Spinnaker Support Achieves Record Results and Market Traction in 2013 Revenues increased more than 36% YTD 2013 versus YTD 2012, 63% growth in sales bookings
DENVER, Jan. 23, 2014 /PRNewswire/ -- Spinnaker Support, a global market leader for SAP, JD Edwards, and Siebel third-party maintenance, application/technical management services, and consulting, today announced a year of tremendous growth as a result of its record-breaking sales and market share gains.
For the fiscal year ending December 31, 2013, Spinnaker Support reports 36.7% increased revenue and 63.9% more sales bookings compared to the fiscal year ending December 31, 2012. Aided by its continued strong performance the company maintains its commitment to self-funded growth and financial independence, ensuring a more stable and secure investment for customers. The strong performance was further enhanced by exceptional customer renewal results, as well as the launch of its Siebel Alternative Maintenance offering. Spinnaker Support's sustained quarter-over-quarter and year-over-year growth is a direct result of its leadership position in the third-party maintenance industry. Spinnaker Support serves more than 225 Fortune 500 companies and midsize organizations located in more than 50 countries across the globe, with leading retail, manufacturing, high-tech, healthcare, and government agencies among its client base.
"2013 was a strong year for Spinnaker Support. I am exceptionally proud of the achievements that we made in 2013, especially during the fourth quarter," said Matt Stava, CEO and Managing Principal of Spinnaker Support. "We have experienced significant growth across all of our product lines and continue to push for companies to lower their annual software maintenance and support fees, saving themselves millions and experiencing increased service."
Spinnaker Support continues to dominate the JD Edwards third-party maintenance market and grew that service offering by 34.6%. The Co-Sourcing™ offering, which includes application management and technical management services, along with the consulting business, flourished during the second half of 2013. Being a full-service JD Edwards service provider allows companies at any stage of their ERP life cycle to utilize Spinnaker Support for all aspects of their business.
The launch of Spinnaker Support's Siebel maintenance and support offering in July 2013 added a new dimension to Spinnaker Support's product portfolio. Driven by customer demand, market opportunity, and significant experience in other enterprise software applications, Spinnaker Support's award-winning offering is providing support for companies that utilize the On Premise solution or have it hosted by a third party. The scope of services covers all versions from Siebel 7.5 and up. Starting with a few charter customers, Spinnaker Support has quickly gained traction within the Siebel market and is establishing alliances with companies that offer complimentary Siebel solutions.
With 18 months of SAP alternative maintenance and support under its belt, Spinnaker Support has focused on educating SAP Business Suite, SAP ECC5, SAP ECC6, mySAP™ ERP and R/3® application users about the merits and benefits of third-party maintenance. Through these efforts, the company tripled the number of contracts it had at the end 2012 and created strong pipeline for 2014. Spinnaker Support also saw a number of companies utilize its offerings as a negotiating tool against SAP. "We can corroborate the claims made by industry analysts and influencers that SAP is discounting its maintenance services," Stava stated. "There was more than one occasion when a company that we were courting came to us to say that SAP had cut them a significant deal on maintenance fees. Although this has a direct effect on our business, I am pleased to see that organizations are able to obtain better maintenance terms and make better use of their IT funds."
Additional 2013 Achievements
Spinnaker Support also:
- Appointed significant executive staff and senior sales personnel, including a VP of Sales - EMEA, and VP of Global Tax and Regulatory Compliance
- Entered the South African market and opened Cape Town operations
- Expanded tax and regulatory support services
- Formed multiple strategic alliances to support the worldwide SAP service offering
- Was nominated for UKOUG (United Kingdom Oracle User Group) Partner of the Year Award 2013 for the second year in a row
Tax and Regulatory Compliance
Throughout 2013, Spinnaker Support's Global Tax and Regulatory Compliance (GTR) team monitored a host of tax and regulatory sites, identifying more than 390 daily notices. For international clients, the GTR team monitors country updates for more than 200 political divisions and subdivisions; including country income tax and budgetary changes, treaty and rate updates, GST and VAT changes, payroll and social tax rate adjustments, and tax implications of the EU, MERCOSUR, COMESA, AFTZ, and many others. In the U.S., the GTR team monitors federal and state income tax, state payroll, unemployment insurance, sales and use tax, and new rules like the recently implemented Sunshine Act. Utilizing Spinnaker Support's customized approach, clients receive only tax, legal, and regulatory updates that are unique to their requirements.
"We will continue to focus our efforts on the SAP, Siebel, and JD Edwards software markets by making additional investments into the company," commented Stava. "Propelled by market and client demand, our 2014 initiatives will serve to create more value-added services for our prospects and customers alike."
Sales bookings are based on non-cancellable contracted revenues, not on projected future renewal transactions.
About Spinnaker Support
Spinnaker Support, a global market leader for SAP, JD Edwards, and Siebel third-party maintenance, co-sourcing, and consulting services, helps companies maximize their ERP and CRM software investments. Whether companies are planning to replace their high-cost maintenance provider or are seeking supplemental maintenance support for their ERP and CRM applications, Spinnaker Support has a solution to fit their needs. More than 225 current clients worldwide have chosen Spinnaker Support as their provider of choice. Headquartered in Denver, Colorado, Spinnaker Support services are available across the globe via offices located in Cape Town, Denver, London, Mumbai, and Singapore. To learn more about Spinnaker Support, visit www.spinnakersupport.com, call +1-877-476-0576, or follow us on Twitter and LinkedIn.
Spinnaker Support Contact: Peter Carter
SOURCE Spinnaker Support