Configit Strengthens Momentum with Fourth Consecutive Year of Double-Digit ARR Growth
2023 Capped by Customer Growth, Key Leadership Appointments and Strategic Partnerships
COPENHAGEN, Denmark, April 11, 2024 /PRNewswire/ -- Configit, the global leader in Configuration Lifecycle Management (CLM), today announced strong momentum heading into 2024. Backed by Polaris Equity, Configit continues to solidify its leadership position for discrete manufacturers, with new product innovations, partnerships and a strengthened leadership bench.
Financial highlights for the past year include:
- An average compound annual growth of almost 30% over the last four years in Annual Recurring Revenue (ARR).
- New subscription/SaaS business model implemented has secured a substantial part of next year's revenues. Together with Configit's normal level of consulting business more than 90% of 2024's revenue can be considered secured at the start of the year.
- Expect to be Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) cash positive in 2024 as projected.
Bolstered leadership bench with key appointments:
- Hired Damantha Boteju as chief product and technology officer, to drive the company's product development strategy.
- Brought on Max Mirbaz as vice president of global partner business, with a focus on developing and enhancing global partnerships, driving strategic growth initiatives and strengthening the company's market presence. Max previously played a pivotal role in the successful North American partnership between KETIV Technologies and Tacton.
In 2023, Configit expanded its flagship product, Configit Ace, with a cloud offering to empower manufacturers and service providers to regain control with a scalable, reliable enterprise-grade platform that provides a shared source of truth on product configuration information. The solution is now available through the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. This availability enables customers to leverage the Microsoft validated SaaS solution on the Azure cloud platform for streamlined deployment and management.
Other product highlights:
- Achieved Unity Verified Solution status, with a codeveloped connector between Configit Ace and Unity Forma to provide manufacturers with best-in-class configuration and 3D visualization technology.
- Released Configit Ace BOM Solve API to help manufacturers rapidly generate a Bill of Materials (BOM) for a configurable product by leveraging product models.
Allan Bach Pedersen, partner, Polaris Private Equity, said: "Complexity is the enemy of efficiency, and Configit is on the right track to provide a solution to complex product configurations. Configit's achievements underscore the strength of its leadership, commitment to excellence and the significant value it provides to its customers. We look forward to the company's continued success in the market."
Johan Salenstedt, CEO, Configit, said: "Configit's commitment to innovation, coupled with our dedicated team, positions us as a reliable business partner. Our strategic focus on delivering exceptional value to our customers has been instrumental in achieving our goals."
To learn more about Configit's upcoming, 9th annual Configuration Lifecycle Management Virtual Summit, visit here. In addition, the company sponsored IDC InfoBrief, "Orchestrating Product Configuration Management: The Secret Weapon of Leading Manufacturers*," is also available for download here, emphasizing that manufacturing companies aiming to optimize product portfolios and enhance profits are turning to product configuration management as a key competitive advantage.
About Configit
Configit is the global leader in Configuration Lifecycle Management (CLM) solutions and a supplier of business-critical software for the configuration of complex products. All Configit products are based on the patented Virtual Tabulation® (VT™) technology, which has redefined product configuration by offering greater speed and better handling of complexity. Virtual Tabulation enables Configit to deliver powerful, easy-to-use configuration solutions to market-leading global enterprises. Website: configit.com
SOURCE Configit
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