2023 was an incredible year with new products, a new partner program, Hitachi Vantara partnership that is very active, 2x new business and 30% growth in ARR plus some receiving top rankings from analysts like Coldago Research and other bloggers comments.
The product continues to evolve essentially around data services even if it's already very comprehensive. It is more and more adopted as a central modern data platform for distributed enterprises to support various workloads, user groups and associated applications across a wide variety of industries and vertical segments. It is perfectly illustrated by a new series of successes in multiple domains beating NetApp and a few other classic NAS vendors unable to deliver this level of services.
Among recent features and services, CTERA delivered Migrate, Ransomware protection, Anti-Virus and WORM Vault plus the S3/NAS common content access and Analytics. To refresh our readers, Vault offers multiple modes to protect data at the cloud folder level: WORM, WORM + Retention in 2 flavors: Enterprise and Compliance mode.
Beyond these, CTERA executive team present in Rome reserved a good surprise with a live announcement about Vault 2. It brings 3 things: legal hold, object lock and chain of custody. Legal hold offers official capability for legal entities. Object lock operates at the file level and thus is more granular than the previous iteration. The last feature is a collaboration with Hitachi Vantara, a key partner for CTERA, to provide the full report related to data migration. Vault 2 will be available in Q2.
Announced during our last visit at the CTERA Tel-Aviv HQ in 2023, the ransomware protection is a must for all enterprises and the company's flavor leverages AI to deliver a fast and reliable detection and remediation. We expect that second news next week as we've got briefed during the same session, I will cover this in a few days to respect the embargo but again CTERA.
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