Hyland shares 'booming' growth stats
Hyland Software, a provider of enterprise content management software, says business is booming as it continues to add customers both organically and through acquisition.
Based in Cleveland, Ohio, the company has a global presence, including South Africa.
“We added more than 1800 customers to the Hyland family last year, approximately 750 of those were organic and the rest came to us through acquisitions,” said Bill Priemer, Hyland’s president and CEO, speaking at the opening of the company's CommunityLIVE 2021 virtual event this week.
The company, who's flagship product is an enterprise content and process management software suite called OnBase, made several major acquisitions recently, including two leading cloud native content services platforms Nuexo and Alfresco, added the company’s chief product officer, Ed McQuiston during a recent briefing.
Both had their roots in open source, he said, while Hyland's enterprise customers in major verticals were looking for more end-to-end solutions. The company plans to support Nuxeo and Alfresco's established customers "as far as we can see in the future," McQuistion added.
Priemer said Hyland’s attitude towards acquisitions is one of adding a range of capabilities to its existing expertise in its targeted vertical industries.
Hyland supports 16 000 customers around the world that are active on one of its products.
“From a growth standpoint we're roughly double the size we were just four years ago. We’ve doubled the number of employees... Our revenue has grown at a compound annual growth rate of about 18% for the last decade."
The comany feels fortunate to be in such a healthy position, considering that the world is still dealing with the pandemic, Priemer said. “We have a lot of customers who remain on the front lines as providers of content services to hospitals, government agencies, banks and schools, and they are under pressure...They are working incredibly hard to support and sustain the rest of us."
Hyland, he said, feels a keen sense of responsibility to support those organisations, given how essential its solutions are to enabling them to collaborate in their remote environments and to support their customers, clients, patients and citizens.
During this time, the company’s solutions have changed towards being essential, which has driven a lot of business for Hyland.
“We're now sitting at more than 4 000 employees with a partner ecosystem that is double that, so we're arguably the world's largest community of content services experts,” said Priemer.
At the end of this fiscal year Hyland expects to surpass a billion dollars in revenue for the first time in its history, which is a “heck of a milestone”, he said.
The company is also stepping up investment in innovation − it has increased the percentage of revenue invested in R&D from 15% to 19% this year as it developed the Hyland Experience Platform, its cloud-based platform which includes an application for Web-based document scanning, classification and data extraction.