Vault365, a Dublin-based back-up and disaster recovery (DR) business, expects to grow its annual recurring revenue to €10 million over the next five years.
Vault365 is a spin-out of Paradyn, an IT support business, and was founded in 2022 by Cillian McCarthy, Paul Casey, Rob Norton & Pat Downing.
The business has seven staff and expects to record annual recurring revenue of €1 million this year.
“We build best practice back-up and DR solutions for enterprise customers. It’s a local solution that ensures they can recover their data in the event of a cyber incident. It also ensures the data they recover is what they backed up to begin with,” McCarthy told the Business Post.
The business uses what’s known as the 3-2-1-1-0 rule. This involves retaining at least three copies of the data involved, storing it in two different ways, ensuring at least one copy is offsite, also ensuring that at least one copy is offline, and to have zero errors in the back-ups.
The idea for the business grew out of the work the co-founders experienced with Paradyn.
“Through Paradyn, we saw the need for a specialised company dealing with back-up and DR strategy. We did a lot of benchmarking with customers and found people had back-ups that weren’t fit for purpose. They weren’t sure that, in the event of a cyber incident, their data would still be there for them,” McCarthy said.
“Out of that we built Vault365 to bring people on a journey to get the best practice data protection in place. We used the 3-2-1-1-0 rule to bring the customers along that path.”
The decision to split Vault365 into it’s own company came about because of the different nature of the offering. Paradyn offers service provision whereas Vault365 is a product-oriented business, selling through channel partners.
“We have three partners in Ireland and two in the UK to resell the product. The growth has been much better than we expected. We’re having high level discussions with government sector organisations and enterprise customers,” McCarthy said.
“We only started the business 18 months ago and we’ve moved the business to a point where we expect €1 million in annual recurring revenue and we’ve taken on three new staff this year alone.”
McCarthy has firm plans on where he wants to bring the company. He said Vault365 is confident of particularly strong growth in the UK market, which should rapidly accelerate revenue.
“In the next 12 months we hope to double revenue. Over the next five years, we aim to get to €10 million annual recurring revenue. The plan is to add two more staff by the end of the year. Over the next five years, we expect 20 to 25 people working in the business.”
