Global demand for data preparation accelerated by growth in machine learning, AI and cloud
SAN FRANCISCO February 28, 2019 Trifacta, Inc., the global leader in data preparation, today announced another year of significant growth. Fiscal year 2019, which ended January 31, saw annual recurring revenue (ARR) grow by over 85 percent with accelerated growth of more than 2x in cloud-based revenue as result of strong customer wins globally, continued industry recognition as the leader in the multi-billion dollar data preparation market and technology expansions that support analytics modernization initiatives.
The close of a record year included new and expanded customer relationships with global industry leaders including Sumitomo Mitsui Banking Corporation, Schneider Electric, New York Life, ANZ Bank, GlaxoSmithKline, Deutsche Boerse and Google. With a net revenue renewal rate of over 130% over the past 12 months, Trifacta saw a marked increase in customer adoption and expansion as a result of a maturing data preparation market. This growth, which included the company’s first customers in South Africa, Israel, Netherlands, Japan and Singapore, saw rapid expansion in industries like financial services, insurance, pharmaceuticals and healthcare, as enterprises are using Trifacta to more efficiently prepare data for machine learning and operational processes including compliance reporting.
“Sumitomo Mitsui Banking Corporation (SMBC) is one of the world’s largest financial institutions. Trifacta is critical in the company’s analytics modernization effort, helping us to improve efficiencies across our data operations,” said Katsunori Tanizaki, Senior Managing Executive Officer & CIO & CDIO at SMBC Group. “We work with such vast amounts of complex and highly sensitive data, as Trifacta expands its presence in Asia, we look forward to leveraging the platform to continue our machine learning and analytics projects and providing our customers with the service they have come to know for over 100 years.”
Market Leadership in Accelerating Data Preparation Industry
The growth of machine learning, AI and cloud initiatives fuel the critical need for data preparation, a task that organizations around the world today waste billions of dollars on, according to a Trifacta survey. As the company that pioneered the data preparation market following 20 years of joint research at Stanford and UC Berkeley, Trifacta is the essential enabler for customers that increasingly demand a more intelligent, self-service and scalable approach to refining and cleansing raw data. According to Gartner, by 2020, enterprise data preparation will be used in more than 50 percent of new data integration efforts.
Underscoring Trifacta’s momentum, the company also received significant accolades from the analyst community during the past fiscal year, including recognition as a Leader in The Forrester Wave™: Data Preparation Solutions, as a market leader in self-service data preparation in the Ovum Decision Matrix, Self-Service Data Prep, as the top data preparation vendor by Dresner Advisory Services in the End User Data Preparation Market Study, and gained significant traction on Gartner Peer Insights ranking 4.7 out of 5 with 70 reviews.
“This past year was a banner year for Trifacta in terms of growth and industry recognition but I am most excited about the momentum we’re building for the future. The industry megatrends of machine learning, artificial intelligence and cloud are all fueling the need for modern data preparation,” said Adam Wilson, Trifacta CEO. “Trifacta has never been in a better position as a business to take advantage of the massive market opportunity ahead of us. We’re excited that global industry leaders like New York Life, GlaxoSmithKline and Deutsche Boerse are using Trifacta as the foundation of their analytics modernization initiatives.”
Data Preparation Standard Across Major Cloud Providers, Supporting Hybrid and Multi-Cloud
As the only data preparation offering that supports all the major cloud vendors, Trifacta saw massive adoption with more than 2X growth in the number of customers and cloud-based revenue across Amazon Web Services, Google Cloud and Microsoft Azure in the past fiscal year. In partnership with Google Cloud, Trifacta announced the general availability of Google Cloud Dataprep by Trifacta. Amazon Web Services awarded Trifacta with both AWS’s Machine Learning Competency and Data and Analytics Competency status within the AWS Partner Network. Trifacta also announced a serverless data preparation service on AWS allowing customers to scale workloads on demand. Additionally, Trifacta broadened support for Microsoft Azure by introducing platform support for Azure Databricks, providing native support for Databricks’s Unified Analytics Platform based on Apache Spark on the Azure platform.
Core Platform Enhancements and Support for DataOps & Data Engineering
With the rise in popularity of DataOps as a process and data engineering as a role, Trifacta extended the capabilities of its core platform to accelerate how organizations develop, test, schedule and monitor data preparation pipelines in production. New platform features such as RapidTarget, Automator and Deployment Manager are all focused on utilizing machine learning to accelerate how customers are able to design and operationalize workflows. In addition, Trifacta continued to expand upon the core intellectual property of its platform with three allowed patents and eight pending patents at the close of this past fiscal year.
Meeting the Needs of Data Preparation in AI and Machine Learning
The pain of cleansing and preparing diverse data for use in machine learning models is escalating. According to a piece by Thomas Redman in the Harvard Business Review, “Poor data quality is enemy number one to the widespread, profitable use of machine learning.” Understanding this importance, Trifacta expanded its integrations with leading machine learning technology providers including DataRobot, AWS Sagemaker and Tensorflow through Google Cloud Dataprep. Trifacta also collaborated on a range of educational content on the role of data preparation in machine learning including Data Wrangling for Machine Learning on the Cloud and The Practical Guide to Actionable Machine Learning with Trifacta and DataRobot.
Expanded Leadership Team to Scale Business Globally
To keep up with accelerating growth, Trifacta added several key members to the company’s executive team. John McAdoo joins as VP of Finance having led financial operations at several high-growth technology companies including ARM and Euclid Software. As Trifacta’s first Vice President of People, Bianca McCann brings a track record scaling high-performing teams at industry leaders such as SAP, Charles Schwab and Chevron. Trifacta also welcomed data management industry veteran Ron Papas as Vice President of Business Development having previously led business development, sales and operations at large enterprises including Informatica and Sybase. Trifacta also brought on new sales leadership to scale operations in EMEA and the public sector with Paul Roberts joining as Vice President of EMEA and Ron Ziegler transitioning to a new role leading Trifacta’s federal practice.
Trifacta is the industry pioneer and established leader of the global market for data preparation technology. The company draws on decades of academic research in machine learning and data visualization to make the data preparation process faster and more intuitive. More than 100,000 data wranglers in 10,000 companies worldwide use Trifacta solutions across cloud, hybrid and on-premises environments to support a variety of analytic and operational use cases. Leading organizations such as Deutsche Boerse, Google, Kaiser Permanente, New York Life and PepsiCo count on Trifacta to accelerate time-to-insight and discover opportunities that drive success. Learn more at trifacta.com.