Verge.io, a leader in private cloud software, today announced that it saw the second straight quarter of record quarter-over-quarter growth driven by both new customer acquisition and existing customer expansion. To further capitalize on these transformative opportunities, the company appointed Mike Wall as chairman of its board of directors.
In Q3 Verge.io closed over 3x more annual recurring revenue (ARR) than Q2, for the 2nd best quarter in company history. This continued upward trajectory is the result of existing customers increasing their deployment of the Verge-OS virtualization software and acquisition of new customers replacing their incumbent implementations due to cost, complexity, inability to scale and lack of ransomware protection. Additionally, Verge.io increased sales velocity, even closing new logos in a matter of weeks.
Verge.io also ended Q3 with the strongest pipeline in company history. Multiple transformative opportunities were added to the pipeline that would exponentially increase top line. In addition, numerous new distribution channels are under review that would dramatically increase sales velocity in 2023.
These successful results are in part due to Verge.io's recent expansion of sales and marketing efforts to educate potential customers on the company's ability to simplify the software defined data center into a single, powerful piece of software that runs on commodity hardware. These efforts, a newly launched website and a new technical wiki and online self-paced training system have earned the attention of analysts and editors.
To help continue the momentum that Verge.io is building, the company recruited Mike Wall to serve as its chairman. Wall spent 15 years at Intel, ran its storage division, then spent time at a few VC-backed early-stage ventures in the storage space. His repeated, high-multiple exits in the space further positions Verge.io to capitalize on recent growth to add market valuation.
"Coming off of a record-breaking quarter makes this is an exciting time to be a part of the Verge.io team and I look forward to helping continue the sales velocity that we've achieved," said Wall. "From increasing our market visibility to growing our pipeline of global customers to quickly closing sales opportunities, we've developed a strong foundation for success. The future is bright for further building our business and providing customers with the cost and IT simplicity that they need."
"Such strong quarter-over-quarter success shows that our efforts to provide a single piece of software that simplifies the data center process and offers a secure multitenancy for clouds is resonating in the marketplace," said Yan Ness, Verge.io CEO. "We are very pleased with the results of Q3 2022 given that we launched our website only 7 months ago and most of our sales team has only been in place for 6 months. From increased bookings with new and existing customers, expanded partnership opportunities and adding experience to our executive board, Verge.io is poised to continue its pattern of growth as we provide a better alternative to traditional legacy cloud architectures that are too complex and require too much management."
Verge-OS software delivers virtualized data centers with more compelling economics and efficiencies than competing platforms. Verge-OS abstracts compute, network, and storage from commodity servers and creates pools of raw resources that are simple to run and manage by an IT generalist. A single license replaces disparate hypervisor, network, storage, data protection, and management tools to simplify technology stacks. Secure virtual data centers based on Verge-OS include all enterprise data services like global deduplication, disaster recovery, continuous data protection, snapshots, long-distance synch, and auto-failover.
Verge.io provides a simpler way to virtualize data centers and end IT infrastructure complexity. The company's Verge OS software is the first and only fully integrated virtual cloud software stack to build, deploy and manage virtual data centers. Verge-OS delivers significant capital savings, increased operational efficiencies, reduced risk, and rapid scalability. For more information, visit www.verge.io or simply call 855-855-8300.
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