Global master data management (MDM) solution provider Stibo Systems experienced solid growth as it recently closed another successful fiscal year.
Revenues grew 15%, from 135.29 million USD in the 2021-22 fiscal year to 155.58 million USD in the 2022-23 fiscal year.
“Despite yet another year of worldwide economic uncertainty, our revenue growth proves that trustworthy data is more of a business imperative now than ever before,” said Adrian Carr, Stibo Systems CEO. “Our customers, both newly won and longstanding, are benefiting from a 360-degree view of their data in a host of business areas, from customer experience to compliance to sustainability and ESG reporting.”
Software as a service (SaaS) is fueling growth, and all Stibo Systems’ new customers are opting for a Cloud deployment. More than 250 customers have chosen the flexibility and scalability of SaaS subscription contracts to run their master data management efforts with Stibo Systems, increasing recurring revenue participation in the business, with monthly recurring revenue growing 23% over previous fiscal year.
“Our SaaS offering is bringing in innovative new customers, and our existing customer base is increasingly eager to migrate to the Cloud, key to making our install base a big contributor to total revenue. We expect this trend to continue at least for the next couple of years, so revenue outlook is very positive,” Carr said.
The North America region continues its trend of high-speed growth, going from 36% of total revenue last fiscal year to 39%. The company will continue to invest in this region while at the same time strengthening its presence in EMEA, LATAM and APAC.
Stibo Systems’ innovation investments around core capabilities of MDM, including AI-enabled automation, are increasing the company’s competitive position, and an increase in customers moving from single to multiple data domains has been observed.
“Stibo Systems MDM platform enjoys unique competitive advantage on product data – food, apparel, electronics, etc., – and the fact that the same technology is also used to ‘master’ data across other data domains such as customer, supplier and location brings substantial benefits to customers that can maximize their return on investment (ROI) whilst also enabling more sophisticated business insights from the intersections of data across domains,” Carr said.
“We continue to set the standards in how to manage data in the Retail, Consumer Products, Manufacturing and Distribution industries, helping our customer deliver better business outcomes and a better world by working with better data,” concluded Carr.
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