People, Customers, Quality: How We Surpassed $100M in ARR

January 31, 2023 | Paul Flanagan People, Customers, Quality: How We Surpassed $100M in ARR

Today, we issued a press release discussing Nasuni passing a key financial milestone, and the addition of a new member to our Board of Directors. Like most press releases, it only provides sound bites and there is always more to the story.

The last few years have been a challenging time for most everyone – companies and individuals alike.   As a company, we always reinforce that our most important asset is our employees, and our second most important asset is our customers.  Take care of the former and they will take care of the latter.  You get this right, and you can build a successful company.   And so while the world was changing daily we stayed focused on our employees and our customers, and we are very proud of the results we have delivered as a company across a number of significant spectrums.

From an employee standpoint, Nasuni has grown by over 70% to almost 500 employees since the beginning of the pandemic, and added over 110 employees in the last 12 months alone.   We have added significantly to our sales and marketing organization as well as our product and engineering teams.  We have opened a tech innovation center in Cork Ireland and an office in London, invested in engineering talent in the Ukraine, and deployed resources to support field operations across EMEA.   We are proud that our management team has accomplished this growth responsibly, hiring the best talent, and making sure to avoid the trap of overhiring during bubbles in the market.

From a customer perspective, Nasuni is approaching 750 enterprise customers worldwide. In 2022, we saw our annual relational Net Promoter Score (NPS) increase again, and we are now 48% above the industry average for software companies.  Additionally, our customer satisfaction scores remained very strong at 98%. The real proof is in the numbers, and we are very proud to have delivered 97.5% gross retention rates in 2022 across our customer base. We know our customers are happy because they renew, and we know why they are doing so.  When you are responsible for managing and protecting the file data organizations use to run their business, you have to be obsessed with quality.  At Nasuni, one of our rules is “Everyone Owns Quality,” and we are very proud of the quality products that we bring to market as well as the quality service we deliver to each of our customers every single day.

This maniacal focus on our products, service, employees and customers has led to impressive results as a company.  We are very proud to have accomplished an important milestone, passing $100M in annual recuring revenue (ARR) during 2022.  And in a testament to the strength of our business, we have been able to deliver these results in a very productive and capital-efficient manner, generating over $1.60 of ARR for every $1 of cash used as a company over the past 4 years. These strong business results led to a series of significant events in 2022: we raised $60M in equity financing from Sixth Street Capital; we acquired Storage Made Easy and the technology of DBM Systems; and we launched two new service offerings, Nasuni Ransomware Protection and Nasuni Access Anywhere, both of which have been driving major new customer wins.   We have a very healthy business, strong relationships with our cloud partners, Microsoft, AWS and Google, and we will continue to bring new services to the market that will expand our reach both inside our customer base and in the market.

Finally, we have strengthened our team to ensure success in the next phase of our journey. We recently announced Pete Agresta joining as our first Chief Revenue Officer, and today we are announcing the addition of Kim Perdikou to our Board of Directors.  Kim had a very successful run at Juniper Networks where she served in a number of senior roles including CIO, general manager of the infrastructure products group, and executive vice president for the office of the CEO. She is an active director on the boards of several enterprise technology companies including Atsign, CyberArk, and Trunomi.  Kim brings a strong operating background, great technology experience, and public company board experience to the Nasuni team.  We couldn’t be happier to have Kim join our Board.

We are pleased with what we have accomplished as a company.  But the journey begins again as we set out to achieve the next set of significant milestones.  Increasing our product offerings, reinforcing our balance sheet, investing in our team, and strengthening our customer relationships over the past year puts us in a strong position to be the market leader making sure enterprise companies around the world can access their data from anywhere and keep it protected from anything.

Thank you to everyone who has been part of this journey.  Onward!

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