GigaSpaces Closes Strong 2020, Doubling Annual Recurring Revenues, Fueled by New Product Innovations to Drive Customers’ Digital Transformation
Growing demand for In-Memory Computing platforms powers record results
GigaSpaces, the leading provider of in-memory computing platforms that drive digital transformation announced today its 2020 results. The company doubled annual recurring revenues and doubled the number of subscription customers for the second year in a row. In 2020, GigaSpaces continued its rapid growth fueled by new product innovations, and the expansion of global partnerships, driving forward digital transformation initiatives with the fastest, most scalable, and easiest to deploy in-memory computing platforms that meet the most challenging enterprise data and analytics processing needs.
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“The demand for in-memory computing solutions continues to grow dramatically, and has intensified during the COVID-19 pandemic, as enterprises strive to improve customer experience, optimize operations and comply with regulations in an increasingly competitive digital environment,” said Adi Paz, CEO at GigaSpaces. “We remain committed to meeting our customers’ complex data and analytics requirements for higher agility and greater efficiency, and enabling them to rapidly introduce low-latency, scalable, digital applications, accelerate analytics and deploy operational BI across on-premises, cloud, hybrid and multi-cloud.”
In May 2020, GigaSpaces announced the closing of a $12 million funding round led by Fortissimo Capital, joined by existing investors Claridge Israel and BRM Group to scale and accelerate growth, collaboration with partners and product innovation.
GigaSpaces rolled out new product innovations in 2020, beginning with the availability of GigaSpaces Cloud, a managed service on Google Cloud Platform.
InsightEdge version 15.2 introduced GigaOps Stack, to reduce IT production management overhead, providing end-to-end provisioning, self-healing, auto-scaling, A/B testing, proactive-monitoring, and distributed tracing. To simplify deployment and accelerate go-to-market, the release delivered both one-click, no-code integration with databases and one-click installation on a cluster across any cloud and on-premises, including provisioning resources and configuring network and security policies.
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With the launch of InsightEdge version 15.5 in September, GigaSpaces became the only in-memory computing vendor to enable the creation of a hybrid cluster that can be provisioned both on-premises and in a public cloud, eliminating the need to replicate data between clusters. Version 15.5 also added AIOps functionality to autonomously scale up and out, on-premises and on cloud, with no downtime or performance impact.
In December, GigaSpaces launched the new InsightEdge Portfolio, a full suite of platforms including Smart Cache, Smart Operational Data Store (ODS), and Smart Augmented Transactions. The expanded portfolio, powered by the unique combination of in-memory speed and scale with AI-driven data operations and management capabilities, simplifies and optimizes enterprise digital transformation initiatives, driving improved customer experience, faster go-to-market and optimized TCO.
InsightEdge Smart ODS received industry recognition, being cited by Gartner as one out of four available out-of-the-box Digital Integration Hub (DIH) platforms. “Application leaders struggle to deliver high-throughput, responsive and reliable APIs while minimizing the workload hitting their systems of record. By extending their API platform with a digital integration hub, they can address these issues and add value by enabling analytics and data integration.”
GigaSpaces doubled customer subscriptions across finance, insurance, health and transportation industries. Highlighted new customers in 2020 included Groupe PSA, the second-largest car manufacturer in Europe, where together with Capgemini, GigaSpaces helped PSA offload from and modernize their mainframe to power their WLTP pricing calculator for online car orders, supporting 15X its mainframe capacity while providing a 15-19 milliseconds query and analytics response time.
InsightEdge Smart ODS was also deployed at CLSA, Asia’s leading capital markets and investment group, for their algorithmic trade execution and all client and exchange-facing management systems in over 12 countries.
A focus on growing technology and go-to-market partnerships in 2020 strengthened GigaSpaces offering scope and global expansion goals. GigaSpaces collaborated with OpenLegacy to help customers modernize their legacy stacks to accelerate time to market for new services; with Red Hat, announcing the availability of InsightEdge on the Red Hat Marketplace, for enterprise customers to discover, try, purchase, deploy, and manage certified container-based software across all environments; and with Confluent, providing a connector for the capture of data streams from Apache Kafka into GigaSpaces InsightEdge state store product.
Recognized by the industry, GigaSpaces was honored by several leading industry organizations, receiving Tech Ascension’s Best Big Data Solution Award, the Gold for the Stevie 2020 American Business Awards, the Data Management Innovation of the Year award from AI Breakthrough and announced the Best Global Deployment at the AFTAs for Société Générale data services project powered by GigaSpaces.
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