Elastic NV’s Number of Customers (2019-2023)

This statistic highlights Elastic NV’s Number of Customers, reported on a quarterly basis from Q2 2019 onwards.

Elastic NV’s Number of Customers

Elastic NV is a search engine software company that builds self-manageable SaaS offerings for search, security, observability, logging, and analytics use cases. Companies such as eBay, Wikipedia, Yelp, Tinder, Lyft, and Netflix use the Elasticsearch software of the company.

In the year 2021, the company has witnessed consistent growth in the number of customers throughout the 4 quarters. it grew from 12100 customers in Q1 2021 to 12900 customers in Q2 2021 followed by 13800 customers in Q3 2021 and finally 15000 customers for the year ending December 2021 marking a yearly growth of 24% throughout the year. The total number of customers of Elastic NV has increased over the years thanks to the rapid advancement of the company’s technology and operational growth. It grew from 12,900 customers in Q2 2021 to 17,000 customers in Q2 2022, marking a year-on-year growth of 31.78%. it also grew by 6.25% compared to 16,000 customers in Q1 2022.

In the year 2022, To date, the company has witnessed a steady growth of 6.67%. it grew from 16000 customers in Q1 2022 to 17000 customers in Q2 2022.

The company has experienced continuous growth and increased demand for what it offers. The headcount of employees and customers has grown significantly. For instance, the total number of customers has increased from over 2,800 as of April 30, 2017, to about 17,000 as of January 1, 2022. The company has been implementing the growth plans of modifying its pace of hiring, growth expansion of its business, and providing significant strain on the financial resources, operations, and management. Additionally, as the company’s clients and customers are adopting its technology for an increasing number of use cases, the company will have to support a more complicated commercial relationship.

The revenue generated by the company is primarily from the sales of subscriptions to the company’s software. It provides multiple paid subscription tiers which offer different levels of rights to use proprietary features and access to support. Elastic Cloud customers may purchase subscriptions on a month-to-month basis without any commitment, with the usage calculated for billing at the end of each month.

The company defines a customer as an entity that generated the revenue for the quarter ending according to the measurement date from an annual or month-to-month subscription. Entities that are affiliated are typically counted as a single customer. The ACV (Annual contract value) of a customer’s commitments is calculated based on the terms of that customer’s subscriptions. It represents the total committed annual subscription amount as of the date of measurement. The monthly subscriptions are not added for the calculation of the annual contract value.

Impact of COVID-19 pandemic

There has been a global slowdown in economic activities because of the pandemic. The demand for a broad variety of goods and services is likely to be decreased. Including Elastic NV’s customers, there has been a disruption in sales channels and marketing activities for a long period that has led to a decline in the customer base of the company. However, it has managed to sustain itself in the market. The full extent of the impact of the company’s financial conditions and financial operations results is still uncertain.

About the Company

Elastic NV is a Dutch-American company that is known to deliver software technology that enables users to search through a huge amount of unstructured data for a massive range of use cases. The company was founded in 2012 by Shay Banon, Steven Schuurman, Uri Boness, and Simon Willnauer and was previously known as Elasticsearch. It is headquartered in Amsterdam, Netherlands, and California, USA. The company’s common stock is listed on New York Stock Exchange (NYSE) under the ticker symbol “ESTC”.

The Business model of the company is based on a combination of paid and free proprietary software. It markets and distributes Elastic Stack (a set of software applications that store and ingest data from any source) and its solutions using an open and free distribution strategy. Users can install the software directly from the company’s website. Some features of the software can be used and downloaded without any cost. Others are available only through paid subscriptions that include access to specific proprietary features and support services.

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