How is Wasabi’s business doing?
We tripled in revenue and the amount of storage and everything else this year, the same as we have for the last three years. So it looks like a sort of a triple-every-year kind of growth path. It can’t go on forever, but right now we’re just struggling to keep up with demand. And one of the reasons I wanted to raise this money was because people seem to want Wasabi everywhere. They want Wasabi data centers closer to them. They want Wasabi data centers in places like the U.K. because now with Brexit they can’t send their data to Amsterdam. People want us in the Middle East. They want us in India. They want us in Australia. They want us in Singapore. We’re just about to build a second data center in Japan. They want us to Korea. You want to strike while the iron’s hot before somebody else comes in and fills the vacuum.
What’s driving that growth?
Just unlimited amounts of data that needs to be stored. Everything from genomics to satellites to police body cams to TV shows, feature-length films, surveillance, it’s all over the map. Backups. We do a huge amount of backups. Everybody’s looking to find a way to store their backups in the cloud. We’re just good, high-quality, inexpensive cloud storage. There just seems to be an unlimited demand for it.
Most of Wasabi’s business comes from working with data protection vendors who use Wasabi on the backend, right?
We have about 350 technology alliance partners and probably, I don’t know, maybe 30 or so of those are in the backup business, like Veeam, Rubrik, MSP360, just a few that pop to mind. And when they sell backup software to somebody the customer has to figure out where they want to store the backups. In the old days, the solution was to buy an EMC box or a NetApp box or something like that. And now the channel partners who sell these products are saying that [clients are] better off storing that data in the cloud, and so they will sell Veeam backup software plus Wasabi cloud storage as a place to store the backups. So that’s pretty common. Those sorts of things happen every day. And we have I’m sure more than 1,000 channel partners in common with Veeam, for example.