15 Dec 2023
/ Key word(s): Contract/Miscellaneous
Exasol wins series of major contracts in financial services sector with Exasol Espresso
Nuremberg, Dec. 15, 2023: Exasol AG, a global technology company and provider of a high-performance analytics database, continues to significantly expand its sales with customers in the financial services sector. In the seasonally strongest fourth quarter, the company has now signed new business with a total of five financial services customers at a total value of more than EUR 3.0 million. This includes the largest single new business win in the company's history at a seven-digit Euro value with a leading German financial services provider.
Exasol has been used as a data analytics accelerator in this customer's IT environment since 2018 and, with the new contract, will now become the Group-wide standard for analytics processes. The customer's data already amounts to several hundred terabytes, with strict data security requirements typical for the financial industry. For this reason, and because of the costs expected as data volumes continue to rise, the data is stored on the customer's own servers and not in a public cloud environment. The volume of the existing usage contract has more than quadrupled with the new contract, which will run for at least two years.
In addition to this contract extension, Exasol won a leading U.S. financial services provider as a new customer. Exasol will be used at this company as an accelerator for data analytics in a public cloud environment. With the convincing concept of Exasol's database solution Espresso, the company has successfully competed against other U.S. providers in the cloud sector and now guarantees fast access to market-critical data for the customer’s sales staff. The three-year contract starts at a six-digit value.
In combination with significant business expansions at two other European and one American customer, the mentioned business wins constitute a major expansion of Exasol’s presence in the financial sector.
"The financial industry is one of our key focus sectors and these contracts are an important milestone for us. They show the business criticality of our Espresso solution in accelerating data analytics while keeping costs under control," explains Jörg Tewes, CEO of Exasol AG. "Growing data volumes and the increasing number of users are pushing existing database systems to their performance limits, which is an increasing challenge for many companies."
The outlook for the financial year remains unchanged in terms of ARR, adj. EBITDA and cash and cash equivalents. However, due to the positive business performance in the fourth quarter, ARR will be in the mid to upper range of the current forecast and thus between EUR 41 and 42 million by the end of the year.
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