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Riversand Experiences Record Growth in the Third Quarter
Company seeing tremendous success with new technology platform
By: PR Newswire
Oct. 11, 2018 09:30 AM
HOUSTON, Oct. 11, 2018 /PRNewswire-PRWeb/ -- Riversand, a Master Data Management and Product Information Management solution provider, reports phenomenal growth for the third quarter ended September 30, 2018. The company has completely transitioned to a SaaS based offering and the record growth was driven by subscription revenue. The company experienced 221% Year over Year subscription revenue growth and also realized sequential quarterly growth of 22%. This growth comes from both new customer acquisition as well as new business with existing customers that have transitioned to Riversand SaaS based technology offerings. The new customers are primarily from North America and Europe and represent key industries including automotive, retail, health care, and manufacturing.
Upen Varanasi, CEO of Riversand, said, "Riversand delivered another quarter of strong results and our transition to a SaaS company has been realized. Our rapidly growing customer base is a testament to the value of and demand for flexible and scalable MDM solutions. We are excited to welcome our new customers to the Riversand family and help them on their MDM journey in the cloud."
The company's growth validates the success of the transition from on premise software to its current SaaS based model. The first phase of becoming a SaaS company included making product and delivery changes within the organization to ensure customer success would be realized.
"Riversand has made big bets on technology innovation, cloud, customer delivery and account management to transition to a SaaS Company. We are currently making changes to our sales and marketing organizations as well as our Leadership structure to better capitalize on the tremendous potential in the market," said Varanasi.
Matt Aslett, Research Vice President of Data, AI and Analytics at 451 Research, said, "Our take is that Riversand is in the process of a rapid evolution in terms of both its profile and its product portfolio. The delivery of the Riversand Data Platform is clearly a significant step forward, and we believe its cloud-native delivery model and application-centric approach will be attractive to existing and potential customers alike as they look to incorporate the benefits of master data into their next-generation applications."
The Riversand cloud-based MDM solution serves a broad set of customers and allows them to receive the best value for today but scale over time and evolve as their requirements grow. Varanasi said, "We are expanding our role as an innovative technology partner to fulfill our customer's current and future data management needs. Today, we are a more focused and stronger company and we remain confident in our ability to continue delivering outstanding results."
SOURCE Riversand Technologies, Inc.
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