STAMFORD, Connecticut and LUCCA, Italy, February 11, 2016 /PRNewswire/ --
172% increase in annual recurring revenue from cloud subscriptions highlights strong 2015 performance
Tagetik, a visionary leader in global performance management software solutions, today announced its record financial results for 2015. Highlights of 2015 include:
- 22 percent growth in consolidated revenue.
- 14th consecutive year of profitability.
- 172 percent increase in annual recurring cloud revenue.
- 147 new customers from around the world. Tagetik now serves more than 850 total customers globally.
- New direct operations and offices in Japan, Singapore, Belgium, and Canada.
- Acquisition of Dutch distributor iNovasion, which established Tagetik Benelux BV.
- Doubling of North American staff and expansion of North American headquarters.
- Strong vertical industry adoption, including the acquisition of 32 new insurance companies. Currently, 265 insurance companies are using Tagetik's Solvency II solution.
- Recognized again by industry analysts as global leader in customer satisfaction, product capabilities, technology innovation, and vertical solutions.
New customers added in 2015 include: Carbonite, Nature's Way, The Rockefeller Foundation, Repsol, TeamViewer, Dolce & Gabbana, China Life Insurance, Severn Trent, PosteVita, Liu Jo and many others from around the world.
"During 2015, we made significant investments to further expand our global reach, as well as developing specialized solutions for financial services, consumer goods, retail, manufacturing, and insurance. These investments, combined with the continued recognition we receive from industry experts and analysts for product excellence, have firmly established Tagetik as a leader in the competitive corporate performance management (CPM) market," said Manuel Vellutini, Tagetik co-CEO.
"In the coming year, we'll continue our commitment to support the dual role for progressive CFOs - that of being a strategic business partner while also meeting complex and demanding regulatory requirements. And, we'll continue to do so from a single financial performance platform that provides CFOs with better visibility, reduced risk and increased confidence."
"We attribute our cloud success to our ability to deliver what we call 'the cloud without compromise'," said Marco Pierallini, Tagetik co-CEO. "We offer what we believe is the market's most robust and complete CPM solution on the cloud. This perspective is supported by consistently high capability and satisfaction ratings in analyst surveys."
According to Pierallini, Tagetik's product roadmap for 2016 includes:
- Enhanced cloud-to-cloud and cloud-to-on-premise integration to expand our support for the hybrid cloud environments operated by many businesses.
- Personalized home page and improved user experience for easier navigation, ad-hoc analysis and simple visualization.
- Packaged solutions for regulatory reporting including International Financial Reporting Standards (IFRS) 4, 9, and 15.
- Governed financial analytics and visualization with Tagetik Analytics, Qlik Sense, or Microsoft PowerBI.
- Mobility enhancements and a new Apple Watch app.
"Our customers include some of the most innovative and progressive CFOs in business," said Vellutini. "We very much look forward to partnering with these leaders to continue our track record of targeted innovation designed with the CFO in mind."
Tagetik understands the complex challenges that face the Office of Finance and translates that knowledge into intuitive, enterprise-scale performance management software solutions that drive business results. With Tagetik, companies get the simplicity of the Cloud and the power to unify financial and operational planning; shorten the consolidation and close process; immediately analyze results, model and compare full financial statement impact of business scenarios; adjust strategic plans; seamlessly update rolling forecasts; produce formatted and auditable financial statements and management reports; collaborate on business reviews, and automate disclosure and board reporting. Tagetik has built-in financial intelligence so that CFOs, finance managers, and operations executives can orchestrate multiple or all processes in one software solution. More than 850 customers across 35 countries count on Tagetik to improve efficiency, reduce risk, save money and deliver results. For more information, visit http://www.tagetik.com. We get Finance. You get results.