3 November 2016
STAMFORD, Conn. and LUCCA, Italy
Tagetik Closed Third Quarter 2016 With Record Growth in Cloud Revenue; 85% of North American New Customers Chose to Implement on the Cloud
Company continued profitability streak; recognized by major research firm for modern financial disclosure and compliance reporting required by complex businesses
Tagetik, a leader in global performance management software solutions, announced that its third quarter for 2016 saw a 134% increase in cloud-based annual recurring revenue (YoY). Globally, 45% of new customers acquired in Q3 2016 chose Tagetik’s cloud-based solutions; in North America, 85% of new Q3 customers chose to implement in the cloud.
“Tagetik Cloud fits in with our end-to-end cloud tech stack and our philosophy of using scalable, cloud-based services. We are a fast-growing technology startup and need our systems to scale without having to maintain on-premise infrastructure,” said Teddy Collins, manager of financial operations for SeatGeek, the creator of a mobile-focused platform that enables fans to buy and sell tickets for sports, concert, and theater events and a new Tagetik customer.
The quarter results also continued Tagetik’s profitability streak, with the North American and DACH regions exceeding revenue projections. Tagetik’s direct operation in Benelux further confirmed its leadership position in the insurance market. In all, the company acquired 42 new customers during the quarter, including Continental Grain Company, Colas, Endurance Services, Aludium, Mundipharma Australia, Falken Tire Corporation, and RBC Bearing Company of America.
In early October, Tagetik was positioned as a leader, the highest of four categories, in The Forrester Wave™: Enterprise Performance Management, Q4 2016. According to the research report, “Tagetik is best suited for multinational enterprises with complex planning, financial consolidation, and compliance reporting needs. It is also a good choice for SAP ERP customers based on its ability to run on SAP HANA.”
“The fact that a significant majority of new North American customers have chosen to implement our cloud solution demonstrates our ability to successfully compete against the 'pure-cloud' corporate performance management vendors,” said Manuel Vellutini, co-CEO of Tagetik. “All signs point to a stellar 2016 for Tagetik, with an expected global growth of at least 25%.”
“The growth in cloud adoption we’ve seen reflects the continued increase in cloud-related spending reported by IDC, Gartner, and other research firms,” said Marco Pierallini, co-CEO of Tagetik. “And for those companies who are not yet ready for the cloud, the fact that we offer customers a deployment choice – on the cloud or on premise with no compromise in functionality -- makes us a safe choice. These customers know they can migrate to the cloud at any time without disrupting their financial processes.”
In other third-quarter news, Tagetik hosted its first “Tagetik Insurance Day” conference, September 8 – 9. More than 150 finance executives representing insurance providers in six European countries met to discuss new and upcoming regulatory requirements and reporting changes and the role of technology in meeting these and other disruptive forces that will impact the Office of Finance. Also in September, Tagetik opened a new office in Brussels, a major insurance and financial services center, to support the complex financial requirements and operations of companies throughout Belgium and Luxembourg.
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