Deem Announces Record Quarterly Bookings Growth
Cloud Commerce Network Sees Record Growth in Bookings, Direct Customer Wins and Cross-sells.
Announces Next-generation Cloud and Mobile Network for $10 Billion Chauffeured Transportation Opportunity.
SAN FRANCISCO, Oct. 2, 2015 /PRNewswire/ -- Deem, the leading Commerce-as-a-Service (CaaS) company, today announced record Q3 bookings growth – in annual recurring revenue and annual transaction revenue - with more new business in the quarter than the prior four quarters combined. Year-over-year quarterly highlights include 1,500% bookings growth, 2,500% direct customer deal growth and an increase of 62% in annual contract values. In addition, customer acquisition costs dropped by 91%. As compared to Q2 2015, bookings increased 180%, direct customer deals increased 530% and customer acquisition costs dropped 65%.
Deem's growth is being fueled by continued innovation and the adoption of new applications within its customer base. Deem's revenue opportunity within its existing base of more than 34,000 customers is estimated at $500 million annually. During the quarter, 96% of the company's direct sales wins were cross-sells into this base.
$10 Billion Market Opportunity. Next-generation Cloud and Mobile Car Service for Business Travelers and Premium Consumers. Ground Breaking Partnerships in Chauffeured Transportation Industry.
In Q3 Deem announced its next-generation Cloud and Mobile Car Service Network which will allow Deem to lead a $10 billion combined advanced reservation and on-demand market for business travelers and premium consumers and their families. Deem's new service, which is being launched in partnership with the existing chauffeured transportation market, combines the best of "on-demand" and "ride hailing" apps and Transportation Network Company (TNC) business models, without any of their attendant liabilities and challenges.
"Since we announced our intention to build a next generation cloud and mobile platform for the chauffeured transportation industry we have been thrilled with the response from the operator and driver community," said Patrick Grady, Founder and CEO of Deem. "Building on more than a decade of experience in travel and ground transportation, we are perfectly positioned to help operators to grow their businesses and increase customer loyalty, and provide business travelers and consumers with a new, easy-to-use application for booking the world-class service they enjoy from the chauffeured transportation industry."
On July 28th 2015, Deem announced a groundbreaking strategic alliance with the National Limousine Association (NLA) which represents over 2,000 operators, 100,000 vehicles and nearly 400,000 employees globally. Since then, Deem has seen incredible enthusiasm and adoption within the chauffeured transportation industry. In the two months since its announcement, more than 60 leading operators including global leaders such as Carey International, Music Express, Pure Luxury, EmpireCLS, Flyte Tyme and Arrow Limousine, amongst others, have joined. Deem will be rolling out the first phase of Car Service Cloud and Mobile featuring advanced reservations capabilities from mobile in Q4.
"Deem is the clear choice for this industry, enabling us to leverage its proven cloud and mobile commerce capabilities, corporate travel and ground expertise and significant intellectual property in ground and mobile GPS technologies. With this partnership we can accelerate our growth, significantly expand our market opportunity and deliver the consumer experience our customers are demanding, while allowing us to invest more in our fleets, people and world-class service," said David Seelinger, CEO of EmpireCLS.
About Deem
Deem is a leading Commerce-as-a-Service (CaaS) company that connects a large and diverse ecosystem of more than 34,000 customers, 100,000 merchants, 11 million unique products and services and 40 channel partners across a one-of-a-kind business commerce network, enabling them to lower costs, increase revenue and deepen customer loyalty. Deem is backed by leading mutual fund and private equity investors. For more Information visit www.deem.com.
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SOURCE Deem
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