Yugabyte, the leader in open-source distributed SQL databases, today announced that market data distribution and management solutions provider Xignite has selected YugabyteDB as its database of choice to power its cloud-native financial data distribution and management solutions. Xignite selected Yugabyte’s distributed SQL database based on YugabyteDB’s high performance, on-demand scalability, and operational ease.
“Due to the nature of our business, performance and scalability are the two most important factors we look for in a database solution,” said Dr. Qin Yu, VP of Engineering, Xignite. “Financial data is ever-changing and we need to capitalize on that data to give our customers the most accurate, real-time view of the markets. The performance and scalability of YugabyteDB allows us to provide granular data in real-time to our high-profile clientele, combined with the Yugabyte Platform, which greatly simplifies operations and management. In addition, we have come to rely on the Yugabyte as key partners, providing us with a best-in-class distributed SQL platform and support.”
Xignite provides customers with a scalable way to manage, control, and optimize real-time and reference data across traditional systems and cloud applications. It does this through its cloud-native market data platform that unifies financial data consumption and market data management—delivering clients a real-time view of market activity as a service via the cloud. However, serving financial services and fintech customers like Robinhood, SoFi, Investopedia, and BlackRock requires scaling as their data requirements change and grow, while still providing the high availability and high performance they need and expect.
“When you’re building a leading market data management platform like Xignte, data accuracy and availability are absolutely imperative,'' said Karthik Raganathan, CTO and Co-Founder, Yugabyte. “Making sure customers have always-on access to real-time and reference data in a market with high–and continuously growing–volumes, sources, and types of data puts extensive demands on the scalability and performance of a database and the teams that support it. We are thrilled to be a partner to Xignite, eliminating their database pain points and enabling the Xignite team to invest more time and money in building new features for their customers.”
As Xignite’s business grows, so does the amount and granularity of data, creating the need to quickly scale the database tier. Scaling Microsoft SQL Server on AWS with Amazon RDS was very challenging, requiring manual partitioning of data at the application layer, which was time-consuming and increased complexity. After trying MySQL and considering NoSQL solutions, Xiginite turned to Yugabyte to address its need for a database provider that could easily scale on-demand, future-proofing the company for continued growth. Yugabyte has seamlessly handled Xignite’s performance requirements for both reads and writes, and enabled the company to add capacity and scale quickly, with operational ease and no downtime.
Moving to YugabyteDB has enabled Xignite to scale to more than 11 terabytes of data, unlock new use cases that would not have been possible with the older technology stack, and achieve an overall cost savings of approximately 50% compared to SQL Server.
For further information on Xignite’s work with Yugabyte visit www.yugabyte.com/success-stories/xignite/
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global, internet-scale applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance and cloud native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail and e-commerce verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners and Dell Technologies Capital. www.yugabyte.com.