ancora Software, Inc. excelled in the third quarter of 2023, acquiring 91 new customers, with a notable surge of 53 in September alone. The company's strategic focus on cloud solutions, with a remarkable 70% adoption rate and extended contracts, alongside a diverse clientele spanning various industries, contributed to its best-performing quarter in history, marking a significant milestone and solidifying ancora's position as a leader in advanced document classification and data capture solutions.
SAN DIEGO, Oct. 3, 2023 /PRNewswire-PRWeb/ -- ancora Software, Inc., a leading provider of advanced document classification and data capture solutions, proudly announces its outstanding performance in the third quarter of 2023. The company experienced unprecedented growth, marked by the addition of 91 new customers, with an impressive 53 of those acquisitions occurring in the month of September alone.
Cloud Adoption Soars to 70%, Bolstering Long-Term Revenue Projections
Of the new customers on-boarded in the third quarter, a remarkable 70% chose to leverage ancora Software's innovative solutions in the cloud. Notably, all of these new cloud customers committed to 3-year to 5-year contracts, while an additional 14 opted for contracts extending beyond 6 years. This strategic move significantly extends ancora's Annual Recurring Revenue (ARR) projections, providing a solid foundation for growth through the year 2030.
Diverse Clientele Fuels Success
ancora's newest customers represent a broad spectrum of industries and sizes, ranging from organizations with annual revenues of $10 million to industry giants boasting revenues upwards of $30 billion. The company's versatile solutions cater to the unique needs of businesses across various sectors, demonstrating ancora's commitment to providing cutting-edge technologies that scale with organizational demands.
Historic Milestones: September Surpasses All Expectations
September emerged as a watershed moment for ancora Software, Inc., marking the single most successful month in the company's storied history. The surge in new customer acquisitions, combined with a growing acceptance of artificial intelligence (AI) and machine learning (ML) technologies, propelled ancora to unprecedented heights. The 3rd quarter, as a whole, stands as the best-performing quarter in the company's trajectory, further solidifying ancora's position as an industry leader.
The Shift Toward AI and ML
Organizations are increasingly recognizing the value of AI and ML technologies as they strive to achieve more with fewer resources. ancora Software, Inc. is at the forefront of this transformative wave, offering state-of-the-art solutions that empower businesses to streamline operations, enhance productivity, and achieve tangible results in an era where efficiency is paramount.
"ancora has achieved remarkable success in the third quarter of 2023, adding an impressive 91 new customers, with 53 of these acquisitions taking place in September alone", said Noel Flynn, CEO at ancora Software. Our continued growth of Cloud deployments sets the stage for significant long-term growth, making this quarter the company's best-performing in history."
As ancora Software, Inc. continues to break records and redefine industry standards, the company remains committed to driving innovation, delivering exceptional value to its customers, and contributing to the broader technological landscape.
About ancora Software
ancora Software, Inc. is an innovative provider of Intelligent Document Processing solutions, including Intelligent Document Classification and Advanced Data Capture. ancora Software's patented artificial intelligence and machine learning technologies help organizations eliminate costly manual steps in their business processes such as document classification, document analysis, manual data entry, and manual filing. Organizations using ancora achieve faster and less expensive business process automation and better controls over their mission-critical information. Headquartered in San Diego, CA, ancora Software maintains sales and support operations throughout North America and in the United Kingdom.
For more on ancora Software, Inc. visit http://www.ancorasoftware.com
Media Contact
Nick Bova, ancora Software, Inc., 614-496-6688, [email protected], https://ancorasoftware.com/
SOURCE ancora Software, Inc.
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