Bellevue, WA (PRWEB) April 18, 2009
Serengeti Law today announced strong financial results for the 2008 fiscal year, and the accomplishment of a major milestone with its 250th corporate legal department customer. Serengeti Tracker, the company's online matter management and electronic billing system, increased its lead over other systems with continuing strong year-on-year growth:
40% increase in revenue
32% increase in number of customers (to 250)
98% customer renewal rate
39% increase in law department and firm users (to 85,000+ worldwide)
100% AmLaw 200, NLJ 250, and AmLaw Global 100 law firms connected
2 major releases (accruals collection enhancements and tabbed invoice review)
"We are proud that over 250 companies have chosen Serengeti's system to manage their legal work, far more than any other system," said Don Murray, President of Serengeti Law. "While other vendors are trying to achieve profitability, or have been sold to larger companies, Serengeti has been profitable since 2003 and remains entirely owned by our employees. Because of our financial strength and independence, our customers can be confident that we will continue to provide the most advanced, most cost-effective system for managing legal work."
In addition to significantly increasing its customer base in 2008 (including 106 of the Fortune 1000), Serengeti was the first company to process electronic legal bills from 100% of the world's largest law firms--those that comprise the AmLaw 200, the NLJ 250, and the AmLaw Global 100. Serengeti also introduced innovative technology not offered by any other vendor, including the new Accruals Module which automates the arduous manual process of collecting unbilled legal work-in-process for accurate accrual-based financial statements. Since the rollout of the Accruals Module this past year, more than 2,300 law firms in 70 countries have submitted accruals to corporate clients through Serengeti.
AECOM is Serengeti's 250th customer. A global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental and energy. With more than 43,000 employees in over 100 countries, AECOM is a leader in all of the key markets that it serves. "With projects from San Francisco to Abu Dhabi, our legal department is looking forward to standardizing processes, improving control of our legal spending, and reducing our environmental impacts with e-bills and electronic documents in Serengeti's online system," said Eric Chen, AECOM general counsel. "We selected Tracker because of its widespread acceptance in the legal profession, and its ability to meet the specific needs of our worldwide operations, including our sustainability initiatives. We're happy to represent this milestone in Serengeti's growth."
About Serengeti Law
Serengeti Law provides Serengeti Tracker, a Web-based e-billing and matter management system used by corporate law departments to work more efficiently with their law firms. Tracker includes configurable matter management, electronic invoice and accrual processing, automated budget management, and online document and contract management. The system also provides reports to analyze trends in spending, track status and results, and create performance benchmarks. More information is available at: http://www.serengetilaw.com.
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