Cohesity announces valuation of $3.7B following a growth in annual recurring revenues

2021-03-31 23:00

Cohesity announced a new company valuation of $3.7 billion, which is $1.2 billion higher than its valuation less than 12 months ago.

The company saw significant year-over-year growth in annual recurring revenues, a continued surge in customer wins globally, and a rapidly increasing number of customers spending $5 million or more in total lifetime spend on Cohesity software.

"Cohesity is firing on all cylinders with significant increases in annual recurring revenues, exceptional customer and partner momentum, and impressive growth in overall customer spend," said Karan Mehandru, Managing Director and Head of Venture Capital, STEADFAST Capital Ventures.

Massive growth in customer spend: Cohesity realized an 84 percent increase YoY in the number of customers that spent between $1 million and $5 million on Cohesity software in total lifetime spend, and a 300 percent YoY increase in customers with more than $5 million in total lifetime spend.

Success with channel partners: The number of partners that have booked $1 million or more in business with Cohesity grew 46 percent YoY. Cohesity is not only expanding its base of partners, but going significantly deeper with partners as more customers embrace Cohesity's multicloud platform and data management offerings.

Record-breaking quarter with service providers: Cohesity realized its biggest quarter ever with service providers, seeing a 208 percent growth in bookings YoY. Cohesity also signed 16 new service providers globally in Q2, including Move AS, NetNordic, and US Signal.

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