Silk Drives 70% ARR Growth in FY2023

NEEDHAM, Mass., February 27, 2024 (Newswire.com) - Silk today announced that its Annual Recurring Revenue (ARR) grew by 70% for fiscal year 2023, which ended Dec. 31, 2023.

“Growth in 2023 accelerated with more companies leveraging Silk to deliver the fastest performance and highest availability while reducing cloud costs and management complexity,” said Dani Golan, Founder and CEO, Silk. “Silk enables organizations to migrate and run their most complex business-critical applications, automate operations, and augment AI data to achieve the full promise of the cloud.”

Customer Traction

• Simcorp, a global leader in investment management solutions, reduced runtime for their key SaaS application while minimizing the necessary cloud resources.
• Frasers Group, one of the UK’s largest retail groups, consistently reduced cloud resources and software licensing costs, while delivering a faster online experience for customers.
• HealthEquity, a leading administrator of Health Savings Accounts and other consumer-directed benefits, improved performance by 5x and decreased cloud resource costs by over 30%. 
• Wayfair, a furniture and home goods e-commerce company, successfully exited their data center and now runs their business-critical applications in the cloud without the need to refactor.

Product Innovation

• Silk Cloud DBaaS – This new offering offers customers a fully managed cloud database service, in their own subscription – including patching, monitoring, updates, and tuning – for any major database platform. Customers get maximum flexibility, with the ability to choose cloud VM instance types and supported database versions. Silk manages the full database stack, from the database to the host VMs to the Silk platform with a 24/7/365 DBA team.
• Unmatched Performance – Silk continues to deliver the highest performance and throughput in the cloud. Leveraging the latest cloud compute offerings and new Silk IO flow algorithms, Silk has demonstrated 26.4 GB per second, as well as over 2.1 million IOPS. Silk paired these performance improvements with consistent sub-millisecond latency, giving our customers the confidence to deliver the response time for the applications that are most critical.
• New Levels of Resiliency and Availability – Silk enhanced resiliency by introducing a new Silk on Managed Disk architecture. This solution combines Silk’s active-active structure that avoids any single point of failure and our self-healing algorithms to minimize cloud turbulence with native three-way mirroring of the underlying data. Additionally, Silk improved existing self-healing algorithms to maximize availability and durability for customers.
• Simplified Data Lifecycle Management – With Silk’s Enterprise Data Services, customers can efficiently and easily leverage their data throughout their organization. Silk’s new support for both Concurrent and Cascading Replication simplifies and accelerates data distribution throughout an environment. Now, Development and Test teams can leverage production-like data without the time and cost needed to copy.
• Advances in Automation – Silk continues to advance data management leveraging automation. Tasks such as snapshotting, data reduction, data deduplication, data compression, and thin provisioning minimize the burden on staff and enable them to prioritize innovation over operations.
• Enabling Generative AI – AI can query data from public and private data sources. Querying private data sources creates a competitive advantage leveraging unique data to derive unique results, but it also creates a significant load on production databases.  Silk’s snapshotting, branded Instant Extract, maintains real-time, zero footprint copies of production databases offloading AI’s high-intensity queries to high performant and cost-efficient clone databases.
• Enhance Security and Manageability – Silk further enhanced both security and ease of use by adding support for Single Sign-On (SSO) authentication. The Silk platform now leverages Okta or Microsoft Entra ID (formerly Azure Active Directory) to simplify access and improve security.
• Improved Sustainability – Silk advancements enable applications to run on a smaller cloud resource footprint. With this reduction, the efficiency minimizes the customer’s cloud bill and reduces an organization’s carbon footprint.

Leadership Updates

Silk appointed Kellyn Gorman as Director of Data and AI. Gorman brings over 20 years of experience architecting and optimizing databases and most recently served as a Principal Cloud Solution Architect at Microsoft. She is a well-known and influential figure in the database community and frequently presents at conferences and user groups under her pseudonym of DBAKevlar. 

Silk strengthened its leadership team with the introduction of Arik Levi as Chief Finance Officer. Levi brings over 20 years of experience as a CFO for various public and private companies. He boasts extensive knowledge in business strategy and sales plan designs, strategic partnerships, fundraising and financing, acquisitions, and venture capital. 

Finally, Chris Baddeley joined Silk as its new Senior Vice President of Global Sales. Baddeley brings an impressive sales background of building sales teams, driving growth, and exceeding revenue targets. 

New Partnerships

Throughout 2023, Silk continued to grow and evolve in its partnerships with both Microsoft Azure and Google Cloud. To better support customers, Silk has extended partnerships to several key cloud-centric partners to deliver a proven approach to migrating and running applications in the public cloud. These partnerships include: 

• 66 Degrees – Consulting and Professional Services for Data and AI
• Converge Technology Solutions – Global IT Solutions Driving Growth and Innovation
• Data Intensity – Premier Oracle Managed Services Provider
• Datavail – Deep specialization in Database Management, Analytics, and Applications
• Eviden – Advanced computing, Digital Security, Net Zero Transformation
• Navisite, Part of Accenture – Modernize, Transformation Services, and Support
• SADA – Premier Cloud Solutions, Technology Consulting, and App Development
• Technologent – Hybrid Infrastructure, Automation, Security, & Data Management
• Zencore – Premier Cloud Consulting and Services 

Additional Resources

• For news and updates, visit the Silk Newsroom.
• Connect with Silk via LinkedIn.

About Silk

Silk enables organizations to migrate and run their most complex business-critical applications in the public cloud while continually optimizing performance, reliability, and costs. Silk’s data services eliminate the need to copy production data for Dev/Test teams increasing their agility and enabling production data to be leveraged for Generative AI. Silk leverages over 20 technology patents so customers can effortlessly unlock the full potential of the public cloud in a fraction of the time. Silk is headquartered outside of Boston, MA.

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Source: Silk Technologies