451 Research Report Praises Data Management Leader’s Response to Rising Demand for Data Protection in a Hybrid Cloud World
SAN JOSE, Calif. – March 20, 2023 Having accelerated growth and outpaced competitors since its refounding two years ago, Panzura, LLC (“Panzura”), the leader in multi-cloud data management, is poised to continue its growth trajectory meeting the rising demand for hybrid cloud storage, according to new research from 451 Research, a part of S&P Global Market Intelligence. In a report that focuses on Panzura, the global research and advisory firm finds the company “revitalized” from its refounding in May 2020. Since then, CEO Jill Stelfox doubled the company’s annual recurring revenue (“ARR”) by growing the number and average size of deals.
Panzura’s growth comes at a time when enterprises are increasingly turning away from traditional on-premises data management towards a hybrid cloud model. In Revitalized Panzura sharpens focus on data management, 451 Research reveals an 11% increase in the adoption of hybrid cloud services for data protection in the past two years. During this time, Panzura has launched seven new services around its Panzura CloudFS global file system platform aimed at meeting the rising demand for data analytics, governance, and monitoring.
As global ransomware threats escalate and enterprises increasingly look to bolster data protection, the 451 Research report highlights Panzura’s rapid response to the changing market condition. By leveraging its immutable storage, rapid recovery, and data services, Panzura has pivoted its capabilities to address enterprise data protection challenges and to alleviate recovery concerns.
Henry Baltazar, Research Director for the storage practice at 451 Research, a part of S&P Global Market Intelligence, commented, “Panzura has succeeded in leveraging its expertise in cloud file services, data protection, and data management just when people needed it most – during the pandemic. The tailwinds which drove Panzura’s growth are likely to continue given that we’re seeing many organizations shift toward hybrid cloud storage over on-premises to handle their data protection needs. The continuing popularity of multicloud and hybrid deployments highlights the need for secure, consistent file sharing and data management and is a key growth opportunity for Panzura in the future.”
Since Panzura’s refounding in May 2020, the company’s new leadership team has driven a dramatic turnaround. The company now boasts more than 400 customers with an enviable customer retention rate of 97% and an NPS score of 87. Average deal size is growing with the company boasting several deals worth over $1 million ARR currently. In May 2022, Panzura raised $80 million from Kayne Partners and CIBC Innovation Banking in a Series B funding round, and today, the company is profitable.
Summarizing the guiding ethos behind Panzura’s success, Jill Stelfox said, “Companies are increasingly turning to SaaS and hybrid cloud secure data management solutions to meet their needs for agile, remote work. They’re rethinking the cost of storage and the value of data protection. As customers demand greater security, Panzura is here to meet the need for data that’s safe, smart, and easy to manage.”
Panzura protects customers’ data from cyber threats like ransomware through immutable storage that can easily scale with AI/ML data analytics. Stelfox added, “We can’t stop cyber threats, but we can stop the damage they cause. That’s why our clients choose us.”
Panzura’s technology solutions have earned seven industry awards over the past year, including “Cloud Infrastructure Solution of the Year” by the Tech Ascension Awards, and “Best Hybrid Cloud Solution” in the Cloud Awards. Additionally, Panzura was named among Inc. Magazine’s best workplaces for 2022. Its above-market growth allows Panzura to continue hiring the industry’s best talent. The company is actively looking to fill career opportunities in Engineering, Marketing, HR, Finance, and Sales.
About Panzura
Panzura makes hybrid multi-cloud data management seem easy. Panzura’s data management platform is a single, unified data engine designed to securely power the most rigorous, large-scale multi-site enterprise data workflows across the globe. Intelligent edge technologies enable LAN performance with cloud economics together with simplified data management, advanced analytics, reduced operational complexity, and improved security. Find out more at panzura.com.