September 2, 2015 | Posted by Ascentis Thought Leadership
Ascentis Announces Significant Growth for First Half 2015; Releases New Compensation Planning Module
Product bookings up 59%, total recurring revenue up 45%, total revenue up 42%San Mateo, Calif. – Sept. 2, 2015 – Ascentis Corporation, a market leader in easy-to-use human resources software, online payroll services, and human capital management (HCM) solutions, today announced significant growth in bookings, revenue and recurring revenue for the first half of 2015. In addition, Ascentis released two major product components, support for the ACA (Affordable Care Act) and a new module, Compensation Planning, which greatly improves the management of focal increases, and bonus or stock allocations. Since the start of 2012, Ascentis has increased its monthly recurring revenue by 175% and added more than 350 net new clients. Ascentis’ growth in large part is attributed to its full suite of robust human capital management products, fanatical approach to client satisfaction and retention, and predictable relationship pricing which delivers tremendous value to clients.
Key 2015 growth metrics to-date include
- Product bookings increased by 59%
- Total revenue increased by 42%
- Total recurring revenue increased by 45%
- Total recurring revenue as a percentage of total revenue grew to 96%
- Client retention remains very strong at 98%+
- Addition of Compensation Planning to Ascentis Talent Management
- Support for the ACA for reporting, analysis and required filings
In August 2015, Ascentis released Ascentis Talent Management version 15.2. The release included an enhanced user interface, upgraded performance management capabilities and a new compensation planning module to facilitate merit increases. Ascentis Compensation Planning eliminates the frequently-used approach of spreadsheets for managing increases within organizations. Executives, managers and HR staff can effectively allocate budgets, assess increases against historical performance, determine possible retention risks and appropriately compensate the individuals that are key to an organization. Integrated analytics allows for real-time assessment of manager recommendations, pay for performance, and actuals-versus-budget trends. Workflows within the system manage the entire process from establishing a budget pool, to submitting recommendations, to finalizing the increases within Ascentis HR and Payroll. With this new module, human resources has clear visibility across the entire organization to view individual increases, team totals, and process bottlenecks. This ensures total accountability with compensation plans and gives clients the ability to pay their workforce fairly, based on real-time employee, department and organizational data and performance metrics.
The ACA has created many concerns within the marketplace about how to effectively analyze affordability of plans, employee eligibility parameters, and to accomplish the accurate distribution and filing of necessary documents with employees and the government for each tax year. Ascentis, starting in late 2013 and continuing through 2015, released many new product components to assist in, and simplify the process of, managing ACA compliance. Ascentis is unique in the marketplace as its HCM solution includes all the solutions organizations need to properly manage ACA compliance, which includes HRIS, benefits management, payroll and time and attendance software. In addition, Ascentis’ unique predictable pricing model provides a transparent and cost-effective approach to performing all the necessary analysis for, and the filing of, IRS Forms 1094-C and 1095-C.
"Forum Communications started looking for a new payroll and human resources management solution provider in 2015 after realizing we needed an up-to-date system that could grow and adapt with our company,” said Kate Freimanis, HR Director of Forum Communications. “ After processing payroll with an outdated system for many years, we were looking for a provider that would help automate our HR, timekeeping, and payroll processes. With the upcoming ACA reporting mandates, we also needed a provider that would be able to help make the reporting process easier. And, with more than 1,700 employees, we needed a system that would be easy for our employees and supervisors to use and understand. Ascentis covers all of these things, and more. We are very happy with the decision we made to move to Ascentis."
Ascentis offers a full suite of recruiting, HR, benefits, payroll, timekeeping and talent management products to more than 1,100 clients throughout the U.S. and Canada. Clients added in 2015 include Advanced Recovery Systems; Apsaalooke Nights Casino; Barcodes Inc.; Benaissance; BeneSys; Bivio Transport and Logistics Company LLC.; BOMAG Americas; Inc.; Cloud Imperium Games LLC.; Cogswell College; Cornflower Creamery LLC.; CSRA RESA; Chemicals North America LLC.; Eau Claire Press Company; Eldorado; Engelhart Gourmet Foods; Extant Aerospace; Found Animals Foundation; Global Data Consultants LLC.; IMTAS; Innex; Inc.; Jewish Federation of Greater Philadelphia; Mack Camera; NAPP Manufacturing; LLC.; Oakland Management Corporation; Oceanside Laundry LLC.; Pac-12 Networks; Park View Federal Credit Union; Regent Care Centers; Right At School; Rock House; Russell Cellular; SVP Worldwide; System High; Virginia Panel Corporation; White House Clinics; and Xtreme Diesel.
“We continue to be extremely pleased with the adoption of the Ascentis solutions by our market segment and the correlated growth it has afforded us,” said DJ Chhabra, CEO of Ascentis. “Ascentis is uniquely positioned with a full suite of HCM products, a dedication to helping our clients achieve their goals, a pricing model that promotes long term relationships and most importantly, passionate employees who are driven to making Ascentis the right partner for our clients and the best place to work.”
Ascentis Corporation, funded by Catalyst Investors and Palm Ventures, offers easy-to-use human capital management, HRIS, payroll software, talent management software, recruiting software and time and attendance solutions that support greater business efficiency and accuracy. Ascentis automates critical HR and payroll processes such as ACA compliance and reporting, full-scale benefits management, HR compliance automation, online open enrollment, time and attendance, real-time payroll processing, tax filing, payroll compliance, 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.