Subscription revenue fuelling 94 percent of Annual Recurring Revenue in 2020
M-Files has announced that it completed its transition to Software-as-a-Service (SaaS) in 2020, with 94 percent of its annual recurring revenue attributed to subscription-based sales.
The company's primary SaaS solution, M-Files Online, is a hybrid intelligent information management platform that allows customers to implement both cloud and on-premises solutions without having to separately purchase licenses for each. In 2020, M-Files customers and partners continued to reap the benefits of innovative licensing options that enabled M-Files Online customers to become instantly cloud-ready and able to leverage the cloud in a phased and targeted manner at their discretion.
"In 2020, M-Files completed its transition to a SaaS business and delivery model with subscription revenue fuelling 94 percent of the company's annual recurring revenue," said Antti Nivala (pictured), Founder and CEO at M-Files. "Last year, more enterprises benefited from our innovative licensing options as they increased knowledge worker productivity, enabled business continuity and reduced risk with M-Files solutions. A January 2021 Series C investment of $80 million will help us continue to drive results and further propel this exciting momentum."
M-Files added nearly 1,000 new customers in 2020 across its global footprint, providing solutions for boosting collaboration, ensuring a seamless digital experience, and driving new efficiencies in today's work-from-anywhere world. Over the last year, M-Files offered more resources to its network of resellers, service providers, developers and technology partners across its regions, signalling a commitment to strengthening and growing those key relationships.