Pure Storage (PSTG - Free Report) recently unveiled flash and cloud based ObjectEngine solution. The latest backup and restore storage solution is designed to enable customers to modernize data protection strategy.
ObjectEngine consolidates on-premise and cloud storage to provide recovery and backup in a secure data platform by utilizing robust cloud-based technologies of StorReduce.
Further, the new solution adopts “flash-to-flash-to-cloud" methodology over legacy "disk-to-disk-to-tape" process, which bodes well. The enhanced approach is aimed at doing away with data inaccessibility and slower backup processes.
Additionally, ObjectEngine users can access the required data in real time in a faster, secure and cost-effective manner.
Notably, the acquisition of StorReduce is further anticipated to strengthen Pure Storage’s object storage portfolio and also bolster the public cloud integrations. The company expects to better manage unstructured data across multi-cloud environments with the buyout.
Features & Availability
The latest solution is announced in two variants, namely, ObjectEngine//A & ObjectEngine//Cloud.
Pure Storage’s recent buyout of StorReduce is enabling the company to provide enterprises with purpose-built backup appliances (“PBBA”).
ObjectEngine//A offers 15 terabyte/hour (TB/HR) of restore performance and 25 TB/HR of backup performance, by leveraging StorReduce’s de-duplication technology. Per the company’s estimates, it lowers bandwidth and storage expenses by approximately 97%.
ObjectEngine//Cloud is a scalable, durable and secure cloud-based platform offering around 100 petabyte (PB) storage and approximately 100 TB/HR performance. Notably, the Object Fabric of the solution provides 11 nines of durability in the cloud and enhances data portability.
Pure Storage anticipates ObjectEngine to be available in the first half of 2019.
What Investors Should Know?
Notably, shares of Pure Storage have returned 14% in the past three months, substantially outperforming the industry’s rally of 5%. The outperformance can be attributed to robust adoption, and partnerships and collaborations that aid product innovation.
The company is making persistent efforts to ensure its products deliver high-quality storage solutions across all emerging data-driven technologies. Growing clout of hybrid cloud solutions and increasing enterprise mobility favor prospects of the new cloud-based storage solution.
We believe Pure Storage’s focus on providing a hybrid storage architecture which eliminates the rigidity of choosing either on-premise or cloud infrastructure, favors growth prospects in the longer haul.
Notably, per MarketsandMarkets data, the cloud storage market is envisioned to reach $88.91 billion by 2022 from $30.7 billion valued in 2017 at a CAGR of 23.7%.
We believe the expansion of the company’s product portfolio bodes well for the top line. In fact, in the recent past, Pure Storage introduced a suite of new cloud offering which runs on Amazon’s (AMZN - Free Report) Amazon Web Services ("AWS").
Furthermore, with the strengthened portfolio, we expect Pure Storage to compete better in the market against its peers including the likes of NetApp (NTAP - Free Report) .
Zacks Rank & Another Stock to Consider
Pure Storage sports a Zacks Rank #1 (Strong Buy).
Benefitfocus, Inc. (BNFT - Free Report) is another stock worth considering in the broader technology sector. It flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Benefitfocus is currently pegged at 25%.
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