SEATTLE, July 22, 2021 /PRNewswire/ -- Quantivate, a leader in governance, risk and compliance (GRC) software, today announced highlights from the first half of 2021, during which the company continued to grow revenues and expand its customer base.
"Financial institutions are increasingly choosing Quantivate to solve their governance, risk and compliance challenges," said Chief Revenue Officer Marco Bussadori. "This year, we are seeing the results of rebooting our go-to-market strategy. Improvements in retention, pipeline velocity and year-over-year bookings growth - combined with the two largest deals in the company's history - have fueled the best first half since the company's inception in 2005."
"We expanded our executive team, as well as hired and promoted staff across product development, marketing, sales and customer success. A strategic growth investment from Luminate Capital Partners, a private equity firm, allowed us to channel our efforts and funding to set Quantivate up for continued success," said CEO and Founder Andy Vanderhoff.
"It's not enough to attract new customers; smart businesses also invest in keeping existing customers," Bussadori said. "Launching our new customer success team led by Vice President of Customer Success Katie Jenkins resulted in net revenue retention in excess of 100% for the first half of 2021."
"We revamped our marketing game plan under the direction of Vice President of Marketing Robin Conner. By leveraging in-house expertise and taking advantage of tools and data, we've created an opportunity pipeline that delivers at scale," Bussadori continued. "It includes the necessary quality and volume to support our ambitious growth plans across the acquisition, retention and expansion motions of our customer lifecycle. We've seen a 40% increase in our pipeline velocity, a 100% improvement in qualified lead generation and a substantial reduction in customer acquisition cost."
Quantivate achieved 47% bookings growth year-over-year (YoY) between Jan. 1 and June 30 and 45% bookings growth YoY during the second quarter. In addition, it reported the following midyear results:
- 50% increase in banking customers
- 1,100 credit union installations
- 10% annual recurring revenue growth YoY
The company continues to roll out new product features. Issue Management is the latest application to its suite, which includes Business Continuity, Vendor Management, Enterprise Risk Management, IT Risk Management, Internal Audit, Regulatory Compliance, Policy & Document Management and Complaint Management. Quantivate's platform allows financial institutions to choose if they want to start by adopting departmentally aligned solutions then scale to full suite capability as they mature.
"Innovation is essential to our growth strategy and a primary reason banks and credit unions stay with us," Vanderhoff said. "By continuously improving the Quantivate platform, we provide our customers with modern tools to streamline their GRC approach, gain insights and accelerate their GRC maturity."
Quantivate has provided web-based governance, risk and compliance software and service solutions to organizations of all sizes since 2005. Since then, the company has grown to feature a full suite of GRC modules, including Business Continuity, Vendor Management, Enterprise Risk Management, IT Risk Management, Internal Audit, Regulatory Compliance, Policy & Document Management, Complaint Management and Issue Management. Our GRC solutions have helped thousands of companies transform the way they manage risk, improve compliance and strengthen governance. For more information visit https://www.quantivate.com
Contact: Robin Conner, Vice President of Marketing