Cohesity has reported a strong second quarter aided by its growing channel business, while at the same time putting a new $3.7bn valuation on the company as additional private equity firms buy into it.
The cloud data management vendor says it is worth an extra $1.2bn compared to the valuation less than 12 months ago, in line with a $145 million tender offer made by investors to Cohesity employees who want the option to sell a “small portion” of their equity for liquidity.
The non-dilutive transaction has been led by STEADFAST Capital Ventures and supported by a syndicate of new and existing investors, including Premji Invest. For the quarter, Cohesity said it achieved a “nearly 90% increase” in ARR (annual recurring revenues) year-on-year, with a 50% increase in the number of customers annually. The number of partners that have booked $1m or more in business with Cohesity grew 46% annually too. “Cohesity is not only expanding its base of partners, but going significantly deeper with partners as more customers embrace Cohesity’s multi-cloud platform and data management offerings,” said the vendor.
In addition, the firm realised its biggest quarter ever with service providers, seeing a 208% growth in bookings YoY. It signed 16 new service providers globally in Q2, including Move AS, NetNordic and US Signal.
Karan Mehandru, managing director and head of venture capital at STEADFAST, added: “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.”
“We are pleased to enable this liquidity opportunity for our employees,” said Mohit Aron (pictured), CEO and founder of Cohesity. “We believe the over-subscribed, non-dilutive tender offer based upon the increased company valuation speaks volumes about our performance and future outlook as the leading, modern data management company.”
Existing Cohesity end customers include Cisco, Northumbria Police in the UK, Novartis, Stockport NHS Foundation Trust, NASA, the San Francisco Giants, the US Department of Homeland Security and the US Department of Labor.
