ENCINO, Calif., March 2, 2017 /PRNewswire/ -- Research Solutions, Inc., (OTCQB: RSSS), a pioneer in providing cloud-based solutions for scientific research, today announced that its wholly-owned subsidiary Reprints Desk surpassed the milestones of one million U.S. dollars in annual recurring revenue and more than 100 software platform deployments in the company's ongoing transformation from a service only business model to software and services. Reprints Desk's focus on acquiring new customers in the small-to-medium sized business sectors and ongoing technology development have fueled the growth of its software-as-a-service (SaaS) sales.
In 2016, Reprints Desk announced private placement funding of $5.2 million with plans to apply capital to technology development and scaling the company's sales infrastructure. The sales team has since grown nearly 40% and the technology group is on track to deliver a more robust version of the SaaS research platform in 2017.
"Achieving these milestones is a demonstration of our company's ability to execute upon our transformation strategy," said Peter Derycz, Reprints Desk's President and Chief Executive Officer. "Our focus is on continuing to satisfy both our blue-chip and substantial new customer bases as we prepare to introduce them to our upcoming innovations in research intelligence."
Corporations, academic institutions, and government organizations around the world rely on Article Galaxy for copyright-compliant access to full-text scientific, technical, and medical content when subscription access does not yet exist. As a cloud-based research intelligence platform, Article Galaxy provides one-stop shopping, data augmentation of scientific content, and lowest cost acquisition of full-text journal articles, ensuring copyright-compliant access when filtering requests against subscriptions and Open Access content.
About Research Solutions
Research Solutions, Inc. (OTCQB: RSSS) is a pioneer in cloud-based research intelligence and retrieval solutions for R&D-driven organizations. More than 70 percent of the top 25 pharmaceutical companies in the world rely on services delivered by Research Solutions' wholly owned subsidiary Reprints Desk. The company's Software-as-a-Service (SaaS) platform provides customers with on-demand access to, and augmented data from, tens of millions of scientific, medical, and technical (STM) documents, helping them to accelerate acquisition at the point of discovery, save time and money, and remain copyright-compliant. For more information, visit www.researchsolutions.com.
About Reprints Desk
Reprints Desk, Inc., a wholly owned subsidiary of Research Solutions, simplifies how organizations procure, access, manage, use, and legally share scholarly journal articles, clinical reprints, patents, and other content in medical affairs and scientific, technical, and medical (STM) research. Organizations fueled by intellectual property choose Reprints Desk because of its collaborative business approach, efficient article supply system and services, and commitment to quality post-sales support. Reprints Desk has ranked #1 in every Document Delivery Vendor Scorecard from industry analyst and advisory firm Outsell, Inc. since 2008. For more information, visit www.reprintsdesk.com.
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers and platform deployments; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. The Company assumes no obligation to update the cautionary information in this release.
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SOURCE Research Solutions, Inc.