After a disappointing second fiscal quarter (Q3 2021), Commvault is doing much better with results exceeding analysts’ expectations.
Data management specialist Commvault is experiencing a positive third fiscal quarter (Q4 2021) with substantial growth in large enterprise deals and a positive outlook to 2022. Commvault CFO Brian Carolan tells ZDNet that the trend of closing larger deals continues to grow. “We’re getting more and more involved in these conversations,” he says.
“We are no longer just talking to the person in charge of IT infrastructure or the backup specialist. We are increasingly reaching out to the board of directors where the CIO or CSO makes decisions.” The number of deals worth six to seven figures in dollar value increased 24 percent year over year. Total revenue increased 8 percent year over year.
Metallic is growing fast
Commvault is growing well, but Carolan cautions that the global chip shortage and associated logistical challenges continue to play a significant role. “We learned a lot from our second fiscal quarter where a lot of deals slipped through our fingers due to the lack of hardware.”
He emphasizes that Commvault has a better handle on the situation today, but it remains a regular puzzle. “We regularly ask ourselves questions we never had to ask before. How do you work on huge transformation projects when you have hardware and network constraints on the logistics side? Our software doesn’t run on air.”
Finally, Carolan also highlights the success of Metallic, which is a major contributor to Commvault’s growth. The cloud-based backup software saw the light of day in 2019 and is growing rapidly. “Metallic is a huge growth accelerator and is in a kind of ‘hyper-growth’ today,” Carolan said. Separate numbers around Metallic Commvault is not providing for now.