Sopheon Announces Impressive Annual Growth and Achievements
PITTSBURGH, March 14, 2023 (GLOBE NEWSWIRE) -- Sopheon, the InnovationOps software company, announced highlights for 2022. The company posted strong commercial and financial performance, launched a new product family, and continued its transition to a software-as-a-service (SaaS) based business model. Sopheon enables market leaders worldwide to implement an InnovationOps approach that empowers executives, leaders and team members to predictably drive innovation and new product development in their businesses.
“It was a remarkable year for Sopheon,” said Greg Coticchia, chief executive officer of Sopheon. “We delivered impressive financial results, launched new products, expanded our customer base and integrated two acquisitions. By expanding our end-to-end capability to operationalize innovation, Sopheon has significantly expanded our addressable market, and we are well-positioned to capitalize on a variety of opportunities in 2023. Sopheon holds a prominent position as a leader in the InnovationOps market, and we’re proud of our contributions to customers as they change the world with stunning new innovations.”
Financials – Sopheon delivered strong financial performance while absorbing two acquisitions, transitioning its core business model and launching a family of new products. In a challenging market environment, earlier this year Sopheon reported overall revenues of $36.5M, comfortably exceeding market expectations on a constant currency basis. Additionally, it noted that annual recurring revenue (ARR) at the end of 2022 was up 17.5% over the previous year, and EBITDA improved to $6.9M, beating market expectations.
M&A – Sopheon made two significant acquisitions that enabled the company to fulfill the market demand for InnovationOps tools and products. The quick and successful integration of ROI Blueprints and Solverboard resulted in the freshly branded Acclaim family. These new products, Acclaim Projects, Acclaim Ideas, along with the internally developed Acclaim Products, expanded Sopheon’s total addressable market by almost $2B USD.
Customers – Sopheon experienced a 60% increase in the acquisition of new Accolade customers compared to 2021. These included landmark new accounts such as German Aerospace Centre (DLR), Nice-Pak, DAP Global, Royal Air Force and Ecke-Granini. All new customers, including two major life sciences companies, are contracted on a SaaS basis. Also, another 10% of the Accolade installed base converted from perpetual to SaaS licenses, continuing the company’s transition to a SaaS recurring revenue model. Capping off a wonderful year, the largest order in the history of the company was secured from Team Submarine, a grouping of submarine programs within the Naval Sea Systems Command (NAVSEA). Acclaim Projects also generated net new Sopheon customers, as well as being cross-sold into a number of Accolade accounts, further expanding the company’s footprint. Both Acclaim Ideas and Acclaim Products, which are available as online self-service offerings, saw strong signup activity after the launch in September 2022.
Products – Sopheon’s product development team produced a series of important release updates throughout the year as Accolade continued its move to a SaaS-based model. This cadence of regular updates is expected to continue in 2023 and beyond. A similar commitment to continual innovation is a hallmark of the Acclaim family, which make it possible for customers to conceive of, launch and grow successful products faster and at scale.
Partnerships – Sopheon and The AIM Institute, the global leader in B2B voice-of-the-customer (VOC) training and software, partnered to ensure customer insights become the cornerstone for a company’s innovation processes. Dan Adams, founder and president of The AIM Institute, noted that combining Accolade with AIM’s New Product Blueprinting helps B2B companies dramatically reduce commercial risk on the front end of innovation.
Sopheon’s innovation software offerings help organizations in five critical areas: discovery, idea management, product management, project management and innovation management. Sopheon enables the perfect combination of creativity and structure that allows companies to respond to customer needs in real time.
To learn more about how Sopheon empowers executives, leaders and team members involved with innovation and product development to embrace change, visit our website at www.sopheon.com.
To experience the power of Sopheon’s InnovationOps software, visit Accolade®, Acclaim™ Ideas, Acclaim™ Projects and Acclaim™ Products.
Sopheon (LON:SPE) empowers organizations to change the world while achieving exceptional long-term revenue growth and profitability. By operationalizing the entire innovation life cycle, Accolade® and Acclaim™ software and expertise enable innovation, product and project professionals to accomplish the full range of InnovationOps tasks to drive innovation at scale. Sopheon’s industry leadership was highlighted in the comprehensive MarketsandMarkets™ report on the Innovation Management market, in which Sopheon was listed in the “Stars” category, the highest recognition. Sopheon’s solutions have been implemented by hundreds of blue-chip customers with over 137,000 users in 50 countries. Sopheon is listed on the AIM Market of the London Stock Exchange.
Accolade® and Acclaim™ are trademarks of Sopheon plc.
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