DocuWare Reports Record Revenue of Euro 44 million, led by nearly 140% Cloud Growth
DocuWare announced today its full-year fiscal 2017 financial results for the period ending December 31, 2017.
“In 2017, DocuWare experienced accelerated growth and increased profitability across its entire business,” said company co-president Juergen Biffar. “Our total revenues of 44.0 million EUR were up 18% from 2016, 20% after adjusting for foreign currency effects. Overall, our Cloud revenues grew nearly 140%, while our traditional new and add-on premise license sales increased 17%. We attribute this breakthrough year to our relentless customer-centric focus, highlighted by our product’s ease of use, and excellent execution from our large and growing partner base that continues to benefit from our structured sales and enablement programs.”
Other fiscal 2017 financial highlights include:
- Total cloud revenue of 4.1 million EUR, up 139%, and total cloud bookings of 6.5 million EUR, the majority of which will be recognized in 2018 and beyond.
- Added nearly 1,800 new customers, up 44%
- Consistent with our strategy to become a “cloud-first” company, 45% of new customers selected cloud, up from 29% in the previous year.
- Total order achievement (defined as license orders and first-year maintenance plus the total contract value of cloud orders) was up 35%.
- Total deferred revenue of 19.2 million EUR, up 22% from year-end 2016.
- EBITDA margin of 12%, or 5.4 million EUR, while generating 9.7 million EUR of additional cash.
- Cash flow from operations of 10.8 million EUR, driving an increase in the company’s cash position to almost 30 million EUR.
- A 96% cloud renewal rate in 2017, proving the maturity and attractiveness of our cloud product, and demonstrating our ability to support cloud through channel partners.
DocuWare Cloud delivers the full functionality of an on-premises system and is used by companies of all sizes and industries worldwide.
Biffar continued, “DocuWare offers the right range of features at an attractive price with minimal implementation effort. The compelling economies of scale of the Azure hosting platform and relatively low operating and support costs of the cloud give us a strong competitive advantage as we continue our transition into a cloud-first company. We want to express our thanks to all employees and business partners for their continued support of DocuWare and look forward to continued market momentum in 2018.”