Company doubles ARR and surpasses $1B and annualized cloud spend under management
PALO ALTO, Calif., August 3, 2022 /PRNewswire/ — Yotascale, the leading choice for cloud cost management in modern SaaS organizations, today announced the company’s strong business growth and recognition from top industry analysts this year. In 2022, Yotascale doubled its annual recurring revenue (ARR) and secured 100% of customer renewals with a 70% upsell rate, resulting in an impressive net dollar retention (NDR) rate of 180% year over year. The company welcomed new enterprise customers this year including Okta and Lime, and tripled its footprint at one of the top global video streaming providers.
With an engineering-friendly, “no-cent-left-behind” approach to cloud cost management, Yotascale now optimizes more than $1 trillion of annualized cloud spend for some of the best SaaS teams in the world, including those at Zoom, Hulu, Compass, and Klarna. This strong business momentum is fueled by the macroeconomic climate forcing companies to prioritize cost efficiency.
“Organizations are looking to rein in cloud costs as quickly as possible, and that is exactly why our approach is resonating,” he said Asim Razzaq, CEO at Yotascale. “Unlike first-generation cloud cost management products that were designed to only help finance teams analyze cloud bills, Yotascale was purpose-built to help engineering teams minimize cloud spend the moment a cost opportunity or anomaly arises. With Yotascale, engineers don’t have to wait for Finance to ask; they are given the visibility, control, and trust to act. The faster you act, the more you save.”
As former head of platform engineering at PayPal and eBay, Razzaq founded Yotascale to create a new kind of cloud cost management product, one that empowers engineers to collaborate more effectively with finance and executive teams to optimize cloud costs efficiently.
“Organizations are spending millions on cloud per year, using multiple cloud providers, not truly seeing the big picture or understanding the impact on profitability until it’s too late to course-correct,” he said Rob Strechay, Senior Analyst, Observability, Cloud, & IT/DevOps, Enterprise Strategy Group. “Yotascale is in a strong position as a cloud cost management provider to deliver the proactive observability, detailed cost attribution, and timely anomaly detection that organizations need to empower FinOps stakeholders and deliver desired business outcomes, no matter the macroeconomic climate.”
Yotascale quickly attributes public cloud costs, including multi-cloud and container costs, within the context of the business—and keeps that attribution up to date, even as the business and infrastructure changes. Organized into hierarchies, this granular, always-accurate cost attribution is what enables all cloud stakeholders—from engineering and DevOps to finance and executive teams—to view the same cloud cost data in a way that is most useful to them, for faster decision making and maximum impact on the SaaS business.
As a result, Yotascale has earned recognition in several industry analyst market reports published this year, including: the 2022 Gartner Market Guide for Cloud Management Tooling; the Now Tech: Cloud Cost Management and Optimization, Q2 2022 report from Forrester Research, Inc.; the GigaOm Radar for Evaluating Financial Operations (FinOps) Tools; and Amalgam Insights‘ Distinguished Vendors in Cloud Cost Management report. The company has also earned and maintained a High Performer position in each of the G2 Grid© for Cloud Cost Management seasonal reports published this year.
For more information about Yotascale, visit yotascale.com.
Yotascale enables dynamic cloud cost management with unmatched business insights, attribution accuracy, and time to value, helping modern SaaS organizations reduce cloud spend by up to 50%. Yotascale is the only solution that makes it easy for distributed teams to take ownership of cloud costs, with granular cost attribution in their business context, all-in-one support for multi-cloud and containers (including Kubernetes), and actionable recommendations that make optimizing cloud costs simple, efficient, and predictable. Headquartered in Palo Alto, CA, Yotascale’s global customers are industry leaders in video conferencing, entertainment, fintech, retail services, and more. Learn more at yotascale.com or follow us on Twitter and LinkedIn.