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DocuWare's 'Cloud-First' Strategy Produces Strong 2017 Results

Tuesday, April 17, 2018  
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DocuWare has announced its full-year fiscal 2017 financial results for the period ending Dec. 31, 2017.

"In 2017, DocuWare experienced accelerated growth and increased profitability across its entire business," said Jürgen Biffar, co-president, DocuWare. "Our total revenues of 44 million euros were up 18 percent from 2016, 20 percent after adjusting for foreign currency effects. Overall, our cloud revenues grew nearly 140 percent, while our traditional new and add-on premise license sales increased 17 percent. We attribute this breakthrough year to our relentless customer-centric focus, highlighted by our product's ease of use, and excellent execution from our large and growing partner base that continues to benefit from our structured sales and enablement programs."

Other fiscal 2017 financial highlights include:
  • Total cloud revenue of 4.1 million euros, up 139 percent, and total cloud bookings of 6.5 million euros, the majority of which will be recognized in 2018 and beyond.
  • Added nearly 1,800 new customers, up 44 percent.
  • Consistent with its strategy to become a "cloud-first" company, 45 percent of new customers selected cloud, up from 29 percent in the previous year.
  • Total order achievement (defined as license orders and first-year maintenance, plus the total contract value of cloud orders) was up 35 percent.
  • Total deferred revenue of 19.2 million euros, up 22 percent from year-end 2016.
  • EBITDA margin of 12 percent, or 5.4 million euros, while generating 9.7 million euros of additional cash.
  • Cash flow from operations of 10.8 million euros, driving an increase in the company's cash position to almost 30 million euros.
  • A 96-percent cloud renewal rate in 2017, proving the maturity and attractiveness of DocuWare's cloud product and demonstrating its ability to support cloud through channel partners.
DocuWare Cloud delivers the full functionality of an on-premise system and is used by companies of all sizes and industries worldwide.

"DocuWare offers the right range of features at an attractive price with minimal implementation effort," Biffar said. "The compelling economies of scale of the Azure hosting platform and relatively low operating and support costs of the cloud give us a strong competitive advantage as we continue our transition into a cloud-first company. We want to express our thanks to all employees and business partners for their continued support of DocuWare and look forward to continued market momentum in 2018."

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