MayStreet slashes storage costs and streamlines operations with Wasabi

MayStreet slashes storage costs and streamlines operations with Wasabi

MayStreet, a specialist in packet capture, historical market data and market-access software for capital markets, is using Wasabi hot cloud storage for affordable, fast and reliable secondary storage.

MayStreet archives data to Wasabi to free up on-premises storage capacity and protect its business-critical data for a fraction of the price of alternative solutions. Wasabi helps MayStreet contain costs, simplify operations and free up valuable IT personnel to focus on innovation.

Business challenge: Keeping pace with rapid data growth

MayStreet maintains massive volumes of capital markets intelligence data on internal server storage in its main data centre. The company generates roughly 3 TB of new data every day. With the company’s on-premises storage approaching capacity, CTO Michael Lehr sought alternative solutions to keep pace with rapid data growth.

“We explored a number of options, including introducing a network distributed file system like Gluster in our data centre,” explains Lehr. “Ultimately we decided to introduce a cloud storage service to avoid infrastructure costs and administrative hassles.”

Solution: Wasabi Hot Cloud Storage

After evaluating a number of cloud storage options, including AWS and Google Cloud Platform, Lehr selected Wasabi hot cloud storage for the company’s secondary storage platform.

“Quite simply, it would cost us about US$250,000 a year to store a petabyte of data with AWS or Google. With Wasabi it costs about US$60,000 a year,” says Lehr. “And unlike with the other cloud services, with Wasabi there are no egress fees, which is incredibly important to us if we need to transfer data out of the cloud for any reason.”

Results: Affordable, efficient and durable storage

Wasabi serves as a cost-effective, efficient and reliable secondary storage repository. MayStreet archives historical and infrequently accessed data to Wasabi to free up on-prem storage capacity and avoid costly data centre storage expansions. In addition, the company backs up all of its data to Wasabi for Disaster Recovery.

Wasabi’s pay-as-you-grow pricing model lets MayStreet tightly align ongoing expenses with evolving capacity demands. The Wasabi solution protects and extends previous investments and helps MayStreet free up capital budget and staff for strategic initiatives.

“With Wasabi, we don’t have to worry about managing or scaling our storage infrastructure,” says Lehr. “Instead, our IT team can concentrate on developing innovative services and expanding our data collection network to support the business and improve our competitive advantage.”

Wasabi’s highly parallelised system architecture provides significantly faster read/write speeds than other cloud storage solutions. In the event of a catastrophe MayStreet can quickly retrieve backed up data from the cloud to restore services. Wasabi also provides eleven 9s (99.999999999%) of object durability, ensuring the integrity of the company’s business-critical data assets.

Thanks to Wasabi, MayStreet is able to keep skyrocketing data growth in check. The economical, infinitely scalable, on-demand storage solution lets MayStreet slash storage expenses, improve IT agility and free up resources to focus on innovation.

We spoke to MayStreet’s Brian Goldberg, SVP of Engineering, to find out more about the Wasabi solution.

Can you tell us more about the challenges you needed to overcome ahead of deciding to work with Wasabi?

We had petabyte level file archive needs and we were facing the choice of building an on-premises storage system or using cloud storage. On-premise storage would have cost a sizable amount of money but, more importantly, it would have required a lot of engineering time. 

Cloud storage would be easy, but very expensive. GCP and AWS would have cost us hundreds of thousands of dollars per year and those charges were not cost effective.

Wasabi was the best of both worlds. Cloud storage, thus not requiring us to build a storage system. And it was cost effective, 20% of the cost of AWS or GCP. Since it met both of those requirements, it was a no brainer.

When and why did you decide to start working with Wasabi?

We started in 2019. We decided to use Wasabi because of the items noted above. Plus, I knew the founders and trusted their abilities to deliver a quality service.

Wasabi’s free egress allows us to actually leverage their system. Without that, it would not be cost effective to store and retrieve archived data.

How does the Wasabi solution help your business day to day?

It allows us to archive massive amounts of data very simply. Having an unlimited amount of storage allows us to have simple workflows which keeps us productive.

What are the key benefits of using Wasabi?

Unlimited storage at cost effective pricing. Wasabi’s free egress is a key benefit.

How far has Wasabi enabled your business to scale?

Our data storage requirements are growing exponentially. We cannot build archive systems fast enough to hold all of the data we capture. Wasabi allows our storage performance to match business demands.

How do you plan to work with Wasabi going forward?

For us, it’s a continuation of our existing business processes. The only thing that is changing is our data storage levels – they’re growing exponentially, and Wasabi is keeping pace.

Can you offer any advice to other similar businesses looking for the next step in order to grow?

If you need cloud storage, save money and use Wasabi. They provide the exact same level of service as AWS or GCP at a fraction of the price. Systems that would not be profitable using the large cloud providers are doable using Wasabi.

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