They may be off their peak, but shares of Talend (TLND) are still up nearly 40% since the cloud software provider priced its IPO at $18 in July. Talend CEO Mike Tuchen attributes his company's fast start to the rising demand for "clean data."
"Everyone is trying to make decisions based on data, and there is more data than there has ever been," said Tuchen. "The challenge is that the data is in a lot of different places and it needs to be cleaned up and blended together so decisions can be made on it. That's essentially a plumbing job and that is what we do."
Talend posted revenue in the third quarter of $27.4 million, a new record for the company, highlighting the demand for its integration solutions. Total revenue growth during the quarter showed a 40% increase year over year, up from 38% in the second quarter. On a constant currency basis, Talend's third-quarter subscription revenue grew 44% year over year. Revenue from Talend's cloud and big data solutions grew over 100% year over year for the seventh consecutive quarter.
"We booked our largest single deal to date with one of the largest health care providers in the world," said Tuchen. "Talend also achieved free cash flow breakeven in the quarter, which we believe demonstrates the efficiency of our financial model."
Tuchen said Talend continues to expand its client roster. Thus far, its solutions have attracted over 1,300 big name customers including Domino's Pizza (DPZ) , Air France, Aldo Shoes and Citibank (C) . Tuchen also points out that Talend continues to grow internationally, including solid growth in Asia during the third quarter.