May 2, 2019
DocuWare, a provider of cloud solutions for document management and workflow automation, released its 2018 Financial Results. The company achieved €46.6 million ($52.21 million) in total revenue, with continued growth in the cloud business.
DocuWare explained that its 2018 results showed consistent and substantial demand for cloud-based document management and workflow applications, with the strongest growth in new customers coming from small to mid-sized businesses.
On a worldwide basis, 2018 cloud revenues increased by 92 percent. The company added 1,700 new customers in the year, of which nearly 50 percent selected DocuWare Cloud. At the end of 2018, DocuWare had nearly 2,000 cloud customers comprising over 100,000 individual users.
Spurred by the release of DocuWare version 7, financial highlights include that the company had a cloud revenue of €7.8 million ($8.7 million), up 92 percent from the previous year, total cloud customer growth of 53 percent, total cloud users count is up 100 percent and a 95 percent customer retention rate, underscoring the long-term value of the product, according to DocuWare.
As DocuWare’s cloud customers grow, so too does the number of archived documents per customer. By the end of 2018, documents stored in the company’s cloud had increased by 124 percent, demonstrating the product’s growing appeal for small to medium sized businesses starting to use document management software.
“Our flexible cloud and cloud hybrid offerings, strong sales network of Authorized DocuWare Partners and technological innovations driven by our own knowledge and incorporating valuable customer feedback, have contributed to the positive results enjoyed by the company in 2018,” stated DocuWare co-presidents Dr. Michael Berger and Max Ertl.
The average number of users per customer grew by 37 percent globally and DocuWare subsidiaries in Europe, Middle East and Asia (EMEA) accounted for 56.2 percent of total revenue and DocuWare subsidiaries in the Americas accounted for 43.8 percent of total revenues.
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