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Main » 2023 » October » 12 » ExaGrid’s Q3 2023 Momentum Press Release
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ExaGrid’s Q3 2023 Momentum Press Release

MARLBOROUGH, Mass. - Tuesday, 10. October 2023

ExaGrid Continues Growth - 11 Consecutive Quarters of Free Cash Flow

(BUSINESS WIRE) -- ExaGrid®, the industry’s only Tiered Backup Storage solution, today announced that it had its strongest Q3 in the company’s history, for the quarter ending September 30, 2023.

ExaGrid had a record third quarter and had just under 20% growth as compared to Q3 of 2022. ExaGrid continues to grow at about 20% per year. The company was Free Cash Flow (FCF) positive, P&L positive, and EBITDA positive for its 11th consecutive quarter. ExaGrid added 130 new customers in Q3 2023, including 2 large seven-figure new customer deals. ExaGrid has more than 4,000 active upper mid-market to large enterprise customers that use ExaGrid Tiered Backup Storage to protect their data. ExaGrid’s growth is accelerating, and the company is hiring to expand its sales teams worldwide.

“ExaGrid is continuing to expand its reach and now has sales teams in more than 30 countries worldwide and customer installations in over 80 countries. We hit 4,000 active customer installations in Q3. ExaGrid was Cash, P&L, and EBITDA positive for the 11th quarter in a row. Outside of the United States, our business in Canada, Latin America, Europe, the Middle East, Africa, and Asia Pacific is rapidly growing and is now 45% of the business and we are adding more sales teams around the globe,” said Bill Andrews, President and CEO of ExaGrid.

“Years ago, ExaGrid realized that no vendor was building storage specifically for backup, as they were all selling primary storage products as backup storage targets, which is expensive, or they were selling inline deduplication appliances, which are slow for backups and restores and result in costly forklift upgrades. Backup storage has unique needs, due to large backup jobs, incrementals, synthetic fulls, backup rotation, long-term retention, and many other aspects that make backup storage different than primary storage. ExaGrid’s unique Tiered Backup Storage was built specifically to improve backup performance, restore performance, scalability as data grows, security, ransomware recovery, disaster recovery, and improve the economics of backup, with low costs up front and over time,” said Andrews. “Primary storage is not as fast for large backup jobs, is typically not scalable, is very expensive for longer-term retention, and it is network-facing, making it vulnerable to security attacks. Inline deduplication appliances are slow for backups, slow for restores, are not scalable, and are also network-facing making them vulnerable to security attacks.

“ExaGrid prides itself on having a highly differentiated product that just works, does what we say it does, is sized properly, is well supported, and just gets the job done. We can back up these claims with our 95% net customer retention, NPS score of +81, and the fact that 94% of our customers have our Retention Time-Lock for Ransomware Recovery feature turned on, and 99.1% of our customers are on our yearly maintenance and support plan,” said Andrews.

Highlights of Q3 2023:

Two large seven-figure new customer deals in the quarter

11th consecutive quarter of Cash, EBITDA, and P&L positive operations

About ExaGrid

ExaGrid provides Tiered Backup Storage with a unique disk-cache Landing Zone, long-term retention repository, and scale-out architecture. ExaGrid’s Landing Zone provides for the fastest backups, restores, and instant VM recoveries. The Repository Tier offers the lowest cost for long-term retention. ExaGrid’s scale-out architecture includes full appliances and ensures a fixed-length backup window as data grows, eliminating expensive forklift upgrades and product obsolescence. ExaGrid offers the only two-tiered backup storage approach with a non-network-facing tier, delayed deletes, and immutable objects to recover from ransomware attacks.

ExaGrid has physical sales and pre-sales systems engineers in the following countries: Argentina, Australia, Benelux, Brazil, Canada, Chile, CIS, Colombia, Czech Republic, France, Germany, Hong Kong, India, Israel, Italy, Japan, Mexico, Nordics, Poland, Portugal, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Turkey, United Arab Emirates, United Kingdom, United States, and other regions.

Visit us at exagrid.com or connect with us on LinkedIn. See what our customers have to say about their own ExaGrid experiences and learn why they now spend significantly less time on backup storage in our customer success stories. ExaGrid is proud of our +81 NPS score!

ExaGrid is a registered trademark of ExaGrid Systems, Inc. All other trademarks are the property of their respective holders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231010679742/en/


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Contacts
Mary Domenichelli
ExaGrid
mdomenichelli@exagrid.com

 

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