Commvault Sys Inc - CVLT STOCK NEWS

Commvault [Nasdaq: CVLT] reported strong fiscal 2025 Q1 results, with total revenue up 13% year-over-year to $224.7 million. The company saw significant growth in key areas:

- Total ARR grew 17% to $803 million
- Subscription revenue increased 28% to $124.1 million
- Subscription ARR rose 27% to $636 million

Commvault's financial outlook for Q2 FY2025 projects total revenues between $218-222 million and subscription revenue of $120-124 million. For the full FY2025, the company expects:

- Total revenues of $915-925 million
- 15% year-over-year ARR growth
- Subscription revenue of $522-527 million
- Free cash flow of at least $200 million

Commvault, a leading provider of cyber resilience and data protection solutions, has appointed Pranay Ahlawat as its first Chief Technology and AI Officer (CTAIO). Reporting to Chief Product Officer Rajiv Kottomtharayil, Ahlawat will oversee Commvault's product vision and development lifecycle, focusing on advancing cyber resilience through modern AI technologies.

Ahlawat brings extensive experience in AI, cloud, and infrastructure software from his previous leadership roles at Boston Consulting Group (BCG). At BCG, he advised software and SaaS companies on cloud and infrastructure, led product innovation and engineering topics, and contributed to the firm's thinking on the impact of Gen AI on software development.

This appointment aims to enhance Commvault's ability to address critical security challenges faced by organizations in an era of unprecedented cyber threats and attacks.

Commvault has announced the listing of Commvault Cloud in the AWS Marketplace for the U.S. Intelligence Community (ICMP), making it available to US Government customers. This curated digital catalog from Amazon Web Services simplifies the discovery and deployment of specialized software for government clients. Commvault Cloud offers federal agencies enhanced threat identification, clean recovery, and accelerated threat response at a low TCO. It's designed for cyber resilience, meeting stringent global security standards and compliance programs.

The platform provides a single pane of glass design to help government entities secure and recover data across various workloads and infrastructures. This move expands access to Commvault's proven resiliency solutions for federal agencies, addressing critical needs with cloud-native simplicity, compliance, and comprehensive coverage.

Commvault, a leader in cyber resilience and data protection for hybrid cloud environments, announced significant leadership changes. Gary Merrill, the company's long-time executive and current CFO, will become the first Chief Commercial Officer (CCO), leading global sales and partner teams. Jennifer DiRico, formerly with Toast, will take over as CFO starting August 12. DiRico played a key role at Toast's IPO and helped the company grow its customer base to over 100,000 and ARR to over $1 billion. Merrill aims to drive Commvault's SaaS growth and expand market reach, while DiRico will focus on advancing the company's revenue growth initiatives.

Commvault (NASDAQ: CVLT) has announced the date for its first quarter fiscal year 2025 earnings release. The company will discuss its earnings results on a webcast scheduled for Tuesday, July 30, 2024, starting at 8:30 a.m. EST.

Investors can access the live webcast and replay at http://ir.commvault.com. Alternatively, the conference call can be joined by dialing (646) 968-2525 or (888) 596-4144 and referencing Event ID 9739978. Participants are encouraged to dial in fifteen minutes before the start time to avoid delays.

Commvault, in collaboration with GigaOm, released the 2024 Cyber Recovery Readiness Report, which surveyed 1,000 security and IT professionals from 11 countries to identify strategies for improving cyber resilience. The report highlights five key capabilities, termed 'resiliency markers,' that when implemented together, enable faster recovery from cyberattacks and fewer breaches. Organizations using at least four markers recovered 41% faster and had better breach prevention and cyber-readiness confidence compared to those with fewer markers. The survey revealed only 13% of companies are 'cyber mature,' and frequent testing of recovery plans is important to maintaining resilience.

Commvault has achieved FedRAMP High Authorization for its Cloud for Government SaaS data protection solutions, a certification denoting the highest level of security compliance for handling sensitive U.S. government data. This certification ensures Commvault's ability to protect controlled unclassified information (CUI) in cloud environments for government agencies and contractors.

Commvault's solutions meet stringent security standards set by the National Institute of Standards and Technology (NIST), providing advanced features like continuous cyber recovery plan testing and automated recovery to isolated, secure environments. These solutions are hosted in government cloud deployment models, compliant with U.S. federal regulations.

This achievement underscores Commvault's commitment to delivering top-tier data protection, enhancing cyber resilience, and ensuring the security of critical government data. The U.S. Department of the Treasury, along with other federal agencies, supports this milestone, acknowledging its importance in maintaining secure and reliable data protection services.

Commvault has announced its sponsorship of the MI New York cricket team for the 2024 Major League Cricket season. This partnership aims to increase the visibility of cricket in the U.S. and engage with cricket fans through various initiatives such as watch parties, contests, and clinics. The Commvault logo will be featured on jerseys, stadium signage, and across TV and social media platforms. The sponsorship also emphasizes community engagement, offering tickets to local charitable initiatives. The collaboration aims to educate a broader audience about resilience, both on and off the field.

Commvault has appointed Gareth Russell as the Field Chief Technology Officer, Security for APAC. This role aims to boost Commvault's cyber resilience services in the region. Russell, a cybersecurity expert with extensive experience in cyber strategy and risk management, will focus on enhancing cyber resilience strategies for APAC enterprises.

A recent Commvault & Tech Research Asia report highlights low cyber resiliency maturity in APAC, with 50% of organizations having a 'very immature' capability and only 4% being proactive. Cyberattacks are rampant, with over 60% of Australian and New Zealand organizations experiencing attacks in the last 12 months, but only 35% recovering all their data. Russell aims to address these challenges by improving recovery capabilities and cyber preparedness.