StorMagic Achieves Record Revenue and Exceeds FY21 Sales Forecast by 24 Percent

Accomplishments Include Acquisitions and Launch of New Product Lines to Continue its Mission to Simplify the Edge

News provided by

StorMagic

May 05, 2021, 08:00 ET


BRISTOL, England, May 5, 2021 /PRNewswire-PRWeb/ -- StorMagic®, simplifying storage and security from the edge to the core, announced today that it exceeded its fiscal year 2021 goal, which ran April 1, 2020 - March 31, 2021. StorMagic achieved 24 percent above its sales forecast during this timeframe despite the challenges of the global pandemic. This success is attributed to focusing on key market segments that thrived during COVID-19, two acquisitions and the introduction of three new product lines, to deliver edge customers simple, robust and flexible storage and security solutions.

"As StorMagic stays on a focused path to deliver what customers need to better store, protect and use data at the edge, we are proud to announce that the company has closed its most successful financial year in our history," said Brian Grainger, CRO and member of the Board, StorMagic. "We were able to succeed during a globally difficult economic time due to the tremendous growth of data at the edge leveraging our expertise with key markets like healthcare, home improvement and essential retail businesses, such as grocers and convenience stores."

Company Momentum
While StorMagic is a privately-held organization and does not publicly disclose financial data, the organization's key achievements for fiscal year 2021 are outlined below.

  • StorMagic achieved record revenue in the company's history.
  • The company delivered 24% above its forecasted sales bookings and 27% above its support forecast for FY21.
  • StorMagic experienced major customer growth in the essential retail market (groceries, pharmacies, convenience stores, etc.) and healthcare industries, driven by COVID-19.
  • Completed two acquisitions resulting in the entry into the security and video markets. KeyNexus was finalized in April 2020 and SoleraTec in March 2021, building on StorMagic's strategy to solve more customer problems at the edge.
  • Brian Grainger, CRO and Board Member, was appointed President of StorMagic, Inc., the organization's US subsidiary.
  • The Non-Executive Board of Directors was expanded to include new members Else Thomson, Geoff Hudson-Searle and Darren Thomson.
  • An organizational restructure included the formation of a dedicated Video Surveillance Group, being led by former Soleratec CEO, Mark Armstrong, as StorMagic's VP of Video.

Products
Three new product categories were introduced during this timeframe, including Security, Cloud Services & Video. Individual products for security included SvKMS 2.5, and Key Management as a Service (KMaaS). StorMagic Cloud Services include KMaaS and Witness as a Service (WaaS). StorMagic's video storage platform included ARQvault, the first Active Intelligent Repository.

Partnerships
100% of StorMagic's revenue is generated by channel partners, so StorMagic continues to find new and develop existing relationships with industry leaders to expand its extended salesforce.

  • StorMagic expanded its SvSAN partnership with APC Schneider Electric and HPE, and introduced Edge in a Box.
  • StorMagic is celebrating the one year anniversary of its successful partnership with HPE. SvSAN was added to the HPE pricebook in April 2020 the official replacement for StoreVirtual and SvSAN was validated with HPE Edgeline servers this year.
  • New security partnerships formed to support SvKMS included: AWS, Bitlocker, Commvault, Google Cloud External Key Management (EKM), IBM, MariaDB, MongoDB, MySQL, Microsoft Azure Key Vault Managed Hardware Security Module (HSM), NetApp, Nutanix, OpenStack, Salesforce Shield, VMware and Veritas.
  • StorMagic launched its MSP program for SvKMS and StorMagic Cloud Services.
  • New distributor agreements were signed or expanded with ARIA Cybersecurity, PT Synnex Metrodata Indonesia and exone in Germany.

Industry Analyst Recognition
StorMagic was included on the Gartner Magic Quadrant for Hyperconverged Systems for the third year in a row and made the most improvement in the "Ability to Execute" and "Completeness of Vision" scores for all competitors included. StorMagic was also named the leader in the inaugural GigaOM Bullseye Report for Edge Hyperconverged systems and were placed the closest to the bullseye than any other vendor.

Executive, Company and Product Awards

About StorMagic
StorMagic is making the complex simple for edge computing environments and leading the industry in bringing the edge to the core. Our storage and security products are flexible, robust, easy to use and cost-effective, without sacrificing enterprise-class features, for organizations with one to thousands of sites. SvSAN is a highly available two-node virtual SAN designed for hyperconverged edge and small datacenter sites. SvKMS is an encryption key manager for edge, datacenter and cloud. ARQvault is the first active intelligent repository and gathers data anywhere, stores it forever, and finds it fast. StorMagic customers around the world have deployed our solutions in thousands of sites to store, protect and use edge data and significantly lower costs. Visit http://www.stormagic.com.

Join the Conversation
Follow StorMagic on Facebook, Instagram, LinkedIn and Twitter, and subscribe to our corporate blog and YouTube channel.

All product and company names herein may be trademarks of their registered owners.

Media Contact

Zoe Cushman, Matter Communications, +1 6178745201, [email protected]

SOURCE StorMagic