Fueling Splunk’s Transition To The Cloud
Splunk has been transitioning its core “data-to-everything” platform and related software to the cloud, but that transition has been a lengthy, laborious process. Splunk said the $1 billion Silver Lake investment will “support the continued transformation of [Splunk’s] business.”
In the company’s fiscal 2022 first quarter ended April 1, Splunk reported that cloud revenue was $194 million, up 73 percent year over year. But that was still less than half of the company’s total revenue of $502 million in the quarter.
“We have long admired Splunk’s world-class team and technology, and we believe the company is now at an important inflection point,” Hao said in a statement.
“It has become increasingly clear that a cloud-driven transformation is critical to modernization and Splunk is ideally positioned to help organizations throughout the world manage the complexity associated with this transition. We are confident in the opportunities ahead and eager to work with [Splunk CEO Doug Merritt] and his team to support Splunk’s next phase of growth,” Hao said.