Financial

posted on 13 August 2008 10:08

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3,000 customers can't be wrong and nor can a 110 percent revenue rise.

Privately-held iSCSI SAN software supplier LeftHand Networks has reported a 110 percent revenue rise for its second calendar quarter of 2008 compared to the year-ago quarter. As a privately-held company it isn't divulging actual numbers.

It has now sold 11,000 systems to more than 3,000 customers which is an impressive performance. The company attributes this to strong customer demand for iSCSI storage area networks (SANs) and its close integration with VMware.

Bill Chambers, LeftHand's founder and CEO, had this to say: “Achieving triple digit revenue growth and surpassing key milestones of 3,000 customers and 11,000 systems sold is gratifying and reflects the significant advantages that LeftHand Networks’ SANs deliver to the market. With an annual sales growth rate of 110 percent this year, compared with IDC’s market projection of 50 percent growth for the IP SAN market, LeftHand Networks continues to gain share and drive innovative product advancements.”

The company has increased its partner base by 70 percent plus in its fiscal 2008 year, with the world-wide number now almost at 500.

There must be a rising latent demand inside LeftHand for an IPO. As soon as economic conditions permit .....

^{[Chris Mellor.]}