Neat® Continues Growth and Profitability in 2012; Adds New Cloud and Mobile Products 2012 revenues exceed $110 Million and new stream of subscription revenue begins to flow
PHILADELPHIA, Jan. 7, 2013 /PRNewswire/ -- Neat®, a leader in Digital Filing Systems for the small business and home markets, today announced another year of strong growth including significant gains in revenue, customers and product innovation. Revenue for the year increased 57 percent year-over-year, and the company marked its third consecutive year of profitability.
Key to the company's continued leadership in the Digital Filing System category was the general availability of NeatCloud® and NeatMobile® in the third quarter of 2012. Since that time, of those customers that took the 30-day free trial of these offerings, more than 70 percent have converted to paid subscribers of the NeatCloud and NeatMobile services, introducing a healthy new stream of subscription-based recurring revenue to the company.
"The company realized a major objective in 2012 by seamlessly extending our existing offering with two products that meet the expectations of the post-PC era consumer," said Jim Foster, chief executive officer of Neat. "Looking ahead, we will continue to extend our product capabilities to rapidly expand adoption of the new cloud and mobile solutions and capture the tremendous opportunity available for cloud-based Digital Filing Systems."
Neat 2012 Highlights:
- Surpassed $110 million in revenue for calendar year 2012, growing 57% year-over-year
- Completed third consecutive year of profitability
- Realized a 30 percent growth in the customer base propelling the company over the 1.3 million customer mark
- Added complementary paid service offerings including NeatVerify®, a content editing and verification service for NeatMobile and NeatScan®, a bulk scanning service
- Secured new retail distribution agreements with Best Buy, Bed Bath and Beyond and deepened existing agreement with Staples, Office Max, Office Depot and Sam's Wholesale Club
- Opened company-owned Call Center for both sales and customer support personnel to accommodate company growth
"Neat's integrated ecosystem of hardware, software, cloud and mobile solutions is transforming how households and small businesses manage their important information," stated Kevin Garton, Neat's chief marketing officer. "Neat's growth is evidence that our promise of helping people organize, activate, access, search and share both paper and digital information is resonating."
About Digital Filing Systems
A Digital Filing System is a desktop, cloud and mobile system where important documents and information can be safely stored, organized, accessed and shared. The information can originate from analog (paper) or digital formats (PDF, JPEG, etc.) and be placed in the Digital Filing System by scanning, emailing, mobile device image capture or uploading.
Neat® is the leading manufacturer of Digital Filing Systems for the small business and home markets. Neat's unique combination of cloud, mobile, desktop software and hardware scanning solutions transform important documents into usable digital information. Neat's comprehensive Digital Filing System helps you organize, access and share both paper and digital documents simplifying everyday tasks so you have more time to do what matters. Neat's solutions consist of NeatDesk®, NeatReceipts®, NeatCloud®, NeatMobile®, NeatVerify® and NeatScan®. Learn more at www.neat.com.