Denodo Reports 50% Revenue Growth for 2019
Data virtualization provider Denodo announced a 50 percent increase in year-over-year revenue for 2019, driven by new customer acquisition and existing client expansion globally.
Palo Alto, Calif. – March 18, 2020 – Denodo, a company specializing in data virtualization, reported a 50 percent increase in revenue for the 2019 fiscal year. This growth trajectory was supported by a 52 percent surge in subscription and expansion revenue from its global customer base. New customer acquisition, facilitated by listings on Amazon, Azure, and Google Marketplaces, contributed significantly to the company's financial performance.
The company saw substantial growth in the APAC region, with revenue increasing by 275 percent, now accounting for over 10 percent of Denodo's total revenue. To support this global expansion, Denodo increased its employee headcount by 30 percent and opened new offices in China, Mexico, and Canada, bringing its total to 19 worldwide locations. Strategic partnerships also expanded, marked by a 56 percent increase in new partner agreements and a 192 percent rise in revenue generated through this channel.
During 2019, Denodo released its Denodo Platform 7.0 update, which introduced enhanced capabilities for data science, cloud migration, and logical data lake projects. The update focused on improvements in performance, cloud integration, and data catalog features. Notable new clients acquired during the year include PetSmart, University of Rochester Medical Center, UBS, The Bank of New York Mellon, and Walmart de México y Centroamérica.
The company also highlighted industry recognition, including a strong performance in Gartner Peer Insights' "Voice of the Customer": Data Integration Tools report, and its designation as a Challenger in the Gartner Magic Quadrant for Data Integration Tools for the second consecutive year. Denodo was also recognized in the Database Trends and Applications 2019 Readers’ Choice Awards.