Ascentis Announces Record Growth; Completes Raise of $7 Million to Fuel Growth and Accelerate Product Development
Product bookings up 31%, monthly recurring revenue up 40%, total recurring revenue up 35%
San Mateo, Calif. – March 24, 2015 – Ascentis Corporation, a market leader in easy-to-use human resources software, online payroll services, and human capital management (HCM) solutions, today announced another year of significant growth and continued momentum. Since 2011, Ascentis has increased bookings 113%, revenue by 94% and recurring revenue by 107% while continuing to maintain an industry leading client satisfaction level as measured through Net Promoter Score (an industry recognized method of measuring client satisfaction). Ascentis also completed a fund raise of $7 million in December 2014 which will continue to fuel growth of the business and accelerate development of next generation solutions.
Key 2014 growth metrics include
- Sales bookings increased by 31%
- Total revenue increased by 33%
- Total recurring revenue increased by 35%
- Monthly recurring revenue (December 2013 to December 2014) increased by 40%
- Total recurring revenue as a percentage of total revenue grew to 95%
- Client retention rates remains very strong at 98%+
- Total lives added from net-new clients increased 36%
- Completed aquisition of Starfield to introduce a full suite of talent management products
“When Pizza Properties started looking for a new human capital management solution in 2014, we were looking for a partner who could really help us manage the complicated regulations of the ACA,” said Sharon Voelz, vice president of human resources. “When we realized what Ascentis could do to help us be compliant with the complex mandates of the ACA, and everything else they could provide us to streamline and automate our HR, benefits management, payroll and recruiting processes, we knew we’d found that partner.”
Ascentis offers a full suite of HR, benefits, payroll, timekeeping and talent management products to more than 1,100 clients throughout the U.S. and Canada. Clients added in 2014 include Active Sports Clubs, Adult Day Health Care LLC, AKIRA, Boston Outdoor Recreation, Le Centre de santé communautaire du Temiskaming, Five Brothers Default Management, Gehan Homes LTD, Hanac Inc., Harrison Gypsum LLC, LaForce, Inc., Logan International Inc., Magic One, Med Trust LLC, Molycorp Inc., New Teacher Center, North Carolina Elderly Psychiatric Services, Pacific Science Center, PENSCO Trust Company, Permian Basin Community Centers, Pizza Properties, Proterra, River States Truck and Trailer, St. Supery Estate Vineyards & Winery, Thompson Technologies Inc., Transitions Group Inc., Tropical Financial Credit Union, Utility Data Contractors, and Voluntary Purchasing Group. Robust feature sets combined with Ascentis’ proven track record of rapid implementation, fanatical client satisfaction and relationship pricing, demonstrates that Ascentis provides the market with unparalleled solutions, capabilities and value. As a result, Ascentis clients positively impact their businesses through human capital management solutions.
“2014 was another fantastic year for our clients and for Ascentis. We continued to make significant progress in every facet of our business as evidenced by our growth numbers and our extremely high client retention rates. Both are directly attributed to our great products, people and services,” said Ascentis CEO DJ Chhabra. “In addition, we made significant advancements in our products and have delivered key capabilities and innovations to the marketplace. We acquired Starfield TMS in July of 2014 to round out our suite of offerings and position Ascentis as the only provider in the SMB space with a breadth and depth of HCM products.”
Ascentis Corporation, funded by Catalyst Investors and Palm Ventures, offers easy-to-use human capital management, HRIS, online payroll, talent management, recruiting and time and attendance solutions that support greater business efficiency and accuracy. Ascentis automates critical HR and payroll processes such as full-scale benefits management, compliance, online open enrollment, workforce management, real-time payroll processing, tax filing, applicant tracking, employee and manager self-service and reporting. Ascentis’ talent management solutions include learning management, performance management, succession planning, 360° assessment and compensation management. One point of data entry means employee information is accurate, up-to-date and reportable. Electronic submission of information to insurance carriers eliminates errors and supports a paperless open enrollment process.
About Catalyst Investors
New York-based Catalyst Investors is a growth equity firm focused on technology-enabled services including cloud computing, wireless infrastructure and digital media. Catalyst was founded in 2000 and is investing its third fund. A proactive investor, the firm draws on its extensive industry expertise to work in true partnership with management to build long-term value. Past and present Catalyst portfolio companies include Aloha Partners; InSite Wireless Group; Latisys; MessageLabs; MediaMath; MINDBODY; Nine Systems; Videology; WeddingWire; and Xplornet. For more information, visit www.catalystinvestors.com.
About Palm Ventures
Palm Ventures, based in Greenwich, CT, is a family investment company and is focused on investing its capital and that of a small group of substantial investors in companies which have a positive and transformative impact on society and generate predictable revenue streams in fragmented industries. Palm Ventures takes a strong value-added approach to the development of its portfolio companies, leveraging a broad network of strategic investors, retired executives and operating professionals who provide strategic advice and oversight to companies and management. For more information, visitwww.palmventures.com.