Egnyte Announces Double-Digit Revenue Momentum Year over Year; Prepares for its Next Phase of Growth
Appoints Suzanne M. Colvin as CFO; Announces Jeff Kalowski as Audit Committee Chair
Mountain View, CA. – July 23, 2020
Egnyte, the leading content platform for business, today announced strong revenue growth in the first half of 2020, despite the ongoing challenges of the pandemic crisis. The company is posting 22% year-over-year growth (Q2 2020 vs. Q2 2019), steadily increasing revenue per customer and reporting positive EBITDA.
Despite every aspect of business and personal life being reshaped by Covid-19, the difficulties have also created opportunities for companies like Egnyte that are helping customers reimagine the world of work. Egnyte doubled its customer base at the highest-tier enterprise plan, which applies machine learning to help companies govern content, including in public cloud storage, cloud office apps, and on-prem file shares.
“The convergence of collaboration, governance and increasingly distributed workforces increases Egnyte’s market opportunity and unique position to transform how we work and empower organizations to maximize value from their content,” said Vineet Jain, CEO, Egnyte. “Our team has done an extraordinary job in leveraging machine learning extensively, and elements of AI to build a secure content platform for our enterprise customers.”
As part of its growth strategy, Egnyte also announced it has appointed Suzanne M. Colvin as Chief Financial Officer. Prior to joining Egnyte, Ms. Colvin spent six years at Napster, Inc. where she was promoted to Chief Financial Officer after holding various finance leadership roles. Ms. Colvin also spent nine years at Verifone, most recently as VP Corporate Controller & Chief Accountant.
Ms. Colvin brings extensive experience in planning, accounting and operations from global, industry-leading technology companies, and she will be responsible for the company's finance, treasury, tax, accounting and administrative operations.
Additionally, Jeff Kalowski, a veteran public accounting executive for the high-tech industry, joins as Chair of Egnyte’s Audit Committee. Jeff is currently CFO of Rapid 7, and previously served as CFO at Boston-based cybersecurity company Imprivata where he led the company through a public offering in 2014. Earlier in his career, Jeff was the CFO at ProfitLogic, Inc., and a variety of enterprise software and hardware technology companies, including Torrent Systems, Beyond Incorporated, and Magna Computer Corporation.
“We’re delighted to have Ms. Colvin join as CFO, and have an expert like Mr. Kalowski step into the role of Audit Committee Chair,” said Mr. Jain. “They are invaluable additions to the team as we continue to strengthen and mature our internal processes for market expansion and our path to IPO.”
Facts and Figures:
- Annual recurring revenue grew 22% Year-over-year (Q2 2020 vs Q2 2019)
- Strong customer retention, with 112% dollar based recurring revenue
- Healthy balance sheet and slow burn rate: More than 50% of $75M Goldman Sachs investment from 2018 still unspent
- 35% YoY growth in number of files under management
- New connected data sources: Amazon S3, Box, Dropbox, and Google Cloud
- Reached $100M annual recurring revenue milestone at the end of 2019
- Disciplined Execution: Egnyte is one of the few companies in Silicon Valley with a long track record of being EBITDA positive, and remains so during these times of health and economic crises