Data Storage Corporation Provides 2021 Year-End Business Update
13 Januar 2022 - 2:30PM
Data Storage Corporation (Nasdaq: DTST) (“DSC” and
the “Company”), a provider of diverse business continuity,
disaster-recovery-as-a-service (DRaaS) protection, IBM Power
infrastructure-as-a-service (IaaS), cyber-security and data
analytics solutions, today provided a 2021 year-end business
update.
2021 Achievements:
- Commenced trading on the Nasdaq Capital Market
- Completed merger with Flagship Solutions, LLC, a leading
provider of IBM solutions, managed services and cloud solutions
worldwide
- Opened the Canadian marketplace by placing IBM equipment in two
Tier 2 data centers for IaaS and disaster recovery
- Entered a managed services model partnership with Precisely, a
global leader in data integrity software
- Announced several significant appointments to senior
management
- With Flagship acquisition and new hires, grew headcount from 29
to 60 increasing headcount by over 100%
- Grew subscription and recurring revenue by 57% for the first
nine months of 2021
- Maintaining a 94% renewal rate on existing long term client
contracts
- $17m total contract value sales proposals
- $16m+ in remaining contract value
- Tier 3 data centers in the USA and Canada
- Concluded 2021 with a multi-million dollar contract with one of
the nation’s most recognized professional sports teams
Chuck Piluso, CEO of Data Storage Corporation,
commented, “2021 was a monumental year for Data Storage Corporation
that has laid the foundation for meaningful growth for years to
come, both operationally and financially. Notably, we completed the
merger with Flagship Solutions that significantly expanded our
services and quickly proved to be highly synergistic with our
existing IBM operations, ultimately positioning us as a leading,
one-stop provider for multi-cloud IT solutions.
We have already identified numerous
cross-selling opportunities, allowing us to realize solid revenue
growth since completion of the merger. Moreover, we anticipate
continued growth and additional opportunities within this market as
the IBM on-premise server market has only begun to transition to
the cloud in the last few years. Specifically, of the one million
plus virtual IBM Power servers, only 15% have begun the migration
to the cloud. We believe this represents a multi-billion-dollar
global addressable market and we are ideally positioned to
capitalize on this trend.”
“Additionally, we continue to execute on our
business growth strategy by expanding our offerings, which have
provided new and valuable opportunities—much like our partnership
with Precisely, a global leader in data integrity and cyber
security software solutions. The addition of Precisely’s expanded
solutions within a cloud environment has allowed us to offer an
even more robust and full-featured offering that addresses the most
common IT security exposure issues, including ransomware. These
solutions have become increasingly important as more and more
organizations are migrating to the cloud and are in need of
critical security features that protect information, data privacy,
and adhere to compliance standards.”
“We also entered into a partnership with
Able-One, filling a vital need for cloud services in Canada among
businesses that run IBM Power systems on IBM i, AIX and Linux
operating systems. This partnership begins to open up new markets
in Canada and added two new Tier 3 enterprise-level data centers,
while expanding the DSC’s North American footprint. To date, we
have completed meaningful acquisitions and entered into strategic
partnerships that provide us more inclusive features and services
for our clients, demonstrating our commitment to offering customers
the most cutting-edge and comprehensive technologies.”
“As a result of our strategic initiatives in
2021, DSC has a remaining contract value on subscription services
alone of greater than $16 million with a 94% contract renewal rate
and over $17 million in total outstanding contract proposals—a
historic high for our company. We continue to see an uptick in
interest in our solutions and a desire from the user community to
find out how to migrate their IBM systems to the cloud, as well as
layer additional cloud infrastructure solutions such as disaster
recovery, cyber security and data analytics. We have a strong
balance sheet with approximately $12.9 million of cash and cash
equivalents as of September 30, 2021, enabling us to execute on our
growth strategy, as well as explore opportunistic acquisitions that
would further enhance our offering. Overall, we are proud to report
that the activities we undertook throughout the year have proven
successful, resulting in more than 400 customers, 16 new channel
partners, and a growing employee base, including a number of key
senior appointments in 2021. We believe with the meaningful
progress achieved, we are well positioned for significant growth in
2022 and beyond given our established and scalable global business
model that we believe will sustain Data Storage as a leader in the
industry for years to come,” concluded Chuck Piluso.
About Data Storage
Corporation
The Company delivers and supports a broad range
of premium technology solutions focusing on IaaS, data storage
protection and IT management. Clients look to Data Storage to
ensure disaster recovery, business continuity, enhance security,
and to meet increasing industry, state and federal regulations. The
Company markets to businesses, government, education and the
healthcare industry by leveraging leading technologies. Through its
business units, the Company provides IaaS, SaaS, DRaaS, VoIP, cyber
security, data analytics, IBM Power systems and storage hardware
with managed IT services. For more information, please visit
http://www.DataStorageCorp.com.
Safe Harbor Provision
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, that are intended to be covered by
the safe harbor created thereby. Forward-looking statements are
subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Statements preceded by, followed by or
that otherwise include the words “believes,” “expects,”
“anticipates,” “intends,” “projects,” “estimates,” “plans” and
similar expressions or future or conditional verbs such as “will,”
“should,” “would,” “may” and “could” are generally forward-looking
in nature and not historical facts, although not all
forward-looking statements include the foregoing. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can provide no
assurance that such expectations will prove to have been correct.
These risks should not be construed as exhaustive and should be
read together with the other cautionary statements included in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020, subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K filed with the Securities and Exchange
Commission. Any forward-looking statement speaks only as of the
date on which it was initially made. Except as required by law, the
Company assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances or otherwise.
Contact:Crescendo Communications,
LLC212-671-1020DTST@crescendo-ir.com
SOURCE: Data Storage Corporation
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