Databricks is Growing 60%+ at $2.4 Billion in ARR. And Accelerating. - The Entrepreneurial Way with A.I.

Breaking

Friday, June 14, 2024

Databricks is Growing 60%+ at $2.4 Billion in ARR. And Accelerating.

#SmallBusiness

So it’s a strange world out there in SaaS and Cloud.  Many leaders in traditional B2B2B categories are struggling.  Salesforce is predicting next year will be its first year with < 10% growth.  Workday, MongoDB, UiPath and others leaders have seen substantial deceleration as well:

But AI and Cloud overall are growing faster than ever, according to the latest Gartner data.  Growing 20%+ this year alone.  And many SaaS leaders that sell to end consumers are strong as well.  Canva just announced it’s growing 40% at $2.4 Billion in ARR.

Databricks is the latest leader to buck the deceleration trend.  The other day at its annual conference it announced that not only will it cross $2.4B in ARR next month — but that it’s accelerating.  At $1.5B ARR, it was growing a still impressive 50%.  Today?  60% (!).

Per CNBC, it got even better:

  •  In the last quarter, Databricks saw 221 transactions that exceeded $1 million
  • Net revenue retention in the 2024 fiscal year, which ended in January, was higher than 140% (!!)

Many SaaS and Cloud leaders have seen their NRR fall the past 18-24 months, but not Databricks.  140% NRR at $2.4B in ARR fuels a ton of growth.

More in the CNBC piece here:

Canva and Databricks: The Two Big Potential SaaS / Cloud IPOs of 2024

 

The post Databricks is Growing 60%+ at $2.4 Billion in ARR. And Accelerating. appeared first on SaaStr.





via https://www.aiupnow.com

Jason Lemkin, Khareem Sudlow