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Orbus Software Accelerates with 56% SaaS Platform Growth in 2023Enterprise transformation platform provider Orbus Software, today announced it has met its forecasted annual recurring revenue (ARR) target for 2023, achieving 30% year-on-year growth. The ARR of the company's flagship product and software-as-a-service (SaaS) platform OrbusInfinity grew by 56% in 2023, which is 26 times greater than its value in December 2020. This reflects the company's significant growth in the three years since SilverTree Equity invested and Orbus moved to a subscription revenue model. This key milestone enabled Orbus to hit profitability in Q3 2023, a quarter earlier than planned. The company also completed a full refinance of its debt with new provider Golub Capital in Q4 2023. Throughout 2023, Orbus maintained its net revenue retention rate of 112% from 2022 and increased cloud customer retention from 96% in 2022 to 97% in 2023. The customer base continues to expand globally and across industries. SaaS customer growth increased by 50% from 2022, with key new names including ASICS, AutoZone, and California Independent Systems Operator, and the average ARR deal value increased by 37% compared with 2022. Regulated industries continue to show the greatest demand for transformation software globally, with 31% of the new customers from the government sector. Finance, energy and utilities, and manufacturing followed closely, showing the importance of managing strategy, transformations, business processes, and regulatory requirements in a single platform. Orbus supports its users on their transformation journeys to the cloud, removing technical debt and managing their risk and resilience. Throughout 2023, the company continued to migrate customers from its on-premises solution iServer to its cloud-native platform OrbusInfinity. Among those that have migrated recently are Alaska Airlines, , Absa, Australian Red Cross, and United Parcel Service (UPS). As companies become digital by default, Gartner estimates that more than 95% of new digital workloads will be deployed on cloud-native platforms by 2025. In line with the growing use of the cloud, Orbus launched new capabilities in 2023, including its Sustainability Lens. This enables OrbusInfinity users to factor sustainability into all strategic decision-making processes. The company will launch an expanded Sustainability Management Solution in early 2024, which will be available for users to purchase as part of their OrbusInfinity package. Orbus continued to expand its global partner network. Key alliances include DaCorp, DynPro, gwi.digital, RCG Global, Unipartner, and Vasa Digital Architects. This has resulted in significant growth, with partners supporting 34% of new customer deals in 2023. Other significant milestones:
Quotes:
"We're excited to continue strengthening our commitment to a partner-first culture in 2024. We're building a community of skilled partners and we're thrilled to use this to better support our mutual customers, while providing new levels of product knowledge."
"In a world that is ever evolving, the constant is change. That's why we are proud to partner with Orbus Software, helping our mutual customers prepare for and adjust to this change for continued business success and growth. We're proud to see Orbus' growth in 2023 and look forward to building on this to help more organizations leverage the power of enterprise architecture, OrbusInfinity, and our shared expertise."
About Orbus Software
View source version on businesswire.com: https://www.businesswire.com/news/home/20240201106563/en/ |
