us to indemnify SolarWinds for material taxes and other related amounts pursuant to indemnification obligations under the tax matters agreement; (b) the impact of adverse economic conditions; (c) our ability to sell subscriptions to new managed service provider (“MSP”) partners, to sell additional solutions to our existing MSP partners and to increase the usage of our solutions by our existing MSP partners, as well as our ability to generate and maintain MSP partner loyalty; (d) any decline in our renewal or net retention rates; (e) the possibility that general economic conditions or uncertainty may cause information technology spending to be reduced or purchasing decisions to be delayed, including as a result of inflation, actions taken by central banks to counter inflation, rising interest rates, war and political unrest, military conflict (including between Russia and Ukraine and in the Middle East), terrorism, sanctions or other geopolitical events globally, or that such factors may otherwise harm our business, financial condition or results of operations; (f) any inability to generate significant volumes of high-quality sales leads from our digital marketing initiatives and convert such leads into new business at acceptable conversion rates; (g) any inability to successfully identify, complete and integrate acquisitions and manage our growth effectively; (h) any inability to resell third-party software or integrate third-party software into our solutions, or find suitable replacements for such third-party software; (i) risks associated with our international operations; (j) foreign exchange gains and losses related to expenses and sales denominated in currencies other than the functional currency of an associated entity; (k) risks that cyberattacks, including the cyberattack on SolarWinds’ Orion Software Platform and internal systems announced by SolarWinds in December 2020 (the “Cyber Incident”), and other security incidents may result in compromises or breaches of our, our MSP partners’, or their SME customers’ systems, the insertion of malicious code, malware, ransomware or other vulnerabilities into our, our MSP partners’, or their SME customers’ environments, the exploitation of vulnerabilities in our, our MSP partners’, or their SME customers’ security, the theft or misappropriation of our, our MSP partners’, or their SME customers’ proprietary and confidential information, and interference with our, our MSP partners’, or their SME customers’ operations, exposure to legal and other liabilities, higher MSP partner and employee attrition and the loss of key personnel, negative impacts to our sales, renewals and upgrades and reputational harm and other serious negative consequences, any or all of which could materially harm our business; (l) our status as a controlled company; (m) our ability to attract and retain qualified employees and key personnel; (n) the timing and success of new product introductions and product upgrades by us or our competitors; (o) our ability to protect and defend our intellectual property and not infringe upon others’ intellectual property; (p) the possibility that our operating income could fluctuate and may decline as a percentage of revenue as we make further expenditures to expand our operations in order to support additional growth in our business; (q) our indebtedness, including increased borrowing costs resulting from rising interest rates, potential restrictions on our operations and the impact of events of default; (r) our ability to operate our business internationally and increase sales of our solutions to our MSP partners located outside of the United States; and (s) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission, including the risk factors described in N-able’s Annual Report on Form 10-K for the year ended December 31, 2023, that N-able filed with the SEC on February 29, 2024. All information provided in this release is as of the date hereof and N-able undertakes no duty to update this information except as required by law.

Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. We believe that these non-GAAP financial measures provide supplemental information that is meaningful when assessing our operating performance because they exclude the impact of certain amounts that our management and board of directors do not consider part of core operating results when assessing our operational performance, allocating resources, preparing annual budgets and determining compensation. Accordingly, these non-GAAP financial measures may provide insight to investors into the motivation and decision-making of management in operating the business.

N-able also believes that these non-GAAP financial measures are used by investors and securities analysts to (a) compare and evaluate its performance from period to period and (b) compare its performance to those of its competitors. These non-GAAP measures exclude certain items that can vary substantially from company to company depending upon their financing and accounting methods, the book value of their assets, their capital structures and the method by which their assets were acquired.

As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income.

N-able’s management and board of directors compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Set forth in the tables below are the corresponding GAAP financial measures for each non-GAAP financial measure presented. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are set forth in the tables below.

Non-GAAP Gross Margin, Non-GAAP Operating Income and Non-GAAP Operating Margin. We provide non-GAAP total cost of revenue, non-GAAP gross margin, non-GAAP operating expense and non-GAAP operating income and related non-GAAP gross and operating margins excluding such items as stock-based compensation expense and related employer-paid payroll taxes, amortization of acquired intangible assets, transaction related costs, spin-off costs and restructuring costs and other. We define non-GAAP gross and operating margins as non-GAAP gross profit and operating income divided by total revenue. Management believes these measures are useful for the following reasons:

  • Stock-Based Compensation Expense and Related Employer-Paid Payroll Taxes. We provide non-GAAP information that excludes expenses related to stock-based compensation and related employer-paid payroll taxes associated with our employees’ participation in N-able’s stock-based incentive compensation plans. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. Employer-paid payroll taxes on stock-based compensation is dependent on our stock price and the timing of the taxable events related to the equity awards, over which our management has little control, and does not necessarily correlate to the core operation of our business. Because of these unique characteristics of stock-based compensation and related employer-paid payroll taxes, management excludes these expenses when analyzing the organization’s business performance.
  • Amortization of Acquired Technologies and Intangible Assets. We provide non-GAAP information that excludes expenses related to purchased technologies and intangible assets associated with our acquisitions. We believe that eliminating this expense from our non-GAAP measures is useful to investors because the amortization of acquired technologies and intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of our acquisition transactions, which also vary in frequency from period to period. Accordingly, we analyze the performance of our operations in each period without regard to such expenses.
  • Transaction Related Costs. We exclude certain expense items resulting from proposed and completed acquisitions, dispositions and similar transactions, such as legal, accounting and advisory fees, changes in fair value of contingent consideration, costs related to integrating the acquired businesses, deferred compensation, severance and retention expense. We consider these adjustments, to some extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, such proposed and completed transactions result in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude transaction related costs allows investors to better review and understand the historical and current results of our continuing operations and also facilitates comparisons to our historical results and results of peer companies with different transaction related activities, both with and without such adjustments.
  • Spin-off Costs. We exclude certain expense items resulting from the spin-off into a newly created and separately traded public company. These costs include legal, accounting and advisory fees, system implementation costs and other incremental costs incurred by us related to the separation from SolarWinds. The spin-off transaction results in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
  • Restructuring Costs and Other. We provide non-GAAP information that excludes restructuring costs such as severance, certain employee relocation costs, and the estimated costs of exiting and terminating facility lease commitments, as they relate to our corporate restructuring and exit activities. These costs are inconsistent in amount and are significantly impacted by the timing and nature of these events. Therefore, although we may incur these types of expenses in the future, we believe that eliminating these costs for purposes of calculating the non-GAAP financial measures facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.

Non-GAAP Net Income and Non-GAAP Net Income Per Diluted Share. We believe that the use of non-GAAP net income and non-GAAP net income per diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income is calculated as net income excluding the adjustments to non-GAAP gross profit and non-GAAP operating income and the income tax effect of the non-GAAP exclusions. We define non-GAAP net income per diluted share as non-GAAP net income divided by the weighted average outstanding common shares.

Adjusted EBITDA and Adjusted EBITDA Margin. We regularly monitor adjusted EBITDA and adjusted EBITDA margin, as they are measures we use to assess our operating performance. We define adjusted EBITDA as net income or loss, excluding amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenue. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our related party debt; adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Non-GAAP Revenue on a Constant Currency Basis. We provide non-GAAP revenue on a constant currency basis to provide a framework for assessing our performance excluding the effect of foreign currency rate fluctuations. To present this information, current period results for revenue contracts denominated in currencies other than U.S. Dollars are converted into U.S. Dollars at the average exchange rates in effect during the corresponding prior period presented. We believe that providing non-GAAP revenue on a constant currency basis facilitates the comparison of non-GAAP revenue to prior periods.

Unlevered Free Cash FlowUnlevered free cash flow is a measure of our liquidity used by management to evaluate cash flow from operations, after the deduction of capital expenditures and prior to the impact of our capital structure, transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items, that can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

About N-able
N-able fuels IT services providers with powerful software solutions to monitor, manage, and secure their customers’ systems, data, and networks. Built on a scalable platform, we offer secure infrastructure and tools to simplify complex ecosystems, as well as resources to navigate evolving IT needs. We help partners excel at every stage of growth, protect their customers, and expand their offerings with an ever-increasing, flexible portfolio of integrations from leading technology providers. n-able.com

© 2024 N-able, Inc. All rights reserved.

======

N-able, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

September 30, December 31,
2024 2023
Assets
Current assets:
Cash and cash equivalents………………………………………………………………………………………………………………………………………………………….. $              174,445 $              153,048
Accounts receivable, net of allowances of $1,099 and $1,171 as of September 30, 2024 and December 31, 2023, respectively…………………………………………………………………………………………………………………………………………………………..                   39,626                   40,013
Income tax receivable…………………………………………………………………………………………………………………………………………………………..                   14,897                     8,001
Recoverable taxes…………………………………………………………………………………………………………………………………………………………..                   21,907                   12,116
Current contract assets…………………………………………………………………………………………………………………………………………………………..                   16,020                     1,124
Prepaid and other current assets…………………………………………………………………………………………………………………………………………………………..                   15,382                   10,489
Total current assets…………………………………………………………………………………………………………………………………………………..                 282,277                 224,791
Property and equipment, net…………………………………………………………………………………………………………………………………………………………………..                   34,514                   36,838
Operating lease right-of-use assets…………………………………………………………………………………………………………………………………………………………………..                   29,732                   32,067
Deferred taxes…………………………………………………………………………………………………………………………………………………………………..                     1,066                     1,087
Goodwill…………………………………………………………………………………………………………………………………………………………………..                 843,884                 838,497
Intangible assets, net…………………………………………………………………………………………………………………………………………………………………..                     5,379                     6,717
Other assets, net…………………………………………………………………………………………………………………………………………………………………..                   26,606                   22,794
Total assets………………………………………………………………………………………………………………………………………………….. $          1,223,458 $          1,162,791
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable………………………………………………………………………………………………………………………………………………………….. $                  6,530 $                  5,239
Accrued liabilities and other…………………………………………………………………………………………………………………………………………………………..                   46,472                   49,366
Current operating lease liabilities…………………………………………………………………………………………………………………………………………………………..                     6,116                     6,443
Income taxes payable…………………………………………………………………………………………………………………………………………………………..                   20,234                     4,523
Current portion of deferred revenue…………………………………………………………………………………………………………………………………………………………..                   10,926                   12,646
Current debt obligation…………………………………………………………………………………………………………………………………………………………..                     3,500                     3,500
Total current liabilities…………………………………………………………………………………………………………………………………………………..                   93,778                   81,717
Long-term liabilities:
Deferred revenue, net of current portion…………………………………………………………………………………………………………………………………………………………..                        244                        167
Non-current deferred taxes…………………………………………………………………………………………………………………………………………………………..                     1,885                     1,820
Non-current operating lease liabilities…………………………………………………………………………………………………………………………………………………………..                   32,177                   33,064
Long-term debt, net of current portion…………………………………………………………………………………………………………………………………………………………..                 330,081                 331,509
Other long-term liabilities…………………………………………………………………………………………………………………………………………………………..                        342                     3,154
Total liabilities…………………………………………………………………………………………………………………………………………………..                 458,507                 451,431
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value: 550,000,000 shares authorized and 185,747,109 and 183,220,689 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively…………………………………………………………………………………………………………………………………………………………………..                        186                        183
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively…………………………………………………………………………………………………………………………………………………………..                          —                          —
Additional paid-in capital…………………………………………………………………………………………………………………………………………………………..                 686,072                 666,522
Accumulated other comprehensive income…………………………………………………………………………………………………………………………………………………………..                   10,779                     4,409
Retained earnings…………………………………………………………………………………………………………………………………………………………..                   67,914                   40,246
Total stockholders’ equity…………………………………………………………………………………………………………………………………………………..                 764,951                 711,360
Total liabilities and stockholders’ equity………………………………………………………………………………………………………………………………………………….. $          1,223,458 $          1,162,791

 

 

 

N-able, Inc.

Consolidated Statements of Operations

(In thousands, except per share information)

(Unaudited)

 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Revenue:
Subscription and other revenue……………………………………………………………………………………………… $               116,442 $               107,567 $               349,638 $               313,465
Cost of revenue:
Cost of revenue………………………………………………………………………………………………                     19,433                     16,893                     55,975                     49,205
Amortization of acquired technologies………………………………………………………………………………………………                          467                          463                       1,386                       1,382
Total cost of revenue………………………………………………………………………………………….                     19,900                     17,356                     57,361                     50,587
Gross profit………………………………………………………………………………………………….                     96,542                     90,211                  292,277                  262,878
Operating expenses:
Sales and marketing………………………………………………………………………………………………                     32,294                     33,660                  100,960                  101,112
Research and development………………………………………………………………………………………………                     22,995                     19,752                     67,468                     58,796
General and administrative ………………………………………………………………………………………………                     17,330                     18,438                     57,427                     53,877
Amortization of acquired intangibles………………………………………………………………………………………………                            15                            11                            44                          585
Total operating expenses………………………………………………………………………………………                     72,634                     71,861                  225,899                  214,370
Operating income………………………………………………………………………………………………….                     23,908                     18,350                     66,378                     48,508
Other expense:
Interest expense, net………………………………………………………………………………………………                     (7,535)                     (7,802)                   (22,762)                   (22,532)
Other income (expense), net………………………………………………………………………………………………                       2,269                        (423)                       3,696                       1,569
Total other expense, net………………………………………………………………………………………                     (5,266)                     (8,225)                   (19,066)                   (20,963)
Income before income taxes………………………………………………………………………………………………….                     18,642                     10,125                     47,312                     27,545
Income tax expense………………………………………………………………………………………………                       7,885                       4,112                     19,644                     13,484
Net income …………………………………………………………………………………………………. $                 10,757 $                   6,013 $                 27,668 $                 14,061
Net income per share:………………………………………………………………………………………………….
    Basic earnings per share…………………………………………………………………………………………………. $                      0.06 $                      0.03 $                      0.15 $                      0.08
    Diluted earnings per share…………………………………………………………………………………………………. $                      0.06 $                      0.03 $                      0.15 $                      0.08
Weighted-average shares used to compute net income per share:………………………………………………………………………………………………….
    Shares used in computation of basic earnings per share:………………………………………………………………………………………………….                  185,506                  182,710                  184,840                  182,135
    Shares used in computation of diluted earnings per share:………………………………………………………………………………………………….                  188,074                  186,221                  188,039                  185,506

 

N-able, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Cash flows from operating activities
Net income………………………………………………………………………………………………………….. $                10,757 $                  6,013 $              27,668 $              14,061
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization………………………………………………………………………………………………………..                     6,054                     5,329                 17,777                 16,142
(Benefit from) provision for doubtful accounts………………………………………………………………………………………………………..                       (166)                         458                      (72)                      387
Stock-based compensation expense………………………………………………………………………………………………………..                   11,508                   11,298                 34,863                 32,893
Deferred taxes………………………………………………………………………………………………………..                           89                         (34)                        89                      (20)
Amortization of debt issuance costs………………………………………………………………………………………………………..                         401                         405                   1,198                   1,197
Operating lease right-of-use assets, net………………………………………………………………………………………………………..                         (53)                       (538)                        52                 (1,050)
(Gain) loss on foreign currency exchange rates………………………………………………………………………………………………………..                       (548)                     1,582                      693                   2,137
Gain on contingent consideration………………………………………………………………………………………………………..                    (2,364)                       (631)                 (3,711)                    (958)
Loss on lease modification………………………………………………………………………………………………………..                     1,059                           —                   1,059                        —
Other non-cash expenses………………………………………………………………………………………………………..                       (100)                           —                      (16)                      128
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable………………………………………………………………………………………………………..                    (2,733)                       (215)                    (841)                 (6,121)
Income tax receivable………………………………………………………………………………………………………..                    (2,505)                       (955)                 (6,888)                 (8,874)
Recoverable taxes………………………………………………………………………………………………………..                    (3,060)                    (1,785)                 (9,738)                 (6,759)
Current contract assets………………………………………………………………………………………………………..                    (3,439)                       (132)               (14,896)                    (477)
Prepaid expenses and other assets………………………………………………………………………………………………………..                    (1,555)                       (290)                 (4,731)                    (785)
Accounts payable………………………………………………………………………………………………………..                         332                       (490)                   1,151                      382
Accrued liabilities and other………………………………………………………………………………………………………..                     1,686                     4,287                 (1,807)                   8,684
Income taxes payable………………………………………………………………………………………………………..                     6,728                     3,510                 15,893                   9,491
Deferred revenue………………………………………………………………………………………………………..                         440                         (28)                 (1,642)                    (443)
Other long-term assets………………………………………………………………………………………………………..                       (987)                       (288)                 (2,618)                 (1,206)
Other long-term liabilities………………………………………………………………………………………………………..                         445                           16                      (32)                        60
Net cash provided by operating activities……………………………………………………………………………………………………..                   21,989                   27,512                 53,451                 58,869
Cash flows from investing activities
Purchases of property and equipment………………………………………………………………………………………………………..                    (3,740)                    (3,518)               (10,420)               (10,487)
Purchases of intangible assets………………………………………………………………………………………………………..                    (1,574)                    (2,006)                 (5,166)                 (6,675)
Net cash used in investing activities……………………………………………………………………………………………………..                    (5,314)                    (5,524)               (15,586)               (17,162)
Cash flows from financing activities
Payments of tax withholding obligations related to restricted stock units………………………………………………………………………………………………………..                    (2,826)                    (1,988)               (18,165)               (10,228)
Exercise of stock options………………………………………………………………………………………………………..                             4                           46                        12                        72
Proceeds from issuance of common stock under employee stock purchase plan………………………………………………………………………………………………………..                     1,182                         910                   2,382                   1,681
Deferred acquisition payments………………………………………………………………………………………………………..                           —                       (850)                 (1,000)                    (850)
Repayments of borrowings from Credit Agreement………………………………………………………………………………………………………..                       (875)                       (875)                 (2,625)                 (2,625)
Net cash used in financing activities……………………………………………………………………………………………………..                    (2,515)                    (2,757)               (19,396)               (11,950)
Effect of exchange rate changes on cash and cash equivalents                     2,776                       (988)                   2,928                 (1,171)
Net increase in cash and cash equivalents………………………………………………………………………………………………………..                   16,936                   18,243                 21,397                 28,586
Cash and cash equivalents
Beginning of period………………………………………………………………………………………………………..                 157,509                 109,190               153,048                 98,847
End of period……………………………………………………………………………………………………….. $              174,445 $              127,433 $            174,445 $            127,433
Supplemental disclosure of cash flow information:
Cash paid for interest……………………………………………………………………………………………………….. $                  7,198 $                  7,416 $              21,760 $              21,119
Cash paid for income taxes……………………………………………………………………………………………………….. $                  2,147 $                  1,156 $                8,162 $              11,046
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses……………………………………………………………………………………………………….. $                   (152) $                (1,509) $                       2 $                 (553)
Right-of-use assets obtained in exchange for operating lease liabilities……………………………………………………………………………………………………….. $                  2,628 $                  1,835 $                2,628 $                2,318

 

N-able, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, except per share information)

(Unaudited)

 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
GAAP cost of revenue………………………………………………………………………………………………. $            19,900 $            17,356 $            57,361 $            50,587
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….                   (416)                   (354)                (1,304)                (1,071)
Amortization of acquired technologies………………………………………………………………………………………….                   (467)                   (463)                (1,386)                (1,382)
Restructuring costs and other………………………………………………………………………………………….                       —                     (21)                       —                     (38)
Non-GAAP cost of revenue………………………………………………………………………………………………. $            19,017 $            16,518 $            54,671 $            48,096
GAAP gross profit………………………………………………………………………………………………. $            96,542 $            90,211 $          292,277 $          262,878
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….                     416                     354                  1,304                  1,071
Amortization of acquired technologies………………………………………………………………………………………….                     467                     463                  1,386                  1,382
Restructuring costs and other………………………………………………………………………………………….                       —                       21                       —                       38
Non-GAAP gross profit………………………………………………………………………………………………. $            97,425 $            91,049 $          294,967 $          265,369
GAAP sales and marketing expense………………………………………………………………………………………………. $            32,294 $            33,660 $          100,960 $          101,112
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….                (3,918)                (3,914)              (12,147)              (11,572)
Transaction related costs………………………………………………………………………………………….                     (55)                       (4)                     (59)                     (28)
Restructuring costs and other………………………………………………………………………………………….                       —                       (3)                   (418)                     (27)
Non-GAAP sales and marketing expense………………………………………………………………………………………………. $            28,321 $            29,739 $            88,336 $            89,485
GAAP research and development expense………………………………………………………………………………………………. $            22,995 $            19,752 $            67,468 $            58,796
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….                (2,719)                (2,375)                (8,252)                (6,770)
Transaction related costs………………………………………………………………………………………….                     (20)                       —                     (45)                       (8)
Restructuring costs and other………………………………………………………………………………………….                     (37)                     (49)                     (94)                   (839)
Non-GAAP research and development expense………………………………………………………………………………………………. $            20,219 $            17,328 $            59,077 $            51,179
GAAP general and administrative expense………………………………………………………………………………………………. $            17,330 $            18,438 $            57,427 $            53,877
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….                (4,766)                (4,932)              (15,246)              (14,812)
Transaction related costs………………………………………………………………………………………….                  1,886                     613                (1,608)                     654
Restructuring costs and other………………………………………………………………………………………….                (3,103)                   (509)                (3,513)                   (714)
Spin-off costs………………………………………………………………………………………….                       —                   (166)                     (51)                   (623)
Non-GAAP general and administrative expense………………………………………………………………………………………………. $            11,347 $            13,444 $            37,009 $            38,382
GAAP operating income………………………………………………………………………………………………. $            23,908 $            18,350 $            66,378 $            48,508
Amortization of acquired technologies………………………………………………………………………………………….                     467                     463                  1,386                  1,382
Amortization of acquired intangibles………………………………………………………………………………………….                       15                       11                       44                     585
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….               11,819               11,575               36,950               34,225
Transaction related costs………………………………………………………………………………………….                (1,811)                   (609)                  1,712                   (618)
Restructuring costs and other………………………………………………………………………………………….                  3,140                     582                  4,025                  1,618
Spin-off costs………………………………………………………………………………………….                       —                     166                       51                     623
Non-GAAP operating income………………………………………………………………………………………………. $            37,538 $            30,538 $          110,546 $            86,323
GAAP operating margin………………………………………………………………………………………………. 20.5 % 17.1 % 19.0 % 15.5 %
Non-GAAP operating margin………………………………………………………………………………………………. 32.2 % 28.4 % 31.6 % 27.5 %
GAAP net income………………………………………………………………………………………………. $            10,757 $              6,013 $            27,668 $            14,061
Amortization of acquired technologies………………………………………………………………………………………….                     467                     463                  1,386                  1,382
Amortization of acquired intangibles………………………………………………………………………………………….                       15                       11                       44                     585
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………….               11,819               11,575               36,950               34,225
Transaction related costs………………………………………………………………………………………….                (1,811)                   (609)                  1,712                   (618)
Restructuring costs and other………………………………………………………………………………………….                  3,140                     582                  4,025                  1,618
Spin-off costs………………………………………………………………………………………….                       —                     166                       51                     623
Tax benefits associated with above adjustments (1)………………………………………………………………………………………….                   (136)                (1,041)                (1,104)                (3,480)
Non-GAAP net income………………………………………………………………………………………………. $            24,251 $            17,160 $            70,732 $            48,396
GAAP diluted earnings per share………………………………………………………………………………………………. $                0.06 $                0.03 $                0.15 $                0.08
Non-GAAP diluted earnings per share………………………………………………………………………………………………. $                0.13 $                0.09 $                0.38 $                0.26
    Shares used in computation of diluted earnings per share:……………………………………………………………………………………………….             188,074             186,221             188,039             185,506

_________________

(1) The tax benefits associated with non-GAAP adjustments for the three and nine months ended September 30, 2024, and 2023, respectively, is calculated utilizing the Company’s individual statutory tax rates for each impacted subsidiary.

N-able, Inc.

Reconciliation of GAAP Net Income to Adjusted EBITDA

(In thousands)

(Unaudited)

 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net income ………………………………………………………………………………………………………. $            10,757 $              6,013 $            27,668 $            14,061
Amortization………………………………………………………………………………………………….                  2,099                  1,437                  5,840                  4,825
Depreciation………………………………………………………………………………………………….                  3,956                  3,892               11,938               11,317
Income tax expense………………………………………………………………………………………………….                  7,885                  4,112               19,644               13,484
Interest expense, net………………………………………………………………………………………………….                  7,535                  7,802               22,762               22,532
Unrealized foreign currency (gains) losses………………………………………………………………………………………………….                   (548)                  1,582                     693                  2,137
Transaction related costs………………………………………………………………………………………………….                (1,811)                   (609)                  1,712                   (618)
Spin-off costs………………………………………………………………………………………………….                       —                     166                       51                     623
Stock-based compensation expense and related employer-paid payroll taxes………………………………………………………………………………………………….               11,819               11,575               36,950               34,225
Restructuring costs and other………………………………………………………………………………………………….                  3,140                     582                  4,025                  1,618
Adjusted EBITDA………………………………………………………………………………………………………. $            44,832 $            36,552 $          131,283 $          104,204
Adjusted EBITDA margin………………………………………………………………………………………………………. 38.5 % 34.0 % 37.5 % 33.2 %

 

N-able, Inc.

Reconciliation of GAAP Revenue to Non-GAAP Revenue on a Constant Currency Basis

(In thousands, except percentages)

(Unaudited) 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 Growth Rate 2024 2023 Growth Rate
GAAP subscription revenue………………………………………………………………………….. $      114,998 $      105,208 9.3 % $      343,928 $      306,005 12.4 %
Estimated foreign currency impact (1)……………………………………………………………………..            (1,007)                   — (1.0)            (1,065)                   — (0.4)
Non-GAAP subscription revenue on a constant currency basis………………………………………………………………………….. $      113,991 $      105,208 8.3 % $      342,863 $      306,005 12.0 %
GAAP other revenue………………………………………………………………………….. $          1,444 $          2,359 (38.8)       % $          5,710 $          7,460 (23.5)       %
Estimated foreign currency impact (1)……………………………………………………………………..                   —                   —                     7                   — 0.1
Non-GAAP other revenue on a constant currency basis………………………………………………………………………….. $          1,444 $          2,359 (38.8)       % $          5,717 $          7,460 (23.4)       %
GAAP subscription and other revenue………………………………………………………………………….. $      116,442 $      107,567 8.3 % $      349,638 $      313,465 11.5  %
Estimated foreign currency impact (1)……………………………………………………………………..            (1,007)                   — (1.0)            (1,058)                   — (0.3)
Non-GAAP subscription and other revenue on a constant currency basis………………………………………………………………………….. $      115,435 $      107,567 7.3 % $      348,580 $      313,465 11.2  %

_________________

(1) The estimated foreign currency impact is calculated using the average foreign currency exchange rates in the comparable prior year monthly periods and applying those rates to foreign-denominated revenue in the corresponding monthly periods for the three and nine months ended September 30, 2024.

N-able, Inc.

Reconciliation of Unlevered Free Cash Flow

(In thousands)

(Unaudited)

 

Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net cash provided by operating activities………………………………………………………………………………………………. $                21,989 $                27,512 $                53,451 $                58,869
Purchases of property and equipment………………………………………………………………………………………….                   (3,740)                   (3,518)                 (10,420)                 (10,487)
Purchases of intangible assets………………………………………………………………………………………….                   (1,574)                   (2,006)                   (5,166)                   (6,675)
Free cash flow……………………………………………………………………………………………….                   16,675                   21,988                   37,865                   41,707
Cash paid for interest, net of cash interest received………………………………………………………………………………………….                     7,198                     7,416                   21,760                   21,119
Cash paid for transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items………………………………………………………………………………………….                     3,103                        833                   10,084                     4,885
Unlevered free cash flow………………………………………………………………………………………………. $                26,976 $                30,237 $                69,709 $                67,711

Category: Financial

CONTACTS:
Investors:
Griffin Gyr
ir@n-able.com

Media:
Kim Cecchini
Phone: 202.391.5205
pr@n-able.com

Source: N-able, Inc.

 

 

  • Third quarter SaaS revenue of $60.9 million, representing 45% year-over-year growth
  • Third quarter Total revenue of $88.8 million, representing 22% year-over-year growth
  • Total ARR of $308.9 million, representing 23% year-over-year growth

JERSEY CITY, NJ – Nov. 07, 2024 — / BackupReview.info / — AvePoint (NASDAQ: AVPT), the global leader in robust data management and data governance, today announced financial results for the third quarter ended September 30, 2024.

“Our strong third quarter results built on the momentum from the first half of the year, as we meaningfully exceeded our guidance for the seventh consecutive quarter, while improving on a number of key financial and operational metrics,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Companies around the world increasingly recognize the importance of high-quality data and the criticality of a robust data management strategy and are prioritizing platform solutions that deliver automated value across multi-cloud environments. Our unmatched ability to meet this demand with the AvePoint Confidence Platform positions us well to capitalize on the tremendous market opportunity ahead of us and provides us the confidence to again raise our full-year expectations. We are excited for a strong close to 2024.”

Third Quarter 2024 Financial Highlights

  • Revenue: Total revenue was $88.8 million, up 22% from the third quarter of 2023. Within total revenue, SaaS revenue was $60.9 million, up 45% from the third quarter of 2023.
  • Gross Profit: GAAP gross profit was $67.6 million, compared to $52.6 million for the third quarter of 2023. Non-GAAP gross profit was $68.4 million, compared to $53.7 million for the third quarter of 2023. Non-GAAP gross margin was 77.0%, compared to 73.7% for the third quarter of 2023.
  • Operating Income/(Loss): GAAP operating income was $7.7 million, compared to a GAAP operating loss of $(0.3) million for the third quarter of 2023. Non-GAAP operating income was $17.8 million, compared to $9.3 million for the third quarter of 2023. Non-GAAP operating margin was 20.1%, compared to 12.8% for the third quarter of 2023.
  • Cash, cash equivalents and short-term investments: $250.0 million as of September 30, 2024.
  • Cash from operations: for the nine months ended September 30, 2024, the Company generated $56.1 million of cash from operations, compared to $13.3 million generated in the prior year period.

Third Quarter 2024 Key Performance Indicators and Recent Business Highlights

  • ARR as of September 30, 2024 was $308.9 million, up 23% year-over-year.
  • Adjusted for FX, dollar-based gross retention rate was 88%, while dollar-based net retention rate was 110%. On a reported basis, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 109%.
  • Announced the general availability of AvePoint Cloud Backup Express, designed to use Microsoft 365 Backup Storage for rapid and more efficient data protection, advanced in-product integrations, comprehensive security and compliance, and a multi-cloud security framework.

Financial Outlook
The company is again raising its full year outlook for total ARR, total revenues and non-GAAP operating income.

For the fourth quarter of 2024, the Company expects:

  • Total revenues of $86.5 million to $88.5 million, or year-over-year growth of 17% at the midpoint.
  • Non-GAAP operating income of $12.6 million to $13.6 million.

For the full year 2024, the Company now expects:

  • Total ARR of $324.9 million to $326.9 million, or year-over-year growth of 23% at the midpoint.
  • Total revenues of $327.8 million to $329.8 million, or year-over-year growth of 21% at the midpoint.
  • Non-GAAP operating income of $45.8 million to $46.8 million, or a non-GAAP operating margin of 14% at the midpoint.

We have not reconciled non-GAAP operating income or operating margin guidance to GAAP operating income or operating margin because we do not provide guidance on these GAAP results, and because certain items that impact these measures, including stock-based compensation expense, are uncertain or out of our control, or cannot be reasonably predicted, without unreasonable effort.

Quarterly Conference Call
AvePoint will host a conference call today, November 7, 2024, to review its third quarter 2024 financial results and to discuss its financial outlook. The call is scheduled to begin at 4:30pm ET. You may access the call and register with a live operator by dialing 1 (833) 816-1428 for US participants and 1 (412) 317-0520 for outside the US. The passcode for the call is 7094823. Investors can also join by webcast by visiting https://ir.avepoint.com/events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

About AvePoint
Securing the Future. AvePoint is a global leader in data management and data governance, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit www.avepoint.com

Non-GAAP Financial Measures and Other Key Metrics
To supplement AvePoint’s consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (including percentage of revenue figures), non-GAAP operating income and non-GAAP operating margin, and key metrics include annual recurring revenue, dollar-based gross retention rate, and dollar-based net retention rate. The company has included a reconciliation of GAAP to non-GAAP financial measures at the end of this press release. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense and the amortization of acquired intangible assets. The company believes the presentation of its non-GAAP financial measures provides a better representation as to its overall operating performance. The presentation of AvePoint’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for its financial results prepared in accordance with GAAP, and AvePoint’s non-GAAP measures may be different from non-GAAP measures used by other companies.

Annual Recurring Revenue. This metric is calculated as the annualized sum of contractually obligated Annual Contract Value (“ACV”) from SaaS, term license and support, and maintenance revenue sources from all active customers at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or replace these items. ARR is not a forecast of future revenue, and the active contracts used in calculating ARR may or may not be extended or renewed by our customers. The company believes this metric further enables measurement of its business performance, is an important metric for financial forecasting and better enables strategic decision making. Because this metric does not have the effect of providing a numerical measure that is different from any comparable GAAP measure, the company does not consider it a non-GAAP measure.

Dollar-based Gross Retention Rate. This metric is calculated by starting with the ARR from all active customers as of 12 months prior to such period end, or Prior Period ARR. The company then calculates ARR from these same customers as of the current period end, or Current Period ARR. Current Period ARR includes net contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. The company then divides the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based gross retention rate. The company uses this metric as a measure of its ability to retain existing customers, and believes it is useful to investors for the same reason. Because this metric does not have the effect of providing a numerical measure that is different from any comparable GAAP measure, the company does not consider it a non-GAAP measure.

Dollar-based Net Retention Rate. This metric is calculated by starting with the ARR from all active customers as of 12 months prior to such period end, or Prior Period ARR. The company then calculates ARR from these same customers as of the current period end, or Current Period ARR. Current Period ARR includes net expansion over the last 12 months but excludes ARR from new customers in the current period. The company then divides the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate. The company uses this metric as a measure of its ability to expand business with existing customers, and believes it is useful to investors for the same reason. Because this metric does not have the effect of providing a numerical measure that is different from any comparable GAAP measure, the company does not consider it a non-GAAP measure.

Disclosure Information
AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

AvePoint, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Revenue:
SaaS $ 60,866 $ 41,910 $ 165,820 $ 115,701
Term license and support 14,140 16,293 35,128 40,474
Services 10,810 11,194 31,808 31,007
Maintenance 2,988 3,363 8,543 10,019
Total revenue 88,804 72,760 241,299 197,201
Cost of revenue:
SaaS 10,624 9,561 30,139 26,586
Term license and support 373 484 1,202 1,441
Services 10,057 9,922 28,777 29,231
Maintenance 167 189 487 584
Total cost of revenue 21,221 20,156 60,605 57,842
Gross profit 67,583 52,604 180,694 139,359
Operating expenses:
Sales and marketing 30,050 28,436 90,459 82,978
General and administrative 17,043 15,838 52,095 45,679
Research and development 12,838 8,643 35,827 26,931
Total operating expenses 59,931 52,917 178,381 155,588
Income (loss) from operations 7,652 (313 ) 2,313 (16,229 )
Other expense, net (4,541 ) (1,076 ) (8,107 ) (1,576 )
Income (loss) before income taxes 3,111 (1,389 ) (5,794 ) (17,805 )
Income tax expense 183 2,841 6,170 8,132
Net income (loss) $ 2,928 $ (4,230 ) $ (11,964 ) $ (25,937 )
Net income (loss) attributable to noncontrolling interest 308 (18 ) (59 ) 57
Net income (loss) available to common shareholders $ 2,620 $ (4,212 ) $ (11,905 ) $ (25,994 )
Net income (loss) per share:
Basic $ 0.01 $ (0.02 ) $ (0.07 ) $ (0.14 )
Diluted $ 0.01 $ (0.02 ) $ (0.07 ) $ (0.14 )
Weighted average shares outstanding:
Basic 183,946 181,769 182,753 182,630
Diluted 203,859 181,769 182,753 182,630

 

AvePoint, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value)
(Unaudited)
September 30, December 31,
2024 2023
Assets
Current assets:
Cash and cash equivalents $ 249,803 $ 223,162
Short-term investments 173 3,721
Accounts receivable, net 79,986 85,877
Prepaid expenses and other current assets 11,083 12,824
Total current assets 341,045 325,584
Property and equipment, net 5,248 5,118
Goodwill 19,003 19,156
Intangible assets, net 9,709 10,546
Operating lease right-of-use assets 14,259 13,908
Deferred contract costs 55,371 54,675
Other assets 18,320 13,595
Total assets $ 462,955 $ 442,582
Liabilities, mezzanine equity, and stockholders’ equity    
Current liabilities:
Accounts payable $ 3,898 $ 1,384
Accrued expenses and other current liabilities 57,459 53,766
Current portion of deferred revenue 133,338 121,515
Total current liabilities 194,695 176,665
Long-term operating lease liabilities 8,986 9,383
Long-term portion of deferred revenue 8,929 7,741
Earn-out shares liabilities 29,941 18,346
Other liabilities 4,683 5,603
Total liabilities 247,234 217,738
Commitments and contingencies
Mezzanine equity
Redeemable noncontrolling interest 6,038
Total mezzanine equity 6,038
Stockholders’ equity
Common stock, $0.0001 par value; 1,000,000 shares authorized, 187,431 and 184,652 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 19 18
Additional paid-in capital 693,819 667,881
Accumulated other comprehensive income 4,431 3,196
Accumulated deficit (484,451 ) (460,496 )
Noncontrolling interest 1,903 8,207
Total stockholders’ equity 215,721 218,806
Total liabilities, mezzanine equity, and stockholders’ equity $ 462,955 $ 442,582

 

AvePoint, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2024 2023
Operating activities    
Net loss $ (11,964 ) $ (25,937 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 4,020 3,439
Operating lease right-of-use assets expense 4,975 5,294
Foreign currency remeasurement loss 1,212 763
Stock-based compensation 29,807 26,975
Deferred income taxes (235 ) (240 )
Other (4 ) 725
Change in value of earn-out and warrant liabilities 11,717 6,921
Changes in operating assets and liabilities:
Accounts receivable 6,873 (4,633 )
Prepaid expenses and other current assets 1,767 1,663
Deferred contract costs and other assets (3,280 ) (5,637 )
Accounts payable, accrued expenses, operating lease liabilities and other liabilities (598 ) (5,331 )
Deferred revenue 11,844 9,282
Net cash provided by operating activities 56,134 13,284
Investing activities    
Maturities of investments 5,361 1,292
Purchases of investments (1,850 ) (2,050 )
Capitalization of internal-use software (947 ) (988 )
Purchase of property and equipment (2,303 ) (1,478 )
Issuance of notes receivables (1,500 ) (1,000 )
Other investing activities (130 )
Net cash used in investing activities (1,369 ) (4,224 )
Financing activities    
Repurchase of common stock (21,704 ) (33,644 )
Proceeds from stock option exercises 3,613 3,865
Redemption of redeemable noncontrolling interest (6,130 )
Purchase of public warrants (3,991 )
Repayments of finance leases (6 ) (30 )
Net cash used in financing activities (28,218 ) (29,809 )
Effect of exchange rates on cash 94 (653 )
Net increase (decrease) in cash and cash equivalents 26,641 (21,402 )
Cash and cash equivalents at beginning of period 223,162 227,188
Cash and cash equivalents at end of period $ 249,803 $ 205,786
Supplemental disclosures of cash flow information    
Income taxes paid $ 5,552 $ 5,794

 

AvePoint, Inc.
Non-GAAP Reconciliations
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Non-GAAP operating income                        
GAAP operating income (loss) $ 7,652 $ (313 ) $ 2,313 $ (16,229 )
Stock-based compensation expense 9,811 9,285 29,807 26,975
Amortization of acquired intangible assets 362 353 1,064 1,106
Non-GAAP operating income $ 17,825 $ 9,325 $ 33,184 $ 11,852
Non-GAAP operating margin 20.1 % 12.8 % 13.8 % 6.0 %
Non-GAAP gross profit                        
GAAP gross profit $ 67,583 $ 52,604 $ 180,694 $ 139,359
Stock-based compensation expense 530 806 1,516 2,292
Amortization of acquired intangible assets 242 241 722 725
Non-GAAP gross profit $ 68,355 $ 53,651 $ 182,932 $ 142,376
Non-GAAP gross margin 77.0 % 73.7 % 75.8 % 72.2 %
Non-GAAP sales and marketing                        
GAAP sales and marketing $ 30,050 $ 28,436 $ 90,459 $ 82,978
Stock-based compensation expense (2,186 ) (2,358 ) (6,684 ) (7,267 )
Amortization of acquired intangible assets (120 ) (112 ) (342 ) (381 )
Non-GAAP sales and marketing $ 27,744 $ 25,966 $ 83,433 $ 75,330
Non-GAAP sales and marketing as a % of revenue 31.2 % 35.7 % 34.6 % 38.2 %
Non-GAAP general and administrative                        
GAAP general and administrative $ 17,043 $ 15,838 $ 52,095 $ 45,679
Stock-based compensation expense (4,925 ) (5,264 ) (15,451 ) (14,551 )
Non-GAAP general and administrative $ 12,118 $ 10,574 $ 36,644 $ 31,128
Non-GAAP general and administrative as a % of revenue 13.6 % 14.5 % 15.2 % 15.8 %
Non-GAAP research and development                        
GAAP research and development $ 12,838 $ 8,643 $ 35,827 $ 26,931
Stock-based compensation expense (2,170 ) (857 ) (6,156 ) (2,865 )
Non-GAAP research and development $ 10,668 $ 7,786 $ 29,671 $ 24,066
Non-GAAP research and development as a % of revenue 12.0 % 10.7 % 12.3 % 12.2 %

Investor Contact
AvePoint
Jamie Arestia
ir@avepoint.com
(551) 220-5654

Media Contact
AvePoint
Nicole Caci
pr@avepoint.com
(201) 201-8143

Source: AvePoint

 

 

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

These five press releases highlight the latest developments in the cloud backup and data storage industry.

1/ The first details a partnership between Cloud Ready Solutions and StoneFly, bringing ransomware-proof storage and backup solutions to the Australian market.

2/ The second press release announces ConnectWise’s latest advancements in cybersecurity and data protection offerings, designed to empower MSPs with stronger security measures.

3/ The third release announces the launch of Kernel Cloud Backup 24.1, a new tool offering backup capabilities for various SaaS applications.

4/ The fourth announces a partnership between Acronis, Infinigate Cloud UK, and Harlequins Rugby Club, aiming to enhance the club’s cyber protection.

5/ The fifth press release reports on FalconStor Software’s third-quarter financial results, showcasing continued growth in revenue, net income, and hybrid cloud ARR run-rate.

Listen to the podcast:

Thanks for listening!

 

 

Infinigate Cloud UK to provide Harlequins with Acronis cyber protection solutions

LONDON, UK – November 6, 2024 — / BackupReview.info / — Acronis, a global leader in cybersecurity and data protection, is pleased to announce its latest Acronis #TeamUp Partner, Harlequins. In partnership with Infinigate Cloud UK, a leading distributor in secure cloud solutions for MSPs, the iconic London-based Rugby Union club will strengthen its digital infrastructure and enhance data security with Acronis’ natively integrated cybersecurity solutions.

“We are honoured that a historic club like Harlequins is entrusting Acronis with one of their most valuable assets—their cyber protection,” said Ronan McCurtin, RVP EMEA at Acronis. “This partnership is a winning play, fortifying the club’s digital defence with our advanced cybersecurity solutions. Together with Infinigate Cloud UK, we’re not only reinforcing our commitment to delivering top-tier cyber protection, but also providing innovative technology and support, ensuring their data remains secure throughout the season and beyond.”

As the Acronis #CyberFit Partner, Infinigate Cloud UK will provide Harlequins with Acronis’ suite of cybersecurity and data protection services. Managed through a single console, Acronis offers reliable and cost-effective security and backup solutions to meet the digital needs of organizations, including globally renowned sports teams. This includes access to Acronis Advanced Security + Endpoint Detection and Response (EDR), Acronis Cyber Protect Cloud, and Acronis Advanced Backup.

Harlequins CEO Laurie Dalrymple said: “This is an important partnership for the Club and fortifies our digital defences. It provides the Club and its supporters the assurance that their data is securely protected. With the use of Acronis’ advanced cyber protection solutions, we are confident that Infinigate Cloud will safeguard our organization, allowing us to focus on winning on and off the pitch”.

Harlequins, based in Twickenham, South-West London, is a founding member of the Rugby Football Union and one of only nine clubs to have won the Premiership title since the league’s inception, most recently in the 2020-2021 season. Last year, the Men’s team made history by reaching the semi-final stage of the Investec Champions Cup for the first time, underscoring their competitive strength at the European level.

“We are proud to partner with Acronis and Harlequins, as we see great synergies between high performance in sport and high performance in business.” said Craig Gordon, VP Sales IFG Cloud UK&I. “Our mission is to help organisations demystify the complexities of delivering secure cloud solutions. Through this partnership, we are leveraging our cybersecurity expertise, supporting Acronis’ natively integrated cyber protection platform, ensuring Harlequins’ digital infrastructure is resilient, secure, and primed for success both on and off the field”.

Service providers are invited to join the Acronis #TeamUp Program to deliver Acronis Cyber Protection solutions to world-class and global professional sports teams.

To learn more about Acronis’ #TeamUp Program, please visit https://acronis.com/en-eu/lp/msp-sports

About Harlequins
Founded in 1866 and playing in famous Quarters kit, Harlequins is possibly the most iconic and recognised Rugby Union club in the world. The Club is proud to be a founding member of the RFU and boasts and has a rich history alongside a healthy dose of current and former men’s and women’s international players. The Club were double domestic league champions in 202/21 and continue to push for silverware in both European and domestic competitions.

Harlequins Men and Women both play their home matches at the 14,500 capacity Twickenham Stoop stadium in SW London but twice a year travel across the road to play at the Home of England Rugby, the 82,000 Allianz stadium, Twickenham. The annual festive Big Game event, now in its 16th edition, is the biggest annual club rugby event in the world and features both men’s and women’s teams. Due to its success a summer version, Big Summer Kick-Off has been created to allow more fans to see the team play and is in its 4th edition this year.

The Club is renowned for its remarkable matchday experience and unrivalled atmosphere. With almost all men’s matches sold out across the last 3.5 seasons, matchdays at the Stoop are ranked as the best in the league by an independent Premiership Rugby survey. The combination of a family friendly matchday environment and an entertaining style of play has attracted more people than ever to follow the Club who are now digitally the most followed team in England and the 9th most followed in the world.

About Infinigate Cloud
Infinigate Cloud is a division within the Infinigate Group specialising in secure cloud solutions.

As a “born in the cloud” distributor with a deep technical heritage, we are digital natives who continuously invest in our teams and develop our value-added services to ensure we provide the best technical expertise and support to our partners.

Our 25+ years of experience in the cloud, our long-standing relationship with Microsoft and our extensive cybersecurity expertise have taught us that we are only successful if our partners are too, as evidenced by our world-class partner satisfaction ratings. Our award-winning training and go-to-market services help our partners realise their full potential and grow their businesses faster.

For additional information please visit https://www.infinigate.com

About Acronis:
Acronis is a global cyber protection company that provides natively integrated cybersecurity, data protection, and endpoint management for managed service providers (MSPs), small and medium businesses (SMBs), and enterprise IT departments. Acronis solutions are highly efficient and designed to identify, prevent, detect, respond, remediate, and recover from modern cyberthreats with minimal downtime, ensuring data integrity and business continuity. Acronis offers the most comprehensive security solution on the market for MSPs with its unique ability to meet the needs of diverse and distributed IT environments.

A Swiss company founded in Singapore in 2003, Acronis has 15 offices worldwide and employees in 50+ countries. Acronis Cyber Protect is available in 26 languages in 150 countries and is used by over 20,000 service providers to protect over 750,000 businesses.

Learn more at https://www.acronis.com

Press contact:
Hector Garcia
Senior Corporate Communications Specialist
+34 699 654 554
Hector.Garica@acronis.com

Source: Acronis

 

 

CASTRO VALLEY, CA – November 6, 2024 — / BackupReview.info / — Cloud Ready Solutions, a leading value-added IT distributor in Australia and the Pacific Islands, has partnered with StoneFly, Inc. (iscsi.com) a global leader in ransomware-proof enterprise storage, HCI, backup and disaster recovery (DR), cloud, and AI solutions. The strategic partnership adds integrated turnkey solutions to Cloud Ready’s growing portfolio of innovative data center technologies and solutions.

As a StoneFly partner and reseller, Cloud Ready Solutions brings the following SMB, SME, and enterprise-scale solutions to the Australian market:
• StoneFly DR365V Veeam Ready Air-Gapped Vault® and Immutable Backup and DR Solution
• StoneFly DR365U Universal Commvault, Rubrik, Veritas, and HYCU Air-Gapped and Immutable Backup and DR Solution.
• StoneFly Unified Scale Out (USO™) SAN, NAS, and S3 Storage
• StoneFly Unified Storage and Server (USS™) Hyperconverged Infrastructure (HCI)

“With StoneFly’s ransomware-proof solutions now in our portfolio, Cloud Ready Solutions is empowering Australian businesses with unmatched data security and resilience,” said Nicholas Gee, co-founder of Cloud Ready Solutions. “As cyber threats grow more sophisticated, our focus is on providing our clients with ironclad protection that ensures their data remains secure, accessible, and ready for anything.”

The storage, HCI, and backup and DR appliances are available as 8, 12, 16, 24, 36, and 60-bay appliances with single/dual Xeon processor(s), TBs of memory, 10 to 400 Gbps network, NVMe SSD, and SAS storage media with support for single node, dual node cluster, scale out, and high availability (HA), and cloud-scale data center infrastructure configurations.

All StoneFly solutions come preconfigured with StoneFly’s 8th gen patented storage virtualization engine, StoneFusion™ and SCVM™, which deliver integrated security, ransomware protection, optimization and management features including:

Security and Ransomware Protection Features
• Air-Gapped Vault and Immutable Storage
• Always On-Air® Gapped Backups
• Software-Defined Network Isolation Zone
• Immutable FileLock
• Immutable S3 Object Lockdown
• Immutable Delta-Based Snapshots (SnapLock)
• Hardware-Based Encryption
• Encryption at Rest and in Transit
• Anti-Ransomware/Virus/Malware Scanner
• Chain of Command Security in Multi-Controller(s)
• Up to 4x Multi-Controller(s) Per Node
• Direct VM Spin Up
• FastTrak™ Restore
• Multi-Factor Authentication (MFA)
• Volume Deletion Protection
• Sync/Async Replication
• Sandbox for Testing
• Automated Failover/Failback
• Hardware RAID for Local Redundancy
• Erasure Coding Across Multiple Nodes

Storage Optimization and Management Features
• 4k, 8k, 16k, 32k, and 64k Variable Block Deduplication
• Thin Provisioning with Space Reclamation Technology
• Frontend SSD Caching
• Hot/Cold NVMe SSD/SAS/Cloud Automated Storage Tiering
• Single Namespace Scale Out Support
• Load Balancing
• Expansion – Scale Up Support (Up to 256 Drives Per Node with EBODs)
• Expansion – Scale Out Support

As part of the partnership, CRS will provide, alongside secure ransomware-proof products and services, dedicated technical support and consulting to custom-build and deploy storage, HCI, and backup solutions for SMBs, SMEs, MSPs, and enterprise businesses. CRS customers and partners will have access to technical support, extended warranty services, and pre-sales consulting for configuring the right solutions.

Availability
StoneFly solutions are available immediately at CRS for Australia and Pacific Islands. For more information, visit CRS website or contact info@cloudreadysolutions.com.au

About Cloud Ready Solutions
With over 25 years of experience in back up and data recovery, Cloud Ready Solutions stands as a trusted distributor in the IT industry, delivering specialised solutions for IT resellers, VAR’s and Managed Service Providers (MSPs) across Australia, New Zealand, and the Pacific Islands. We offer exclusive vendor solutions, supporting both perpetual and subscription-based service models to meet diverse business needs.

For more information, visit: www.cloudreadysolutions.com.au

Visit StoneFly on social media:

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About StoneFly, Inc.
StoneFly, Inc. is a leading provider of enterprise-grade storage, hyperconverged, cloud, backup and disaster recovery, and AI solutions. With over two decades of experience, StoneFly offers innovative, scalable, and reliable data management solutions that simplify enterprise workloads and provide seamless ransomware protection and accessibility for mission-critical data.

Learn more at www.stonefly.com

For more information, press only:
Lilly Tahmasebi
StoneFly Inc.
+1-510-265-1616
ltahmasebi@stonefly.com

George Williams
StoneFly, Inc.
+1-510-265-1616
sales@stonefly.com

StoneFly, Inc.
Hamza Mazhar
+1-510-265-1616
sales@stonefly.com

Address:
StoneFly, Inc.
26250 Eden Landing Rd.
Hayward, CA
USA, 94545

Source: StoneFly Inc.

 

 

KernelApps is all set to launch Kernel Cloud Backup 24.1, a robust cloud backup tool that helps you in taking easy backups of various SaaS applications

NOIDA, India – Nov. 6, 2024 — / BackupReview.info / — Kernel Cloud Backup 24.1 is a newly released software that helps you take cloud data backup and store it in your local or network drive. The tool supports five different SaaS applications: Amazon S3, Dropbox, Box, Azure Blob Storage, and Salesforce. The tool ensures there is no change in the data structure and integrity in the backup of the directories saved locally.

The main objective of this backup software is to allow users to retain their data for an unlimited period, which they can utilize to restore or migrate to another account for these applications. It also helps the users save their data from breaches, malware/ransomware attacks, and accidental deletion, which can lead to data loss.

What’s offered in Kernel Cloud Backup 24.1

  • Backup and restore Salesforce data and metadata
  • Extract data from blobs and containers of Azure Blob storage
  • Save Amazon S3 data without affecting services like EC2, VPC, and CloudFront
  • Preview directories in the original hierarchy
  • Rename files if multiple files with the same name are found

About Kernel Cloud Backup
Kernel Cloud Backup tool is an advanced tool that allows you to take easy backups of data from the leading SaaS applications. The simple interface of the cloud data backup tool ensures that not just technical sound, but non-tech users are also able to seamlessly backup data. With this tool, one can run multiple backup jobs at the same time without hampering the efficiency of these cloud services. The trial version of the tool provides a glimpse of the functionality and working of this amazing tool that should be a part of every organization’s business strategy.

About KernelApps
KernelApps Pvt Ltd is a software product development company founded in 2005. They have a team of dedicated professionals with significant experience in the software industry, and they are committed to delivering the highest quality products and services. They’re widely known for data backup, recovery, and migration solutions for platforms like Exchange, SharePoint, Google Drive, Dropbox, Amazon Web Services, and others.

Visit https://www.nucleustechnologies.com/ to learn more about the company.

Media Contact
Sudesh Kumar
KernelApps Pvt Ltd.
91 9818725861
sudesh@nucleustechnologies.com

Source: KernelApps Pvt Ltd

 

 

Company unveils major product advancements during IT Nation Connect 2024

ORLANDO, FL – Nov. 06, 2024 — / BackupReview.info / — ConnectWise, the leading software company dedicated to the success of Managed Service Providers (MSPs), today announced important innovations in its cybersecurity and data protection offerings. These enhancements equip MSPs with the necessary tools to defend against sophisticated cyberattacks while fostering business growth.

“ConnectWise is committed to delivering industry-leading cybersecurity and data protection solutions that empower MSPs to enhance their services, safeguard their clients, and increase profitability,” said Ameer Karim, EVP and GM of Cybersecurity at ConnectWise. “The product innovations announced today reflect our ongoing dedication to equipping our partners with unique solutions that simplify daily operations, unify security and data protection technologies, and enhance team productivity.”

ConnectWise announced several ground-breaking Innovations at this week’s IT Nation Connect event:

General Availability of ConnectWise Security360™
Initially introduced at IT Nation Secure in June 2024, ConnectWise took a bold step with the launch of ConnectWise Security360™, a next-gen cybersecurity solution focused on attack surface management (ASM) that makes it easy to manage the complex security stack commonly used by MSPs. This innovative tool offers a comprehensive 360-degree view of your security environment and is available to all partners today. ConnectWise Security360™ enables MSPs to leverage data from leading security tools, including endpoint detection and response (EDR), networking, email security, vulnerability and patch management, and security awareness training. By normalizing this data, the solution generates an impactful MSP Security Score that highlights risk exposure across the MSP’s client base. This score empowers MSPs to prioritize their remediation efforts and demonstrate the effectiveness of their security services.

ConnectWise Security360™ is designed to integrate seamlessly with leading security tools, fostering an open ecosystem. It comes standard with integrations into ConnectWise RMM™ and ConnectWise PSA™. It also supports Microsoft® Defender Antivirus, Microsoft Defender for Business, Webroot Antivirus, Bitdefender GravityZone Endpoint Detection and Response, Acronis Security + EDR, SentinelOne Singularity Control, SentinelOne Singularity Complete, Infima Security, and Proofpoint Email Security. Additional integrations are expected in the coming months.

Additionally, ConnectWise Security360™ incorporates ConnectWise Vulnerability Management™ to ensure continuous and automated scanning of client environments for threats and vulnerabilities. It also comes with ConnectWise Sidekick™ for Security. This AI-driven digital assistant helps MSPs easily get status on open tickets, assess security posture for their clients, and respond to threats more efficiently.

ConnectWise Security360™ is built on the ConnectWise Asio™ platform, the only modern, scalable, and secure cloud-based solution purpose-built for MSPs.

Expanded coverage for ConnectWise MDR™ for Microsoft 365
ConnectWise MDR for Microsoft 365, launched in June 2024, addresses a common blind spot for MSPs by monitoring, protecting, and remediating threats within Microsoft Office 365 environments. The latest enhancements have expanded the service to include support beyond Microsoft Defender for Office 365, now covering Microsoft Defender for Identity and Microsoft Defender for Cloud Apps. This solution is offered as a standalone service or can be bundled with the award-winning ConnectWise MDR for endpoint protection.

ConnectWise Co-Managed Backup™ Enhancements
ConnectWise Co-Managed Backup streamlines third-party data protection solutions through the ConnectWise Asio platform. Supported by the company’s Network Operations Center (NOC) team, it can reduce technician workload by up to 90%. The latest update enables any partner, including those using ConnectWise Automate™ and ConnectWise Security solutions, to co-manage backup solutions through the Asio platform. In addition, MSPs can now use DR (Disaster Recovery) Runbooks within the platform to automate disaster recovery testing, further enhancing client protection.

ConnectWise Backup360™ Launch
ConnectWise is now evolving its Backup Monitoring and Management solution, which was initially launched in Fall 2023 as ConnectWise Backup360™, enabling MSPs to consolidate and standardize data protection tools from different backup vendors, whether it be endpoint, cloud, or SaaS backup, into a unified 360-degree view. This ensures partners can monitor, manage, and take action if they detect backup failures. ConnectWise Backup360™ supports vendors like Acronis, Axcient, Veeam, and ConnectWise SaaS Backup, and with the latest update, Datto and SkyKick Cloud Backup—with many more integrations to come.

To learn more about the news, please visit connectwise.com

About ConnectWise
ConnectWise is the leading software company empowering managed service providers (MSPs) with the technology that runs small and midsized businesses (SMBs) worldwide. With over 40 years of commitment to partner success, ConnectWise delivers innovative software, services, and an open ecosystem of integrations that drive growth. The ConnectWise Asio™ platform offers unmatched scale and AI-backed automation to provide a comprehensive technology stack for MSPs, including PSA, RMM, cybersecurity, and data protection. Discover how ConnectWise is transforming the IT industry at https://www.connectwise.com

Media Contact
Inkhouse for ConnectWise
connectwise@inkhouse.com

Source: ConnectWise

 

 

Continued Revenue, Net Income, and Hybrid Cloud ARR Run-Rate Growth over Trailing Twelve Months

  • 7% increase in Revenue for trailing twelve months
  • 99% increase in Hybrid Cloud ARR run-rate for trailing twelve months
  • $1.6 million increase in Net Income for trailing twelve months
  • $1.0 million increase in Cash for trailing twelve months

AUSTIN, TX – November 06, 2024 — / BackupReview.info / — FalconStor Software, Inc. (OTCMarkets.com: FALC), a trusted data protection leader modernizing data protection and intelligence for the hybrid cloud world, today announced financial results for its third quarter of 2024, which ended on September 30, 2024.

“Our Q3 results highlight the ongoing strength of our Hybrid Cloud ARR run-rate growth across Cloud, On-Premises, and MSP segments, reflecting the effectiveness of our strategy and solutions,” said Todd Brooks, CEO of FalconStor Software. “Our partnership with IBM has continued to thrive, highlighted by our participation in IBM’s TechXchange 2024 conference, where we jointly demonstrated innovative Hybrid Cloud and AI-driven data protection solutions, capturing our shared commitment in a collaborative video published by technology analyst firm, Futurum Group. During the quarter, we also had the opportunity to meet in-person with key partners and customers across each of our global regions, AMER, APAC and EMEA, where we discussed new growth opportunities supported by our partnership with IBM. We are energized by the progress made this quarter and the strategic momentum fueling our growth.”

Third Quarter 2024 Financial Results

  • Hybrid Cloud ARR Run-Rate: 99% increase trailing twelve months
  • Ending Cash: $2.8 million, compared to $1.8 million in the Third Quarter of fiscal year 2023
  • Total Revenue: $11.2 million for trailing twelve months compared to $10.5 million for previous year. $2.9 million, in Third Quarter, compared to $3.3 million in the Third Quarter of fiscal year 2023
  • Total Operating Expenses: $7.8 million for trailing twelve months compared to $8.7 million for previous year. $1.9 million, compared to $2.0 million in the Third Quarter of fiscal year 2023
  • Non-GAAP EBITDA: $2.1 million for trailing twelve months compared to $0.9 million for previous year. $0.71 million, compared to $1.07 million in the Third Quarter of fiscal year 2023
  • GAAP Net Income (Loss): $1.6 million for trailing twelve months compared to ($0.05 million) for previous year. $0.68 million, compared to $0.84 million in the Third Quarter of fiscal year 2023

“As we continue to pursue growth and innovation, we remain disciplined in expense management and operating efficiency to ensure we maintain strong financial health,” said Vincent Sita, FalconStor CFO.

Non-GAAP Financial Measures
The non-GAAP financial measures used in this press release are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The Company’s management refers to these non-GAAP financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company’s operating performance. In addition, these non-GAAP financial measures facilitate management’s internal comparisons to the Company’s historical operating results and comparisons to competitors’ operating results. We include these non-GAAP financial measures (which should be viewed as a supplement to, and not a substitute for, their comparable GAAP measures) in this press release because we believe they are useful to investors in allowing for greater transparency into the supplemental information used by management in its financial and operational decision-making. The non-GAAP financial measures exclude (i) depreciation, (ii) amortization, (iii) restructuring expenses, (iv) severance expenses, (v) board expenses, (vi) stock based compensation, (vii) non-operating expenses (income) including income taxes and interest & other expenses (income). For a reconciliation of our GAAP and non-GAAP financial results, please refer to our Reconciliation of Net Income (Loss) to Adjusted EBITDA presented in this release.

Please click this link for accompanying financial charts — https://www.falconstor.com/investor-relations/falconstor-software-announces-third-quarter-of-2024-results/#sheets

About FalconStor Software
FalconStor is the trusted data protection software leader modernizing disaster recovery and backup operations for the hybrid cloud world. The Company enables enterprise customers and managed service providers to secure, migrate, and protect their data while reducing data storage and long-term retention costs by up to 95%. More than 1,000 organizations and managed service providers worldwide standardize on FalconStor as the foundation for their cloud first data protection future. Our products are offered through and supported by a worldwide network of leading managed service providers, system integrators, resellers, and original equipment manufacturers.

FalconStor and FalconStor Software are trademarks or registered trademarks of FalconStor Software, Inc., in the U.S. and other countries. All other company and product names contained herein may be trademarks of their respective holders.

Links to websites or pages controlled by parties other than FalconStor are provided for the reader’s convenience and information only. FalconStor does not incorporate into this release the information found at those links nor does FalconStor represent or warrant that any information found at those links is complete or accurate. Use of information obtained by following these links is at the reader’s own risk.

CONTACT INFORMATION
For more information, contact:
Vincent Sita
Chief Financial Officer
FalconStor Software Inc.
investorrelations@falconstor.com

CONTACT AROUND THE GLOBE

Corporate Headquarters
111 Congress Avenue
Suite 500
Austin, Texas 78701
Tel: +1.631.777.5188
salesinfo@falconstor.com

Europe Headquarters
GERMANY
Landsberger Straße 302
80687 München, Germany
salesemea@falconstor.com

Source: FalconStor

 

 

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

These five press releases cover the latest news and developments in the cloud backup and data storage industry.

The first announces a partnership between Continuity and Veeam, designed to enhance data security and resilience against cyberattacks.

The second details Pure Storage’s new fully managed block storage-as-a-service offering for Microsoft Azure VMware Solution, streamlining cloud migrations.

The third highlights CloudCasa’s expanded support for KubeVirt, SUSE Harvester, and Red Hat OpenShift Virtualization, providing a unified backup solution for hybrid environments.

The fourth promotes NAKIVO Backup & Replication v11, featuring enhanced security, cloud backup capabilities, and Spanish language support.

The fifth showcases Nasuni’s partnerships with major consumer brands, enabling them to optimise their cloud infrastructure and streamline collaboration for the upcoming holiday season.

Listen to the podcast:

Thanks for listening!

 

 

Household Brands Maintain a Competitive Edge, Drive Customer Growth, and Enhance Productivity with the Nasuni Platform

BOSTON, MA – November 5, 2024 — /BackupReview.info/ — Nasuni, a leading enterprise data platform for hybrid cloud environments, is partnering with major brands in the consumer brand and retail market (such as Mattel and Patagonia) to optimize their cloud infrastructure, streamline collaboration, and reduce costs. These partnerships, many of which have been established for years, solidify Nasuni’s placement as an essential technology partner for global consumer organizations looking to remain competitive and nimble in an ever-evolving market.

As retailers prepare for increased consumer demand this holiday season, the Nasuni File Data Platform is empowering brands to respond more quickly to inevitable market shifts, manage inventory more efficiently across stores and channels, and ensure that product designs, marketing materials, and other assets are easily shared and accessed in real-time across global teams. By leveraging Nasuni’s global namespace, brands can centralize their data, enabling faster decision-making and accelerating the launch of new products.

“Nasuni empowers global organizations to transform their data into a strategic asset, driving faster decision-making and enabling timely product launches — which is especially vital during the high-demand holiday season,” said Nick Burling, Senior Vice President of Product at Nasuni. “Our cloud solution not only enables distributed teams to collaborate seamlessly from anywhere at any time, but also eliminates IT complexity, reduces operational costs, and provides unmatched security for their most valuable assets.”

Nasuni’s growing roster of clients includes some of the world’s top retailers and consumer brands, demonstrating the platform’s ability to address critical challenges across a variety of industries:

  • Patagonia, consistently ranked among the U.S.’s most respected brands, uses Nasuni to accelerate its creative workflows across locations, allowing teams to collaborate more efficiently and bring products to market faster.
  • Mattel, one of the world’s largest toy manufacturers, leverages Nasuni to consolidate its IT infrastructure across 100 global sites, delivering cost savings and improving operational efficiency.
  • Crate & Barrel, a leader in home furnishings, and Williams Sonoma, an iconic kitchen and homeware retailer, rely on Nasuni to centralize design assets, ensuring smooth collaboration across locations and enhanced cybersecurity for their media libraries.
  • BJ’s Wholesale Club, the U.S.’s third-largest wholesaler, utilizes Nasuni’s platform to streamline file management across its many outlets, allowing for real-time inventory tracking and faster response to consumer demand.
  • Barnes & Noble, the largest bookseller in the U.S., employs Nasuni to manage its vast digital and print media assets while ensuring uniform security and compliance across its large footprint.

These brands, along with other major names like Pernod Ricard, Peter Millar, Dyson, SharkNinja, and Tommy Bahama, are tapping into Nasuni’s cloud-native platform to stay agile, innovate rapidly, and streamline their operations.

“Don’t be afraid of the cloud. There is technology out there that will definitely help you that has helped us, and Nasuni is one of them,” said Richard Llewellyn, Director of Infrastructure at Barnes & Noble. “By going with Nasuni, we were able to eliminate all of the on-prem hardware from our data center, along with all the associated costs around maintenance and software licensing. It’s a very flexible, good tool. It’s definitely something you want to have in your toolbox.”

For more information about Nasuni’s use-cases in the retail and consumer goods industries, visit our website.

About Nasuni
Nasuni is a scalable data platform for enterprises facing an explosion of unstructured data in an AI world.

The Nasuni File Data Platform delivers effortless scale in hybrid cloud environments, enables control at the network edge, and meets the modern enterprise expectation for insight- and AI-ready data. It simplifies file data management while increasing storage access and performance. Its best-in-class file recovery protects customers against a range of cyber threats and eliminates the need for specialized backup and disaster recovery – all while cutting the cost of infrastructure by up to 65%.

Organizations worldwide rely on Nasuni, spanning across the manufacturing, construction, energy, consumer goods, and public sectors. Nasuni’s corporate headquarters is located in Boston, Massachusetts, and the company delivers services to over 70 countries. For more information, visit:

Social Media Links
LinkedIn: https://www.linkedin.com/company/nasuni
X/Twitter: https://www.twitter.com/nasuni
Instagram: https://www.instagram.com/nasuni

Media Contacts:
US: Kristin Concannon
Nasuni
Phone: 617 416 2873
Email: kconcannon@nasuni.com

Europe: Beth Collinson
Waters Agency
Phone: +44 (0)7591 004 738
Email: nasunipr@watersagency.com

Source: Nasuni

 

 

The latest release of NAKIVO Backup & Replication expands platform coverage, strengthens cloud backup for Microsoft 365, introduces advanced cybersecurity measures, and includes Spanish language support

Sparks, NV – November 5, 2024 — / BackupReview.info / — NAKIVO, a leading provider of backup and disaster recovery solutions, proudly announces the release of NAKIVO Backup & Replication v11. This major update empowers businesses to enhance data protection with native Proxmox VE support, improved backup for Microsoft 365, advanced security features, and Spanish localization.

Key Features in NAKIVO Backup & Replication v11

Designed to address modern data protection needs, v11 introduces capabilities that improve flexibility, security, and usability:

  • Proxmox VE Support: Enables robust data protection for businesses using Proxmox VE, providing agentless backup and fast recovery to keep critical systems running smoothly.
  • Microsoft 365 Backup to Cloud: Protects essential business communications and data in Microsoft 365 by securely backing up to the cloud, ensuring quick recovery from data loss and minimizing disruptions.
  • NAS Backup to the Cloud: Adds an extra layer of security for valuable data stored on SMB and NFS shares, safeguarding them with backups to the cloud for reliable access and recovery in case of an incident.
  • Enhanced Cybersecurity: Provides powerful protection against ransomware and unauthorized access with AES-256 backup encryption and wider immutability coverage, helping businesses stay resilient against cyber threats.
  • MSP Tenant Overview Dashboard: Empowers managed service providers with a dynamic dashboard, featuring real-time insights and alerts about customer activities, granular visibility into resources and processes, and a dedicated search function to quickly locate the information they need.
  • Spanish Language Support: Expands accessibility for Spanish-speaking businesses, enabling them to fully leverage NAKIVO’s data protection solutions and enhance productivity.

A Step Forward in Data Protection and Global Accessibility
“With v11, we’re introducing features that align with today’s demands for flexible data protection, increased security, and multilingual support,” said Bruce Talley, CEO of NAKIVO. “Our goal with this release is to provide a comprehensive solution that supports data resilience for businesses worldwide.”

RESOURCES

  • Trial Download: https://www.nakivo.com/resources/download/trial-download/
  • Datasheet: https://www.nakivo.com/res/files/nakivo-backup-replication-datasheet.pdf
  • Success Stories: https://www.nakivo.com/customers/success-stories/

ABOUT NAKIVO
NAKIVO is a software vendor dedicated to delivering the ultimate backup, ransomware protection and disaster recovery solution for virtual, physical, cloud and SaaS environments. Over 28,000 customers in 183 countries trust NAKIVO to protect their data, including major companies like Coca-Cola, Honda, Siemens and Cisco.

Visit Nakivo at: www.nakivo.com
Follow on Twitter: @NAKIVO
Connect on Facebook: www.facebook.com/NakivoInc
Join on LinkedIn: www.linkedin.com/company/nakivo

PR Contact:
Sasha Tolkachova, PR Manager
sasha.tolkachova@nakivo.com
+1 416 845 3381
+380 667524448

Source: Nakivo

 

 

CloudCasa evolves to address the growing demand for seamless backup of Kubernetes-hosted virtual machines

Paramus, NJ – Nov. 05, 2024 — / BackupReview.info / — CloudCasa by Catalogic, a leader in multi-cloud application resilience and mobility for Kubernetes, today announced expanded support for KubeVirt, the open-source virtualization platform that enables the management of virtual machines (VMs) as Kubernetes-native resources. This integration allows users to seamlessly manage the backup and restoration of both VMs and containerized workloads in hybrid environments, enhancing flexibility and operational efficiency.

With this update, CloudCasa strengthens its position as a comprehensive backup solution for both SUSE Harvester and Red Hat® OpenShift® Virtualization, both of which leverage KubeVirt. With a strong commitment to innovation and customer-focused design, CloudCasa continues to simplify backup management for organizations, reducing operational overhead while ensuring comprehensive data protection.

KubeVirt integrates natively with popular Kubernetes-derived orchestrators, offering an alternative VM hosting solution for organizations looking for alternatives to rising VMware licensing costs in the wake of the Broadcom acquisition. Through familiar Kubernetes tools and APIs, users can create, manage, and remove VMs with ease. Red Hat OpenShift Virtualization delivers an enterprise-grade solution for running VMs on the OpenShift platform, while SUSE Harvester provides a streamlined way to manage VMs within the Rancher ecosystem.

“We’re seeing a significant need for a unified backup solution in hybrid environments where VMs and containers coexist,” said Ryan Kaw, VP of Sales at CloudCasa. “By expanding support for KubeVirt, Harvester, and Red Hat OpenShift Virtualization, CloudCasa offers a powerful, all-in-one solution that simplifies backup processes for organizations running these platforms. Our customers can protect all their workloads, whether running in Harvester, OpenShift, or KubeVirt, with a single, easy-to-use platform.”

CloudCasa’s robust backup solution helps organizations protect their VMs and containerized applications from data loss while simplifying disaster recovery efforts. This latest integration not only streamlines backup management but also enhances business continuity by enabling seamless data mobility between clusters or clouds, ensuring resilience during unexpected disruptions. For more information about CloudCasa’s support for KubeVirt, SUSE Harvester, and Red Hat OpenShift Virtualization, please visit https://cloudcasa.io

About CloudCasa by Catalogic
CloudCasa by Catalogic is an award-winning Kubernetes backup solution providing innovative multi-cloud data protection, disaster recovery, replication, and migration for Kubernetes applications. As a SaaS or self-hosted application, CloudCasa enables multi-cluster and multi-cloud application resiliency and mobility with granular or cluster-level recovery across accounts, regions and even across clouds. CloudCasa is fully compatible with and complementary to Velero, the open-source Kubernetes backup tool that has been downloaded over 500 million times. Learn more at https://cloudcasa.io

PR Contact
Joanne Hogue
Smart Connections PR for CloudCasa by Catalogic
+1 (410) 658-8246
joanne@smartconnectionspr.com

Source: CloudCasa

 

 

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