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Druva Sets the Pace for Cloud Data Protection, Surpassing $100 Million in Annual Recurring Revenue

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Fueled by rising enterprise cloud adoption and shift to a SaaS business model, customers are turning to Druva for data protection and management

SUNNYVALE, Calif.–(BUSINESS WIRE)–Druva, Inc., the leader in Cloud Data Protection and Management, today announced it has surpassed $100 million in annual recurring revenue (ARR), marking another major milestone reflective of the company’s continuous, hyper-growth. Fueled by increasing cloud adoption and a shift to SaaS delivery for data protection, Druva has almost tripled its annual revenue in three years. Building on the company’s announcement this summer it had secured an additional $130 million in late-stage funding, this latest milestone is a testament to the growing demand for a new approach, free of legacy hardware, to protect data no matter the type or source, in a centralized and secure manner.

As enterprises undertake digital transformation initiatives, the cloud is increasingly seen as a way to drive innovation, enhance the customer experience, power collaboration, and ensure compliance. The shift to cloud as the de-facto environment for business will only accelerate in the years to come, and according to Gartner, 80 percent of enterprises will migrate entirely away and close their on-premises data centers by 2025*. Built entirely on Amazon Web Services (AWS), Druva is helping companies successfully enter the cloud era through radically simple data protection and management.

Druva’s cloud data protection platform is designed to empower customers to realize the full value of their data while reducing the oversight required through a radically simple user experience. The SaaS delivery model changes the data protection game by making adoption and deployment incredibly easy, at a fraction of the cost of aging, investment-heavy on-premises alternatives.

The company’s growth is driven by rapid enterprise adoption across multiple data protection use cases. Today, more than 600 customers rely on Druva to protect data center workloads, a number that has grown by 70% in a year. Over 800 customers are protecting their cloud workloads (SaaS applications and AWS workloads), a number that has almost doubled in the last 18 months. Druva now serves more than 10 percent of the Fortune 500, including companies such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.

“There is only one technology capable of keeping pace with today’s demands for rapid innovation, on-demand scalability, robust security and sheer compute power – cloud,” said Jaspreet Singh, founder and CEO, Druva. “Customers trust us to help them successfully transform their businesses through the cloud, and with our depth of workload coverage, and seamless platform, they can immediately experience substantial cost savings, continuous innovations, and enhanced security every day. As others introduce solutions in the category we have pioneered, Druva is accelerating growth, expanding data protection capabilities and cementing ourselves as the clear category leader.”

“Our decision to partner with Druva was in part driven by the company’s strong vision, and what we saw as a promising road to scalability,” said Tom Banahan, Managing Director, Tenaya Capital. “The company’s growth and major milestones crossed this year have only further validated the potential we saw in Druva. The future of business is in the cloud, and Druva is ideally situated, ready to help businesses cross that chasm with a comprehensive and mature platform. We are incredibly excited about Druva’s future and look forward to supporting them on this journey.”

“The data protection space has quickly become an incredibly crowded market, especially as cloud-based solutions continue to enter the market,” said Phil Goodwin, research director, IDC. “Druva’s strong momentum this year through product maturation, technology research and corporate expansion has positioned the company incredibly well for long term success in the market. As more businesses look for one solution to meet all their data protection needs across cloud, data center and endpoint workloads, Druva will be a strong competitor given its size, scale and offerings.”

Last month, Druva was recognized in the Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America, for the fourth consecutive year. It was also the second consecutive year Druva was the only data protection and management vendor included on the list. The company was also recognized for its best-in-class customer service organization, receiving a certified NPS score of 86 and the Northface ScoreBoard Award for Customer Satisfaction. Earlier this summer, Druva opened a new global headquarters in Sunnyvale, Calif., and a new regional office in Singapore. The executive team has added several seasoned industry leaders as well, including Thomas Been as chief marketing officer, Holly Cafiero as chief human resources officer, Jung-Kyu McCann as general counsel and Stephen Manley as chief technologist.

About Druva

Druva delivers Data Protection and Management for the cloud era. Druva Cloud Platform is built on AWS and offered as-a-Service; customers drive down costs by up to 50 percent by freeing themselves from the burden of unnecessary hardware, capacity planning, and software management. Druva is trusted worldwide by over 4,000 companies at the forefront of embracing the cloud. Druva is a privately held company headquartered in Sunnyvale, California and is funded by Sequoia Capital, Viking Global Investors, Tenaya Capital, Riverwood Capital and Nexus Partners. Visit Druva and follow us @druvainc.

*Gartner, Gartner Identifies the Top 10 Trends Impacting Infrastructure and Operations for 2019, Dec. 4, 2018.

Contacts

Jesse Caputo

Senior Manager, Public Relations

Druva, Inc.

+1.516.815.2836

jesse.caputo@druva.com

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Business Wire

Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds

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TACOMA, Wash.–(BUSINESS WIRE)–While there has been a lot of discourse around the shortage of high-skill workers in the U.S., a new study by staffing giant TrueBlue shows a significant percentage of employers are also struggling with deficits in low-skill and middle-skill workers – and dealing with a host of business challenges as a result.

According to TrueBlue’s nationwide survey, which included nearly 1,500 managers (HR, operational, and business), skills shortages are widening across skills categories:

  • 32% of managers can’t find workers to fill low-skill positions (generally classified as those that may or may not require a high school diploma and require little to no experience)
  • 46% can’t find workers for middle-skill jobs (typically require some experience and continuing education such as college courses, an apprenticeship or certification, but don’t necessarily require a four-year college degree)
  • 35% can’t find workers for high-skill jobs (typically require a four-year degree or higher and specialized experience)

Low unemployment coupled with globalization, accelerated technology advancement, and evolving work models are creating talent deficits across all skill levels within organizations,” said Patrick Beharelle, CEO of TrueBlue. “The skills supply is not keeping up with demand, which is fueling a greater intensity in an already competitive labor market and adversely impacting productivity, service quality, and revenue growth for businesses.”

Impact of Talent Shortages on Businesses

The top three business challenges managers are experiencing due to prolonged job vacancies within their organizations include:

  • Quality – More than a third of managers (35%) reported that extended job vacancies have caused lower product or service quality.
  • Turnover – 25% have seen higher employee turnover.
  • Revenue – 23% said their companies experienced a decline in revenue.

To address talent shortages and minimize associated business impact, 2 in 5 companies (41 percent) reported that they plan to raise compensation for entry-level workers and nearly half (46 percent) plan to train and hire the long-term unemployed in the coming year.

Survey Methodology

This SurveyMonkey survey was conducted online in the U.S. by TrueBlue between September 23 and October 15, 2019. It included 1,499 managers (HR, operations and general). The survey was across regions, industries, and company sizes.

About TrueBlue

TrueBlue (NYSE: TBI) is a global leader in specialized workforce solutions that help clients achieve business growth and improve productivity. In 2018, the company connected approximately 730,000 people with work. TrueBlue’s PeopleReady segment offers on-demand industrial staffing services, PeopleManagement offers contingent and productivity-based, on-site industrial staffing and driver staffing services, and PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions to a wide variety of industries. Learn more at www.trueblue.com.

Contacts

Jennifer Grasz

Vice President, Corporate Communications

jgrasz@trueblue.com
(312) 840-6327

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Law Firm of Estey & Bomberger Reports: Uber Says Nearly 6,000 Rapes, Sexual Assaults Occurred in Two-year Period

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SAN DIEGO–(BUSINESS WIRE)–The law firm of Estey & Bomberger reported today that Uber’s long-awaited sexual assault report was released Dec. 5, with the ride-hailing company admitting that 5,981* passengers and drivers were raped or sexually assaulted between 2017-2018.

“I applaud Uber for releasing the data that acknowledges there is a problem with sexual assaults occurring in rideshare. While we believe these assaults were preventable, Uber’s report represents a tremendous step for ride-hailing safety,” said Estey & Bomberger attorney Mike Bomberger. “I think there are many positive measures Uber is taking. However, Uber still has an obligation to help the victims who have been raped and assaulted and facing a lifetime of emotional pain. They will need ongoing therapy.”

Estey & Bomberger represents more than 100 ride-hailing sexual assault victims.

“It’s important to remember when reading this report that only one in three women report their sexual assault,” Bomberger said. “Therefore, the number of women who have been sexually assaulted is certainly much higher than reported here.”

Bomberger reiterated his call for all ride-hailing trips to be digitally recorded.

“We’re pleased that Uber is now testing cameras in Texas. That’s the real solution to this problem – if drivers know they’re being recorded they won’t rape and assault,” Bomberger said.

Estey & Bomberger is asking Lyft and Uber sexual assault victims, along with former employees of the ride-sharing firms, to contact its office by calling 866-964-1708 or emailing info@lyftsexualassaultlawyers.com.

*statistic courtesy NPR “Uber Received Nearly 6,000 U.S. Sexual Assault Claims in Past 2 Years,” Dec. 5, 2019.

Contacts

for Estey & Bomberger

Ed Vasquez, 408-420-6558

ed@ejvcommunications.com

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Business Wire

Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has maintained a market segment outlook of stable on the global reinsurance industry for 2020, citing a stabilized pricing environment — albeit at levels below long-term adequacy — the continuing alignment between traditional and third-party capital and ongoing stability in the global life reinsurance segment.

A new Best’s Market Segment Report, titled, “Market Segment Outlook: Global Reinsurance,” states that although rates in the non-life reinsurance market have improved modestly, pricing has not kept adequate pace with the changing risk dynamics, as illustrated by loss development from events such as hurricanes Irma and Maria and Typhoon Jebi, and potential losses from more-recent events (e.g., Hurricane Dorian). Property catastrophe pricing still is being driven by the availability of third-party capital; however, the increasing interdependence between traditional capacity and third-party capital through joint ventures, retrocession and direct ownership should serve to more closely align return objectives for the market overall. Third-party capital also represents a benefit in the form of stabilized earnings of rated balance sheets, due to tail risk being assumed by this capital.

Overall market conditions are improving, but AM Best remains concerned about insufficient rate adequacy relating to certain U.S. casualty lines, a steady decline in the benefit of favorable reserve releases and the pervasive low interest rate environment. The collective effect of these factors requires underwriting discipline, and failure to react to these pressures could adversely affect the segment.

The report outlines other factors that are driving the stable market segment outlook, including:

  • AM Best believes alternative third-party capital will hold the line on future return expectations following the recent heavy catastrophe loss years;
  • A decline in capital consumption and earnings volatility, due in part to the increased utilization of third-party capital in retrocessionaire programs;
  • Greater emphasis on underwriting discipline due to pressure on interest rates and potential slower economic growth globally;
  • Improving pricing momentum driven by higher loss costs, coupled with lower loss reserve redundancies;
  • Increased demand for non-life reinsurance due to primary companies’ recent loss experience, as well as new risk transfer opportunities and mergers and acquisitions;
  • Stable operating performance among life reinsurers, which continue to maintain defensible market positions and offer services beyond risk transfer that create hurdles for new entrants.

To access the full copy of the overall global reinsurance briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=292334.

Separate briefings on the non-life and life reinsurance segments can be viewed at:

To view a video with AM Best Associate Director Scott Mangan about the global reinsurance market segment outlook, please visit http://www.ambest.com/v.asp?v=globalreoutlook1219.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Robert DeRose
Senior Director
+1 908 439 2200, ext. 5435
robert.derose@ambest.com

Greg Carter
Managing Director
+44 20 7397 0288
greg.carter@ambest.com

Michael Porcelli, FSA
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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