An Innovative Approach to Business, Coupled with Continual Product Innovation
Acumatica, a prominent provider of cloud Enterprise Resource Planning (ERP) software, has been calling itself “the world’s fastest-growing cloud ERP company” for several years now. But growth can be measured in many different ways – as an absolute or a percentage increase, measured by revenue, number of customers and/or employees, just to name a few. This opens the door to multiple competitors claiming that top spot of “fastest growing.” But as Acumatica shared some statistics at its recent Acumatica Summit 2020, it would appear that it is indeed moving away from the pack.
As a subsidiary of Swedish investment firm EQT Partners, Acumatica does not disclose revenue, but does share some numbers. License revenue from all deployment models grew 72% year over year. Acumatica signed on 1,300 in 2019, bringing the total to over 6,500. A year ago there were no user groups. Today there are nine. In 2019, 1,500 people attended the annual conference. This year, over 2,500 were in attendance at Acumatica Summit 2020, with thousands more tuning into the live stream.
Given the growing acceptance of cloud and Software as a Service (SaaS) in recent years, Mint Jutras has been expecting (hoping) to see at least one of the native cloud solution providers enter a period of explosive growth. Thus far we have been disappointed, but now Acumatica appears to be doing just that. How has Acumatica been able to achieve what others have strived but failed to do? We see several factors combining synergistically to create a perfect storm to drive growth. The common theme across all these contributing factors is Acumatica’s ability to continually innovate, not just in terms of the product, but in terms of its own business model.
Click here to read the full report where we will look at how innovation fuels growth from both of these perspectives, starting with how Acumatica does business.