Welcome to 2015 which has started at a gallop!
As is traditional, the first part of my January blog is somewhat repetitive as I say that the previous year was yet another successful one for PleaseTech with revenue growth, new clients and some great product enhancements!
2014 delivered 25% growth in sales order value over 2013 with 36 new clients and a massive 35% growth in annual recurring revenue (ARR). Of particular note is that revenue from term license sales rose over 70% reflecting the industry trend towards renewable licenses. Maintaining the headline sales growth whilst, at the same time, boosting ARR growth is, we think, an impressive achievement.
I am a fully paid up member of the ‘turnover is vanity, profit is sanity and cash is reality’ brigade. So I’m delighted to report that we remain profitable and continue to retain a healthy cash balance. Profit gives us the ability to invest in new people and to further grow the business, which is exactly what we plan to do in 2015.
With approximately 65% of 2014 sales, the trend of Life Sciences being our largest sector continues. However, this is down from 80% last year reflecting our success in expanding into other sectors. Once again, North America is our largest market accounting for 77% of all sales. This is in line with the trend of North America averaging around 73% of sales over the last five years.
In terms of product, 2014 saw the release of PleaseReview v5.1. Key enhancements included:
- The introduction of a context-based review capability;
- Additional review workflow capabilities such as hierarchical/tiered reviews;
- Enhanced post-review reporting capabilities;
- An optional Archive feature;
- Enhancements to the review templating capability now called ‘Review Types’;
- Enhancements to the configurability of the system to facilitate its use in large corporations with disparate configuration requirements;
- A cost-center licensing capability.
These enhancements continue to establish our thought leadership in the critical business process of document review, which is exemplified by our ‘Beyond Review’ strategy. This strategy uses the metrics from the business process optimization associated with using PleaseReview, for further analysis and optimization.
We continue to have our enterprise clients at the forefront of our thinking and conversations with them both in terms of the infrastructure challenges they face and in the details of the complexities of their review requirements continue to drive our development.
Once again 2014 saw customer praise for our service and support. For example, a customer commented: “I definitely have to say that your company has raised the bar for vendor support. Nick continues to go above and beyond my expectations for support. I truly appreciate everything your team does.”
As ever we continue to develop partner relations and deliver new integrations. Last year we delivered integrations with Veeva Vault, CARA for Documentum and OKTA.
All of this was accomplished whilst, at the same time, undertaking one of the most stressful things a company can do which is the move to larger premises!
So, looking back I think we can be proud of what we achieved in 2014.
What can we expect in 2015? Well, from our perspective the answer is: more of the same. We will continue to work hard and deliver excellent software.
We expect to release PleaseReview v6.0 which will include a substantial upgrading of PleaseReview’s user interface. The idea is to borrow from the consumer web so that anyone familiar with standard consumer technologies and web applications will feel immediately ‘at home’ when reviewing a document in PleaseReview. This approach will help minimize training and will support enterprise-wide rollout and adoption for new and existing clients to increase their ROI.
Work on other integrations and partnerships is a constant theme as is expansion of the team. Already 2015 has seen two new starters!
From a personal perspective a year wouldn’t be the same without a physical challenge or two. There is early stage planning for Everest Base Camp but, for more immediate motivation, I have signed up for the South Wales Three Peaks Trial Gold walk at the end of March, which is a 20 mile walk with a total ascent of 5,000 feet. That will keep me focused for now!
If you want to follow what we are up to here at PleaseTech, do visit our website or follow our LinkedIn company page.