CTERA reports record growth with USD $80m PSG investment

CTERA has announced a year of record-breaking growth driven by strategic investments and advancements in AI-powered data intelligence and hybrid cloud storage solutions.

The company, which recently secured a USD $80 million investment from PSG Equity, reported a 35% increase in annual recurring revenue (ARR) for its edge-to-cloud file services, with significant growth noted in the Asia-Pacific region at 82%. CTERA also saw a 60% increase in its government sector engagements and a doubling of customers, achieving seven-digit ARR figures.

CEO Oded Nagel commented on the firm's achievements: "2024 has been a transformational year for CTERA. Our clear vision and deep customer relationships have enabled us to maintain our leadership position in the hybrid cloud storage market, helping enterprises modernise their IT strategies while safeguarding their most valuable asset— their data. As we look ahead, with PSG Equity's investment, CTERA is poised to enable organisations to harness the potential of AI in unlocking new levels of efficiency, intelligence, and overall business impact."

In line with these developments, CTERA has launched CTERA Data Intelligence, an AI-focused service that integrates enterprise data with AI technologies. This initiative seeks to provide efficient distributed data ingestion and maintain end-to-end permission enforcement.

Liran Eshel, Chairman and Co-Founder of CTERA, underscored the importance of adapting data platforms to the new AI workflows: "Over the past year, enterprise AI has become a top priority for nearly every IT organisation. While the potential of AI is transformational, the primary challenge lies in adapting data platforms to support the new AI workflows securely and efficiently."

CTERA has also expanded its executive team to support anticipated growth, with new appointments including Cheryle Cushion as Senior Vice President of Marketing, Peter Mulvihill as Vice President of North America Sales, and Klaus Seidl as Vice President of EMEA. They have further promoted Daryl Tan to Vice President of APAC Sales, Shannon Pope to Vice President of Customer Success, and Michael Ivanov to Vice President of Product Marketing.

As part of its 2024 highlights, CTERA was recognised for its industry leadership. For the fourth consecutive year, it was named a Leader in the 2024 GigaOm Radar for Cloud-Native Globally Distributed File Systems. CTERA Insight, an enterprise tool offering end-to-end observability across distributed data environments, showcased enhanced security and storage management capabilities.

CTERA's Ransom Protect has been updated to include active data exfiltration protection techniques, further strengthening its ransomware defence strategies. Additionally, the firm integrated with Microsoft Sentinel to enhance data protection and response measures.

In 2024, CTERA received several awards, including Silver in Tech Target's Enterprise Data Storage Products of the Year and recognition in various categories by DCIG, Coldago Research, and CRN. These accolades highlight CTERA's market standing and innovation in cloud storage solutions.