PLEASANTON, Calif., Sept. 8, 2011 /PRNewswire/ -- Equity Administration Solutions, Inc. (EASi), the broker-independent SaaS company with the leading stock plan management solution, reported record second quarter growth, delivering on the promise of its software as a service model to its clients, participants and investors.
Despite the economic downturn, EASi reported a 48% increase in year to date billings. Strong recurring revenues and new business combined to fuel EASi's growth. Average revenue per new client has increased 30% for the year as more Fortune 50 and Fortune 500 companies come to rely on EASi's distinctive stock plan management solutions. "Support for IFRS2, chargeback agreements and online grant communications are just a few of the capabilities that appeal to many of the country's largest companies," said Carine Schneider, EASi's CEO. EASi recently added a public company client with over 300,000 equity awards. On a GAAP basis, EASi has enjoyed a 553% increase in revenue since 2006.
EASi is capitalizing on the power of the SaaS model. "With SaaS companies of our size, once you get past $5 million in recurring billings, you've made it and we passed that milestone early this year," explained Dan Katzman, EASi's Chief Financial Officer. "With more than 700 clients, we are in a rock solid position that enables us to increase our rate of innovation and bring EASi recordkeeping, financial, tax, and managerial accounting benefits to more companies and participants worldwide."
To support its continued client growth and product enhancements, EASi has recently added four industry veterans to its employee roster. Jennifer Jolin is in the newly created position of Vice President, Client Experience, Thierry Vo became a Senior Product Manager and Christine DeLeo and Kathy Biddle have joined to fill client-facing roles in Customer Support.
Equity Administration Solutions, Inc. www.easiadmin.com is the largest independent stock plan software technology company in the world. A SaaS company, EASi set the standard in stock plan solutions with its comprehensive industrial strength platform that handles all the accounting, tax, administration, participant services and compliance needs of companies that grant equity awards. Headquartered in Pleasanton, CA, EASi serves nearly 700 companies on five continents in 18 countries with participants based in 70 countries and continues to lead the industry with second-to-none solutions in areas including FAS123R, IFRS2, Performance Awards, material modifications and WorkStream process automation. In 2010 Inc. Magazine ranked EASi 35th in the Financial Services industry segment and in the top 12% on its annual list of fastest growing private companies in America.
Contact: Amy Damianakes
SOURCE Equity Administration Solutions, Inc.