Our growth ... comes from our clients’ appreciating the collaboration with Berkman Solutions. We strive to deliver compliance and risk management expertise, not just software.
Portland, OR (PRWEB) January 14, 2015
Berkman LLC announced the financial results of its Berkman Solutions division for the fiscal year ended December 31, 2014.
Berkman Solutions management reported that total revenue grew by more than 205% from fiscal year ended 2013. The Services segment was the strongest contributor with more than 170% growth over 2013. The License segment grew more than 150%, while Support grew in excess of 30%.
Management reported that the transition to subscription based pricing from perpetual licenses continued from 2013 through 2014.
“Our growth in services comes from our clients’ appreciating the collaboration with Berkman Solutions. We strive to deliver compliance and risk management expertise, not just software,” said Sherrie Riley, Senior Vice President, “We are honored to partner with our clients.”
In addition to 2014 financial results, Berkman Solutions secured its first customers in Africa. Berkman Solutions now supports customers operating on every continent.
New customer acquisitions continue to be well diversified across industries. Customer concentrations exist in health care, energy and utilities, and gaming and entertainment. Customers are also diversified by size, ranging from Fortune 500 companies to small and medium sized organizations.
Primary users of Berkman Solutions products and services continue to be general counsel, contract managers, corporate paralegals, compliance officers, and other legal professionals. Berkman Solutions now estimates that 10,000 users benefit from its products and services.
CONTRACT MANAGEMENT SOFTWARE AND SERVICES
Berkman Solutions experienced strong growth particularly in contract management services as many clients migrated from paper files and spreadsheet based tracking of contracts. Berkman Solutions’ comprehensive services facilitate that migration.
RISK MANAGEMENT SOFTWARE AND SERVICES
Risk Manager from Berkman Solutions makes risk management accessible to legal and compliance professionals, with support for qualitative risk ratings based on ISO 31000, the international risk management standard.
LEGAL ENTITY MANAGEMENT SOFTWARE AND SERVICES
The strong growth in License revenue is attributable, in part, to the release and integration of legal entity management in the platform along with contract management. Corporate secretaries and in house legal counsel can now associate contract records with legal entities for better reporting and risk management.
ABOUT BERKMAN SOLUTIONS
Berkman Solutions is a division of Berkman LLC, a private company. For more than 10 years, Berkman Solutions has delivered software and services for a range of risk management and compliance needs, including contract management, legal entity management, and due diligence tracking.