Data protection has become one of the most crucial elements of cybersecurity strategies.
As organizations move to clouds and threats like ransomware, attacks on supply chains, etc. are increasing, recovery & backup are becoming important components in the strategies made for cyber-recovery. Commvault Systems, which is a well-known company in this domain has reportedly announced its fourth-quarter earnings.
Commvault reported that its revenue has reached $785Mn, with an increase of 6% in its currency in the fiscal year ‘22. Further, Commvault’s Metallic solution has hit the $ 100M ARR already. Apart from that, its subscription income is about to touch the milestone of $500 Mn.
As per Sanjay Mirchandani (CEO) Commvault, the company’s success is a result of its hard work, its drastic shift towards subscription-based solutions, as well as its high demand for products.
In a recent statement, he said “We’ve made that shift consciously; and, today, perpetual is a declining part of our business while subscription and SaaS, what we are calling our subscription platform, is the growing part of our business.”
Apart from that he added that the transition of Commvault happened over the last three years after Metallic was introduced.