The digital age continues to evolve. In the era of cloud computing, today’s cutting-edge technologies are just as likely to be found in cyberspace as on a piece of hardware. This innovative company is in the vanguard of the next digital revolution.

Before the advent of cloud computing, running software on a personal computer required users to install the software package and its licenses—a costly and often time-consuming process. But the next digital revolution is underway. With cloud computing, users can access programs and files from any Internet-enabled device in any corner of the globe, and NetApp (NSDQ: NTAP) is at the forefront of this trend.

The Sunnyvale, Calif.-based company is a leading provider of network-attached storage (NAS) services that help enterprises store, manage and protect their data. NetApp’s NAS systems allow companies to boost the productivity of their networks at a lower cost and with greater scalability. NetApp also provides disaster recovery and security services. Its midrange storage systems are aimed at meeting the needs of small- and medium-sized enterprises.

In the firm’s 2011 fiscal year ended April 29, NetApp’s net income rose to $673.1 million from $400.4 million the previous year. Earnings per share (EPS) rose to $1.87 from $1.18 while margins increased to 12.7 percent from 10.2 percent. NetApp’s revenue jumped 30 percent to $5.12 billion on the back of strong demand for its storage efficiency and data management solutions, including the net products launched in the 2010 calendar year.

NetApp generates significant sales from new and existing customers. Revenue from new customers grew by 41 percent in 2011 to $3.3 billion. Meanwhile, revenue from service fees rose 19 percent to just more than $1 billion.

This business model has helped the company make significant gains in market share. In the 2010 calendar year, NetApp’s market share increased to 18 percent from 11.5 percent, putting NetApp in the No. 2 position in the NAS market, behind industry leader EMC (NYSE: EMC). The release of ONTAP8.1—an upgrade of the company’s’ signature software—will further narrow the gap between NetApp and EMC.

The company has also forged ahead with key acquisitions. NetApp in March purchases Engenio—which specializes in external bandwidth-intensive storage—from LSI Corp (NYSE: LSI) for $480 million, in a bid to expand its offerings to external storage systems.

NetApp has beaten consensus earnings estimates each of the past seven quarters and grown EPS by an annual average of 17 percent for the past five years. Analysts expect NetApp’s EPS to rise 15 percent annually for the next three years, though reduced government spending may curb the rate of growth.

In a recent conference call with analysts, NetApp forecast fiscal 2012 revenue of $6.6 billion to $6.9 billion. Internal revenue growth will remain at about 20 percent, with an additional 10 percent growth driven by the Engenio acquisition.