Presidio Gains Cybersecurity, Cloud Services Revenue Momentum
Presidio continues to gain momentum in the cloud and security services markets, while demand for digital infrastructure cools off, according to Q1 2018 financial results.
Indeed, Presidio says total revenue was $765 million for Q1 2018, up 3.7 percent from Q1 2017. Net income also surged to $19.8 million, up from $5.6 million in the corresponding quarter last year.
Moreover, the IT solutions provider’s security revenues jumped 63.4 percent to $109.0 million, while cloud revenue increased 21.3 percent to $135.5 million. The cloud momentum includes a blend of hyperconverged private cloud solutions plus SaaS and IaaS offerings.
Presidio, by the way, is ranked among the world’s Top 100 MSSPs for 2017, according to MSSP Alert.
Still, the news wasn’t all good. The company’s Digital Infrastructure revenue slipped 6.9% to $520.5 million, led by a move towards multi-cloud solutions from traditional infrastructure.
Overall, Presidio was “extremely pleased” with the financial results, according to CEO Bob Cagnazzi. Over the past few years, Cagnazzi has transformed the company from a traditional IT solutions provider to more of a hybrid IT provider that offers consulting, deployment and managed services for on-premises and cloud workloads.
The earnings announcement comes one week after Presidio’s strong showing at Cisco Partner Summit 2017. During that conference, Presidio CTO Vinu Thomas described the company’s multi-cloud strategy. And ahead of the show, Thomas unveiled a Software Solutions Practice to help customers manage enterprise software licenses, cloud subscriptions and overall application life cycles.