EDEN PRAIRIE, Minn. -- Compellent Technologies, Inc. (NYSE Arca:CML) announced today its financial results for the third quarter ended September 30, 2007. Revenue grew 112% to $13.4 million compared with $6.3 million in the third quarter of 2006. In addition, Compellent completed its initial public offering in early October, raising approximately $85 million, including full exercise of the green shoe.
Our third quarter results demonstrate the strong end user demand for our enterprise-class network storage solutions, said Phil Soran, president and CEO of Compellent. Our triple-digit revenue growth was driven by new end users adopting virtualized storage as the foundation of their data centers and an increasing percentage of revenue from existing installations.
Revenue Growth Driven by Focus on Midsized Enterprise Storage Market
The storage market for midsize enterprises is large and growing, continued Mr. Soran. We believe that our sophisticated yet simple storage solutions meet the specific needs of this important market and looking forward, we see even greater opportunities to help end users lower their overall costs of storing, managing and protecting their data.
Other third quarter 2007 financial highlights:
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