CTERA Networks Doubles Enterprise Software Subscription Revenue

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Cloud-enabled file services company CTERA Networks, an edge-to-cloud file services provider, has doubled its enterprise software subscription revenue year-over-year. CTERA’s momentum was driven by strong demand from large organizations with high priorities for unstructured data management and security across both on-premises and cloud.

CTERA’s strong business results capped a successful year in which CTERA secured $ 30 million in Series D funding, developed strategic partnerships and continued its global expansion.

“The balance of enterprise storage investment has shifted away from NAS and traditional systems towards multi-cloud solutions that provide scale and cost savings,” said Liran Eshel, CEO of CTERA. “CTERA is primed to capitalize on a high-growth market opportunity by delivering a modern, software-defined platform with unparalleled security and performance, enabling enterprises to migrate file storage, collaboration, and data protection to the cloud on their terms.”

CTERA’s 2018 business highlights would include:

Customers – CTERA added more than 50 new large enterprise customers in 2018, in addition to major expansion in existing accounts. They also won multiple deals greater than $1 million in the financial, government, media, and healthcare verticals.

Product – CTERA extended their CTERA Edge Filer line with new appliances boasting larger capacities and all-flash options. Next top that, the company launched new data loss prevention capabilities, to enhance the protection of sensitive enterprise data, while also introducing smart cloud tiering capabilities for cloud cost optimization.

Partners – CTERA expanded the CTERA global partner ecosystem in 2018, providing customers “best-of-breed” choice for infrastructure and managed services.

Geographic Expansion – The file services company opened their CTERA Asia headquarters in Singapore with local sales and delivery resources – to build on an emerging market opportunity in the APAC region.

Funding – As said, CTERA completed a $30 million Series D growth equity funding round, with the participation of all existing investors as well as new shareholders Red Dot Capital, a Temasek holdings-backed growth fund, and Singtel Innov8.

“Most organizations today have several relationships spanning on-premises object storage and large public cloud vendors, all of which have various benefits for unstructured data storage,” said George Crump, President of IT analyst Storage Switzerland. “This multi-cloud ecosystem has created the need for solutions like CTERA Networks that bridge the gap between edge and cloud by ensuring fast file accessibility for users whenever and wherever they need it, and by moving data seamlessly between clouds to take advantage of pricing, available resources, and unique capabilities.”