For the company's fiscal year ending in December 2015, core recurring revenue (subscription revenue) increased by 54 percent compared with revenue for the full year ended December 31, 2014 -- a significant increase over its 2014's 30 percent growth rate. Core recurring revenue now makes up over 85 percent of total revenue, an increase from 76 percent in 2014.
Also in 2015, WorkWave added more than 2,400 new cloud customers, over 14,000 cloud users, as well as an additional 80 employees.
In addition to its noteworthy financial performance, WorkWave added several new products to its platform and received numerous accolades in 2015:
- Re-branded Marathon Data Systems as WorkWave to better reflect the company's value proposition and market offerings.
- Launched WorkWave Route Manager, its next-generation route planning solution that allows planners and dispatchers to plan, track and analyze routes from a unified platform.
- Completed two strategic acquisitions, RefGo and ContactUs, which added key marketing functionality in the areas of reviews, marketing automation and lead management to the WorkWave platform.
- Launched WorkWave Service, its next generation field-service management platform, initially focused on providing a powerful and intuitive cloud solution for landscaping, pest control and cleaning companies.
- Enhanced PestPac, its market-leading cloud solution for pest control companies, launched an initiative to open access to PestPac via an API platform, as well as integrated online customer reviews and GPS modules.
- Strengthened its leadership team by promoting Shawn Cantor to chief operating officer and adding Mike Profit, vice president of product management, and Bill Fahrbach, senior vice president of finance, to its senior management team.
- Garnered a host of industry and business awards, including the SmartCEO Future 50, Corporate Culture and Circle of Excellence Awards, as well as the Best in Biz Best Places to Work.
"Our focus on identifying and solving key customer pain points in each of our end markets continues to be rewarded, resulting in strong growth and an ever expanding set of solutions delivered through the WorkWave platform," said Chris Sullens, CEO and president of WorkWave. "By continuing to invest heavily in people, product and process, we expect 2016 to expand on our trend of strong, profitable growth."
Visit www.workwave.com for more information about WorkWave.
WorkWave is a fast growing leader in field service and "last mile" delivery software – a $45+ billion market worldwide. The company connects all aspects of its clients' business through its tightly integrated, mobile-first suite of software solutions, which include PestPac, WorkWave Service, ServiceCEO, WorkWave Fleet, WorkWave GPS, WorkWave Marketing and ContactUs. WorkWave's solutions provide its 9,000+ clients with an unprecedented level of business insight and information, enabling them to increase revenue per employee and provide a five-star customer experience. Founded in 1984, WorkWave has been recognized with multiple awards for its outstanding growth and culture, including the Inc. 5000, SmartCEO Future 50, and Best Places to Work in New Jersey. For more information, visit www.workwave.com.
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