last week rallied 22% after the provider of data integration software beat Q2 revenue expectations, delivering 22% growth. Subscription revenue advanced 30% in constant currency. Talend Cloud saw its twelfth quarter in a row of 100%+ growth.
There’s a developing trend of data warehouses transitioning to the cloud from on-premises environments. Cloud data lakes don’t have the challenges and delays associated with on-prem systems, making it easier to ingest and store everything from Web activity and social media commentary to IoT data. Of Talend’s 3,500+ customers, more than 1,500 are now cloud customers, representing 43% penetration. Talend added roughly 500 cloud customers since the end of 2018, indicating an uptick in cloud momentum. It’s bullish that customers that do move over to the cloud from on-prem tend to purchase a little more during the transition, according to Talend management.
Given the move to the cloud, it makes sense that companies are no longer spending as much money on their on-prem data integrations. Talend is caught in the middle of the transition. Last November, Talend acquired Stitch, provider of a self-serve cloud data integration service, for $60 million in a move to help it with new customer additions. Stitch is known for its easy-to-use service that moves data from popular sources to leading cloud data warehouse platforms.
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