Recommind's Revenue Leaps 95% in Record-Setting 2011
Predictive Information Management Leader Grows Staff 53%, Expands Internationally
SAN FRANCISCO — JANUARY 23, 2012 — Recommind, the leader in predictive information management software, today reported its most successful year ever, with 2011 bringing the highest revenue in Recommind’s history, along with surging sales, further international expansion and a continued inflow of the industry’s top talent.
Select 2011 highlights include:
• Record revenue growth of 95% over 2010, driving total revenue to its highest level yet
• 227% year-over-year revenue growth for Recommind’s cloud-based Axcelerate On-Demand offering
• Strong profitability, with 2011 EBITDA double the company’s target for the year
• The largest deal in the company’s history, a multimillion-dollar purchase of several Information Access & Governance (IAG) products by a Fortune 100 technology leader.
Demand skyrocketed in 2011 for Predictive Coding, Recommind’s revolutionary technology and workflow, which delivers dramatically faster, more accurate and more cost-effective document reviews than competing solutions. Customer interest in Axcelerate On-Demand, already strong in the first half of 2011, jumped 228% in the second half of the year after Recommind cemented its industry lead with a key patent on Predictive Coding.
Recommind’s IAG division also flourished as numerous Fortune 500 and large professional services companies optimized their KM and SharePoint integrations with Recommind’s Decisiv Search software. The release of Decisiv Email 3.6 touched off a wave of new customer wins for Recommind’s innovative email-management software, as word spread about Decisiv Email’s new mobile capabilities and the experiences of Global 1000 and large professional services customers all over the world.
To meet growing demand for its solutions, Recommind continued to expand operations in the United States and internationally, increasing its staff 53% overall, opening a new office in Sydney, Australia and moving into larger spaces in San Francisco, London, Boston and Rheinbach, Germany. Recommind’s London office grew particularly fast, more than doubling its staff in 2011.
Recommind’s strategic hires last year included Nick Patience, the cofounder and former research manager of 451 Group and one of the most respected analysts in the information management industry. As Recommind’s director of product strategy, Patience heads up a global team charged with strategic marketing responsibilities across all Recommind products.
New customers included federal government agencies, giants of the financial services industry, global law firms and Fortune 500 companies in technology, entertainment, energy and defense.
“As we enter 2012, the preparations we made in previous years are translating into robust revenue growth across the board,” said Bob Tennant, CEO, Recommind. “Predictive Coding is sweeping the legal industry, and Predictive Information Management more generally is poised to transform many other industries as well. Organizations of all kinds are hungry for intelligent and scalable Big Data solutions that can analyze and manage the huge amounts of information they produce every day. Recommind is perfectly positioned at the intersection of search, machine learning and data management, with unique, patented technology that solves some of the most expensive problems at the world’s largest enterprises and government agencies. As the growth, diversity and complexity of corporate data accelerates, data challenges faced by enterprises will only get worse. We have the technology to handle the biggest data volumes and bend the eDiscovery cost curve like no other. We expect 2012 to be even stronger than our record-setting 2011.”
LEWIS PR for Recommind