Since enterprise data company Splunk hit the public markets trading on the Nasdaq under the ticker SPLK, its stock has skyrocketed from an initial public offering price of $17 to over $84. The nearly $12 billion tech firm provides operational intelligence software that monitors, reports and analyzes real-time machine data.
The 14-year-old company lists more than 12,000 customers in over 110 countries that use its solutions both in the cloud and on premise.
In order to deliver more out-of-the-box solutions that its customers are increasingly demanding, Splunk has found it necessary to team up with partners. A new partnership with Dell-EMC for a “Ready Systems for Splunk” has allowed the company to optimize its infrastructure for Splunk’s machine data technology.
In November, Splunk saw its shares jump nearly 15% on a fiscal Q3 earnings beat, in which the software provider also offered better-than-expected guidance for the current quarter. Adjusted earnings came in at $0.17 per share on revenue up 34% year-over-year (YOY) at $328.7 million.
In the most recent quarter, Splunk signed up more than 450 enterprise customers, a feat attributed in part to its new partnership with Dell Technologies Inc. The company continues to grow out its product suite with the addition of machine learning to its Enterprise and Cloud products, along with new event analytics capabilities in Splunk’s IT Service Intelligence product.
“We are widening our lead in the market,” said Splunk’s Chief Executive Officer Doug Merritt on the company’s most recent earnings call with analysts. He expects his firm to continue to grow to a $20 billion valuation.