COLORADO SPRINGS, Colo., Oct. 22, 2015 /PRNewswire/ -- Cherwell Software today announced record growth and bookings for the third quarter of fiscal year 2015, ending September 30, 2015. Market demand for Cherwell Service Management™ software and the Express Software Manager® solution drove year-over-year new bookings growth of approximately 65% in Q3, which included Cherwell's largest sale to date. Thousands of new users will be utilizing Cherwell to deliver modern service management and business enablement to their organizations.
Cherwell has been recognized in Gartner's recently published Magic Quadrant for IT Service Support Management (ITSSM) Tools1. Cherwell is positioned as the only vendor in the "Challengers" quadrant by Gartner. In addition, IDC reports Cherwell as the Problem Management vendor with the greatest growth percentage (2013-2014)2. Cherwell is proud to count enterprise customers such as Ausenco, B/E Aerospace, Curves/Jenny Craig, Banco De Amazonia, ESRI and the National Trust of Scotland among its rapidly growing and loyal Cherwell community.
"Cherwell's goal is to put customers first by listening to and meeting their needs, providing innovative products and delivering an extraordinary customer experience. With this core philosophy at the heart of everything we do, our business continues to gain momentum, which is reflected in a record-breaking third quarter," said Vance Brown, CEO and Co-founder of Cherwell. "The largest growth came from enterprise customers who are moving away from legacy ITSM solutions and embracing Cherwell's modern, metadata architecture."
Cherwell Q3 2015 Highlights
- Global bookings grew approximately 65% for Q3 compared to the same quarter last year.
- Cherwell booked its largest sale to date, demonstrating the company's continued penetration into the enterprise segment.
- Cherwell achieved a 98% customer renewal rate for the quarter, consistent with the company's 98%+ customer lifetime renewal rate.
- Over 67% of Cherwell's customers use the Cherwell Service Management platform beyond ITSM to support key business processes, specifically in areas such as human resources, facilities management, and legal resource management. As a result, Cherwell experienced larger renewals and additional user licenses/subscriptions among its installed base of customers.
1 Gartner, Magic Quadrant for IT Service Support Management Tools, August 25, 2015
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2 IDC, Worldwide Problem Management Software Market Shares, 2014: 3rd Platform Technologies and Delivery Models Drive Growth
Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those related to business momentum, the strength of our business and growth of our revenue, recurring revenue and bookings, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, market and distribute products and services that meet customer requirements, introduction of new products and business models by competitors, fluctuations in subscription renewal rates, risks associated with cyber-attacks and information security, and uncertainty in economic conditions and the financial markets.
About Cherwell Software
Cherwell Software is the developer of Cherwell Service Management™, an award-winning business technology and IT service management (ITSM) platform recognized by leading industry analysts worldwide. Express Software Manager is Cherwell's award-winning IT asset management software. Cherwell customers are part of a fast-growing, caring community using Cherwell Software to implement both ITSM solutions and business technology that goes beyond ITSM. Cherwell Software has the deepest expertise in the service management industry, including a global network of expert partners currently serving customers in more than 40 countries. Corporate headquarters are in Colorado, USA, with global offices in the United Kingdom, Germany and Australia.
SOURCE Cherwell Software