Kyriba Closes 2012 with 36 Percent Revenue Jump and Outlines 2013 Growth Strategy
February 1, 2013
SaaS treasury software leader ends record-breaking year with high profile corporate, client and technology milestones
SAN DIEGO, February 4, 2013 – Kyriba, the leader in cloud-based treasury management solutions, today announced the closing of a standout year in 2012, with record-breaking revenues, major milestones in corporate and product development, and the signing of a broad range of high-profile clients and technology partners.
Kyriba’s 36 percent growth in monthly recurring revenue (MRR) in 2012 was boosted by the addition of many high-profile clients worldwide, including brands such as AOL, Time Warner Cable, TRW Automotive, United Heritage Insurance and Vale. In addition, overall bookings in the second half of 2012 increased by 50 percent over the same period in 2011.
“As a major insurance provider, United Heritage needs to work with a treasury partner that provides a robust, scalable cash management solution,” said Dean Sandros, director of investment accounting and assistant portfolio manager at United Heritage Insurance, which recently signed as a client. “In Kyriba, we have found a company that provides a straightforward solution to a complex task, allowing treasury to fulfill its role as a strategic element of the company.”
The company launched Kyriba Cloud Treasury SuiteApp, bringing new treasury functionality for users of the NetSuite SaaS-based ERP platform. It also introduced Kyriba Mobile, the industry’s first native iOS application, providing treasurers with new freedom to perform key tasks while away from the office. Key alliances were formed with a number of high-profile technology innovators, including WNS, Pollenware, and 360T. These alliances have brought wide-ranging functionality enhancements to Kyriba’s 700 global clients, as well as establishing co-marketing and distribution relationships for the company.
Kyriba bolstered its global presence with the addition of new offices in London and Tokyo. Kyriba Japan was established as a joint venture between Kyriba, as the majority shareholder, SunBridge Corporation, the firm responsible for the salesforce.com Japan and Concur Japan joint ventures, and Marc Benioff and Steve Singh, acting as minority direct investors. The company also strengthened its management team with the addition of executives across a number of disciplines.
“The past twelve months have been excellent for Kyriba, not only from a growth perspective, but also as a milestone in the overall development of the company,” said Jean-Luc Robert, chairman and CEO of Kyriba. “As 2013 starts, we see several new growth opportunities for Kyriba. We are expanding out of our core market, both up into larger organizations, as well as down into the mid-market. We see that these areas both present major growth opportunities for us. We are also investing heavily in fields such as risk management and supply chain finance, which will greatly enhance our capabilities in these areas. Last, we are expanding our reseller channel. We will increase our geographical footprint with new distribution partners, as well as establish new channels and partnerships, such as retail banks.”