Fivetran Surpasses $300M ARR, Driven by Growing AI and Data Movement Demand
September 27 2024 - 12:00PM
Business Wire
Companies like OpenAI, BlackRock, Cemex, Saks, HubSpot and
National Australia Bank rely on Fivetran to automate data movement,
providing seamless access to data for AI applications and advanced
analytics.
Fivetran, the global leader in data movement, today announced it
has surpassed $300 million in annual recurring revenue (ARR), up
from $200 million in 2023. Fivetran has consistently driven
elevated ARR growth and recently reaccelerated year-over-year gains
over the past two consecutive quarters. As the leading data
movement platform trusted by businesses from startups to Fortune
500 enterprises, Fivetran empowers organizations to move data
securely and efficiently, powering Gen AI applications, real-time
decision-making and optimized business operations.
“Our rapid growth to $300 million ARR this year shows the urgent
demand for reliable, automated data movement as businesses embrace
AI-driven decision-making,” said George Fraser, CEO of Fivetran.
“Through our global partnerships, work with industry leaders like
OpenAI, and innovative products, we’re helping organizations unlock
the full potential of their data, ensuring they can scale
efficiently while maintaining governance and control.”
AI-Driven Growth and Expanding Global Partnerships
Fivetran’s growth continues to accelerate as industries
increasingly adopt AI, solidifying its role as the preferred data
movement platform for enterprises.
Fivetran has deepened its partnership with Snowflake by
supporting Iceberg Tables, enabling customers to build fully
automated, scalable lakehouse architectures within the Snowflake AI
Data Cloud using Apache Iceberg. This integration ensures data
quality, robust governance and ease of use, optimizing data lakes
for maximum performance and value. Fivetran is also developing
Native Connectors for Snowflake, simplifying data replication via
the Snowflake Marketplace.
At the same time, Fivetran is enhancing its collaboration with
Databricks by focusing on seamless integrations with Unity Catalog
and serverless support, improving downstream data usability for
both Databricks and data lake environments. Fivetran will also
support open-source Unity Catalog for Fivetran data lake
destinations, allowing customers to register metadata with
Databricks’ Unity Catalog.
Simplifying Data Lake Management
In 2024, Fivetran achieved two major milestones. In March, the
company expanded its offering to over 600 pre-built connectors, the
largest of any data movement platform. This enables seamless
integration from a wide range of sources, including SaaS
applications, cloud or on-premises databases, ERPs, event streams,
and structured, semi-structured or unstructured data, supporting
advanced analytics and AI.
In June, Fivetran launched the Managed Data Lake Service,
automating the secure landing of clean, organized data from over
600 sources into data lakes. Using open table formats like Apache
Iceberg and Delta Lake, this service simplifies data governance by
offering the ease of a data warehouse with the flexibility and
scale of a data lake. Available on Amazon S3, Azure Data Lake
Storage and Microsoft OneLake, Fivetran automatically converts data
into query-ready formats for easier management and insight
generation.
Powering the Future of AI and Data Movement
As global AI adoption continues to rise, Fivetran leads the way
in helping organizations manage the increasing complexity of data
management, governance and compliance. From handling OpenAI's
massive data volumes to providing automated solutions for
enterprises, Fivetran continues to set the standard for
enterprise-grade data integration.
About Fivetran
Fivetran, the global leader in data movement, helps customers
use their data to power everything from AI applications and ML
models, to predictive analytics and operational workloads. The
Fivetran platform reliably and securely centralizes data from
hundreds of SaaS applications and databases into any cloud
destination — whether deployed on-premises, in the cloud or in a
hybrid environment. Thousands of global brands, including Autodesk,
Condé Nast, JetBlue and Morgan Stanley, trust Fivetran to move
their most valuable data assets to fuel analytics, drive
operational efficiencies and power innovation. For more info, visit
fivetran.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926828942/en/
Matias Cavallin 323-715-0020 matias.cavallin@fivetran.com