Record-breaking Q4 for Syniti signifies strong start to 2024
Syniti, a top player in the global enterprise data management sector, announced a record-breaking Q4 for 2023, marking a robust start to the new year. Syniti's "Data First" strategy has seen a positive response from both customers and partners, with software annual contract value (ACV) and services bookings hitting record highs. Syniti reported key strategic wins with multinational brands within various industries such as oil & gas, chemical manufacturing, food & beverage, and retail. Having its highest average services deal value ever, the fourth quarter exhibited the highest volume of deals amounting to over $1m in the company's history.
Syniti's "Data First" strategy emphasises the importance of prioritising data quality from day one, combining specialised technology, intelligent software and patented methodology with business data expertise to comprehend data in context and accelerate the timeline to capture value from strategic initiatives. Noting this, Kevin Campbell, CEO of Syniti added, "As companies continue to invest in digital transformation projects, including exploring the possibilities of AI, they are recognising that data quality is KEY to their success. Our data first strategy is clearly resonating with our customer base, which reflects our specialised approach to data and our strong voice in the data space."
Financial highlights from Syniti's record-breaking close of 2023 include a 7% growth in annual recurring revenue (ARR) over the third quarter, and 36% when compared to Q4 2022. The company closed 47 enterprise software contracts, surpassed its previous high in Q4 2022. Twenty-six significant new partners were added in the quarter, including the likes of global distribution solutions provider Caldic and global technology company Heraeus Group. Syniti also bolstered its work with existing clients such as Bridgestone and BHP. Furthermore, Syniti experienced growth in all global regions, hitting record-breaking sales in software and services in EMEA. The Asia Pacific and Japan (APJ) region also reported sizeable wins with leading food & beverage and mining/manufacturing clients.
With regard to product and company highlights, the Syniti Knowledge Platform was recognised with SAP Endorsed App status and was made available for online purchase at the SAP Store. The company expanded its Education Services by releasing the Migrate Developer certification in Q4, adding to its catalogue of learning paths/certifications which support the company's "Data First" strategy to ensure proficiency in Syniti technology.
Lenno Maris, chief data officer at Caldic, on working with Syniti, said, "I'm excited to partner with Syniti as we work to establish a full data-to-insights strategy for Caldic, initially focusing on master data management and data quality. Syniti's integrated approach will be instrumental in supporting our ongoing business transformation efforts to secure & enable a seamless digital journey for our business partners when working with Caldic."
Bill Green, board chairman at Syniti, reflecting on the company's trajectory stated, "The company's growth and trajectory are exciting to see, as they underscore the importance of the work Syniti does and their real market value. The board is pleased with these Q4 2023 results and looks forward to the growth and innovation that lie ahead in 2024."
