2008 was an exciting year full of accomplishments, all due to increased customer adoption of the eBillingHub
Pittsburgh, PA (PRWEB) January 5, 2009
eBillingHub®, the defacto leader in simplifying law firm electronic billing, today announced record results for fiscal year 2008. Highlighted by a 156% increase in its customers and a 212% increase in earned revenue over fiscal (calendar) year 2007, the company continues to add to its impressive customer list by adding firms such as Foley Hoag, Kilpatrick Stockton and Kelly Drye & Warren to its customer list.
"Law firms are suffering financially from the ebilling complexity and volume and need a way to simplify the process. CFOs and Controllers realize that adding more billing staff is not the answer, especially in the current economic environment. Law firms need services to reduce the complexity of the ebilling process," said Greg Coticchia, CEO of eBillingHub. "Since our founding in 2002, eBillingHub has consistently set industry standards for helping law firms realize the promise of electronic billing: faster collections with improved cash flow, all while maintaining administrative costs under control. The market is clearly recognizing the crucial business value that eBillingHub delivers. We will continue to work tirelessly in the months ahead to solidify our position as the industry leader in simplifying law firm electronic billing."
eBillingHub's achievements in 2008 include:
- Rapidly Expanding Customer List: eBillingHub more than doubled its customers in 2008. This list includes 25 new AmLaw 200 customers, including O'Melveny & Myers, Ropes and Gray, Wilmer Hale, K&L Gates & Reed Smith.
- Additional Major Partners as Resellers: chosen as the exclusive reseller for their respective customers by ADERANT and RainMaker, adding to its existing support for Thomson Elite and ProLaw (Thomson Reuters NYSE: TRI; NASDAQ:TRIN).
- Increase Global Presence: customers beyond the U.S. including major firms located in the United Kingdom, Germany, Cayman Islands, adding to existing customers in Bermuda and Canada, showing evidence of the widespread need for simplification.
- Processed eBills Milestone: In 2008, the eBillingHub processed hundreds of thousands of eBills, with monthly eBill volume increasing over 150% per month from January 2008 until the end of the year.
- Improved Infrastructure for Performance and Security: eBillingHub made the decision to move from a traditional hosting provider to OpSource in order to meet the demands of rapidly increasing business and to satisfy the compliance requirements of global law firms dealing with complex billing situations. eBillingHub found the virtualization scalability and reliable managed services that are core to the OpSource On-Demand solution paramount when considering a SaaS application delivery solution. In addition, OpSource's focus on compliance and meeting Sarbanes Oxley standards is particularly important. OpSource On-Demand is Statement on Auditing Standards Number 70 (SAS 70) Type II audited, Level 1 PCI DSS compliant, meets European Union Safe Harbor requirements and includes a 100 percent uptime guarantee, all of which are necessary to support eBillingHub's business-critical applications.
- Expanded Library of Access to Corporate Counsel Formats: eBillingHub began 2008 with 350 and finished the year with over 800 representing an increase of 128% to the free library of corporate eBilling templates for eBillingHub customers, reducing duplication and expense, and increasing electronic accuracy and successful submissions among firms with common corporate counsel clients.
- Record Downloads of eBillingHub's LEDES Toolkit: eBillingHub's LEDES Toolkit, a free software product contains a set of utilities intended to facilitate the creation and manipulation of the several LEDES standards. In 2008, law firms downloaded at a rate of between 2 to 3 copies of the LEDES Toolkit per business day. For more information about the LEDES standards please visit http://www.ledes.org.
- Additional Technology and Services Partners: The eBillingHub added several an independent technology consulting firms as alliance partners in 2008. These firms are dedicated to developing and implementing innovative solutions for a project's success through technical excellence, innovation and client understanding. These alliance partners include Select* Associates, Professional Plus Solutions, Baker Robbins & Company.
- Strengthened and Expanded Executive Team: The eBillingHub management team was expanded with the addition of legal industry experts Gabriela Isturiz as Chief Strategy Officer, leading the company's professional services, product planning and customer service areas; Ryan Ladisic, formerly of IntApp and DataCert, as Vice President of Sales; Alan Himler, as Senior Vice President of Business Development, a seasoned software executive; and Robert Delach, a senior financial leader with extensive start-up experience, as Chief Financial Officer.
"2008 was an exciting year full of accomplishments, all due to increased customer adoption of the eBillingHub," stated Daniel Garcia, co-founder and Chief Technology Officer of the eBillingHub. "When we started the eBillingHub, many law firms didn't realize the challenges that they would have with regards to electronic billing and how we could help them avoid that risk and cost. These results underscore just how dramatically that has changed in a very short amount of time."
eBillingHub's flagship product, the eBillingHub, helps law firm reduce the complexity of ebill submissions, eliminate billing backlogs and common submission errors, speed up the collection process, and minimize or eliminate the need for additional staff related to electronic billing. This all results in improved cash flow, increased partner distributions, and enhanced client service.
eBillingHub delivers simplified electronic billing for law firms worldwide, making it possible for firms to eliminate costs and improve cash flow as they grow their electronic billing volume. The company's patent-pending technology, delivered as Software as a Service (SaaS), provides a comprehensive and collaborative approach for preparing, tracking, submitting and managing the electronic billing process. Unlike tools used by law firms to create LEDES invoice files, the eBillingHub simplifies the electronic billing process by integrating a law firm's time and billing software with multiple electronic billing vendors, which are often specified by a firm's clients. For more information, please visit http://www.ebillinghub.com. Also visit our blog, the HuBlog at http://ebillinghub.typepad.com/hublog/ and our Podcast, the HubCast at http://ebillinghub.libsyn.com.
Editor's Note: The correct usage of the eBillingHub company or product name is with a lowercase 'e' and uppercase 'B' and 'H'. eBillingHub® is a registered trademark and the LEDES Toolkit™ is a trademark of IGD Systems, d/b/a the eBillingHub. All other trademarks mentioned herein are the protected properties of their respective owners.