REDWOOD CITY, Calif., Sept. 07, 2017 (GLOBE NEWSWIRE) -- Paxata, the pioneer and leader in empowering all business consumers to intelligently transform raw data into ready information instantaneously, today announced that it closed the first half of 2017 with record momentum. The company achieved 160 percent growth in annual recurring revenue (ARR) year-over-year with significant increases in the number of enterprise customers. Growth was fueled by new customer adoption and existing customer expansion of Paxata’s innovative Adaptive Information Platform, which empowers all business consumers to get smart about their information with an enterprise-ready, scalable, self-service, intelligent information platform.
“We are excited about the tremendous momentum and growth we have seen in the first half of the year as validated by our new customer wins in multiple industries and geographies and significant expansions with existing customers,” said Prakash Nanduri, Co-Founder and CEO, Paxata. “Our focus from Day 1 has been to deliver real value to the business consumer in helping them to transform raw data into ready information at the speed of thought. Our significant revenue growth demonstrates our continued success in doing so. We are well positioned to continue our expansion as more companies join us on the journey to becoming Information Inspired.”
Record Customer Growth with International Expansion
Paxata’s new customer wins in 2017 include leading global organizations across a broad range of industries, such as financial services, healthcare, pharmaceuticals, consumer packaged goods, retail, high tech manufacturing, information service providers, and large government agencies. In addition, international expansion continued as Paxata’s channel program delivered multiple new customers throughout the Asia-Pacific region. New customers gaining value with Paxata include Edmunds, LoyaltyOne, CenturyLink, Occidental Petroleum, among many others.
In addition to new customer acquisition, Paxata achieved multiple expansions with existing customers in 1H 2017, resulting in a 121 percent net retention rate.
Executive Team Expansion
Paxata added seasoned industry veteran, Jayanta Bhowmik, to run the company’s global engineering efforts. Bhowmik joins Paxata from Workday, where he led the financials application development team and grew it from 120 to over 350 people during his tenure. Prior to this, Bhowmik had a distinguished career at leading enterprise firms such as Oracle and Microsoft.
Product Innovation
As the only self-service information platform purpose built for the cloud, Paxata announced the Adaptive Information Platform for Microsoft Azure in Q1 2017, completing Tier 1 support for Azure and complementing Paxata’s support for Amazon Web Services with a Data Lake in the Cloud offering. Paxata also recently announced InterCloud Connect, the first multi-cloud information platform, which provides the seamless, secure, bidirectional interchange of data between Microsoft Azure, and other cloud and/or on premises environments.
Recognition by Leading Research and Analyst Firms
Paxata continues to be recognized as an industry leader by major analyst firms and publications including being named a leader with the top ranked current offering in The Forrester Wave™: Data Preparation Tools, Q1 2017; one of 50 companies leading the AI revolution, one of industry’s top 50 cloud companies; one of CRN’S EMERGING VENDORS 2017: BIG DATA STARTUPS YOU NEED TO KNOW; and, most recently, named to Constellation’s ShortListTM for Self-Service Data Preparation.
Best Places to Work
Paxata was named a winner for the 5th year in a row of the 2017 Bay Area Best Places To Work, an awards program presented by the San Francisco Business Times and the Silicon Valley Business Journal. Paxata ranked in the top ten in the Small Business category for creating an exceptional workplace that their employees value highly.
About Paxata
Paxata is the pioneer in empowering all business consumers to intelligently transform raw data into ready information, instantly with an enterprise-grade, self-service, scalable, intelligent platform. Our Adaptive Information Platform weaves data into an information fabric from any source, any cloud, or any enterprise to create trusted information. With Paxata, business consumers use clicks, not code to achieve results in minutes, not months. Companies around the globe rely on Paxata to get smart about information at the speed of thought. Be an Information Inspired Business.
Paxata is headquartered in Redwood City, California with offices in New York, Ohio, Washington DC, and Singapore. Visit www.paxata.com or engage with us on Twitter, LinkedIn, Facebook, or YouTube.