As data warehousing and data mining move to the cloud, various software companies are developing various applications to analyze and provide visual data representation software. Tableau Software (DATA) is a software company that provides various solutions pertaining to data visualization by providing a user friendly platform. The company has grown rapidly and claims to be providing solutions to 13,500 customers spread over 100 countries.
Tableau recently declared its Q2,2013 results, which were better than expected. Let's see how they were and where Tableau is headed.
Tableau reported revenue of $49.9 million, up 71% from last year and beat the consensus estimate of $42.7 million easily.
The growth in revenue was mainly due to 1,500 new customers. Revenue from maintenance and services grew 84%, that amounting to $16.4 million in the quarter, and this signifies that customers are having more faith in Tableau's solutions and are electing to continue reaping the benefits of the software.
Software license revenue came in at $33.5 million, surpassing the estimate by $5.5 million and translating in year-over-year growth of 66%. So it is evident that the company is finding rapid growth and adoption of its solutions by clients.
Future in cloud 9
As most of the companies are enabling their software on the cloud, Tableau has also joined the race by providing the SAAS application "Tableau Online." The launch of the product in the current quarter helped it bag more clients. Since it's a SAAS application, it will contribute to the recurring revenue from software licensing for Tableau.
Tableau joined hands with 1010data for cloud-based data analytics solutions. 1010data is an industry leading provider of cloud-based analytics for big data. The synergy between 1010data and Tableau will benefit its existing and new customers with an enhanced experience on the cloud for complex analytical reporting.
Based on its current and past performance, Tableau is now aiming higher in the future. It anticipates Q3 revenue in the range of $49.5 million-$51.5 million, and that's a 57% YoY growth, ahead of the Street estimate of $47 million. The revenue for the fiscal year is anticipated in the range of $198 million-$202 million as against last year's revenue of $128 million.
With data warehousing and data mining being the need of the hour for every business house, companies like Tableau will always be needed as vendors for data visualization software. But it isn't alone in the field.
Qlik Technologies (QLIK) is also into data visualization software solutions for business intelligence and analytics platforms. The company's product, "QLIKVIEW" provides high-end analytics with an impressive dashboard. It plans to launch the new verison "QLIKVIEW 11" for which it sees solid potential in the future.
On the customer front, it has around 29,000 clients and is constantly increasing its customer base by hosting various summit programs in various cities. Its recent Q2,2013 financial report revealed revenue of $108 million, which was a 26% gain from the year-ago quarter. To expand its market in data visualization software, it recently acquired a Swedish company "NcomVA," which specializes in the domain of data visualization technology.
Qlik is also focused on exploring the healthcare segment, which is a big market for data visualization software for easy decision making in diagnostics procedures with efficient data analysis, and this should result in growth of the company.
Oracle (ORCL) also provides data visualization reporting software and its solutions have been widely accepted by various clients.
Oracle Exaltics is a hardware-software hybrid, which is a perfect platform for various data visualization and business intelligence. Oracle Exaltics is gaining popularity among various companies, which use it for business intelligence solutions. Oracle business intelligence Discover is another tool by Oracle which falls in the data visualization and reporting software category.
Oracle is also focusing on the SaaS platform and its recent quarter's results showed that revenue from software license and support grew 7%. The company has been entering into various partnerships to capture growth in cloud, such as with NetSuite and Microsoft, and this is helping its performance further.
Tableau has been on a hot streak ever since it went public in May this year with solid gains of more than 30% in just three months. Looking at the rapid growth in its customer base and recent partnership with 1010data, Tableau can perform well in the future as well.