Exasol wins additional contracts from the financial sector with 'Espresso'

Exasol wins additional contracts from the financial sector with 'Espresso'

25 Mar 2024

EXASOL AG / Key word(s): Contract/Miscellaneous
Exasol wins additional contracts from the financial sector with 'Espresso'

25.03.2024 / 09:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Exasol wins additional contracts in the financial service sector with "Espresso"

Nuremberg, March 25, 2024: Exasol AG, a global technology company and provider of a high-performance analytics database, has recorded further sales successes in the financial industry in the first quarter. The company has now extended existing contracts or concluded new contracts with a total of four additional customers from Europe and the USA. The annual recurring revenues (ARR) from this amounts to almost one million euros and shows the growing importance of the financial sector for Exasol. This segment already accounts for around 25% of ARR.

The largest share of the new contract volume is attributable to a customer from the German-speaking region (DACH), which has roughly tripled its existing contract to a mid-six-digit euro amount. As an IT service provider, the company takes over the data centers and IT operations for banks and thus provides a uniform platform for their users. This also includes the data analytics applications in which Exasol has been used as an accelerator for years. Due to the rapidly growing data pool, the company has now decided to extend the contract in order to continue offering its customers the usual performance in the future. Exasol will be deployed on the company's IT infrastructure (on-premise). The contract has a term of at least three years.

In addition, Exasol has also acquired a new customer from the banking sector via its partner sales, in this case via an IT consulting company in German-speaking countries that supports customers in optimizing their IT infrastructure. As part of a customer project, Exasol is used as an accelerator for the existing data analytics environment. Partner sales are becoming increasingly relevant for Exasol and are an important pillar for future growth.

"We are pleased that the momentum from the financial sector, as we saw at the end of last year, is continuing in the first quarter. As companies continue to grow their data volumes, our Espresso solution is playing an increasingly important role in accelerating data analytics processes," explains Jörg Tewes, CEO of Exasol. "In addition, many companies in the financial sector are facing more and more regulation regarding their data security. This is why hybrid application options, in which data can be stored both in the company's own data center and in a private cloud environment, are of great importance."

About Exasol
Exasol is the high-performance analytics database provider bringing increased productivity, cost-savings, and flexibility to redefine how businesses use data – on their own terms, without having to compromise.

Exasol helps companies transform business intelligence (BI) into better insights with Exasol Espresso, the world’s fastest, most versatile query engine that plugs into existing data stacks. With its purpose-built columnar database, Massively Parallel Processing architecture and auto-tuning capabilities, Espresso serves as an easy-to-deploy BI accelerator, working with any data tool to turbocharge complex queries and deliver insights at blazing speeds. With Exasol Espresso, organizations can turn higher volumes of data into faster, deeper, and cheaper insights.

Investor Relations Contact

Christoph Marx
Tel: +49 911 2399 114
E-Mail: ir@exasol.com

25.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language: English
Company: EXASOL AG
Neumeyerstraße 22-26
90411 Nuremberg
Internet: www.exasol.com
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1865795

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1865795  25.03.2024 CET/CEST