Best first quarter in the company's history with the addition of 60 new customers and record revenues.
SAN DIEGO, April 25, 2022 /PRNewswire-PRWeb/ --ancora Software, Inc., a global leader in intelligent process automation solutions including Intelligent Document Classification and Advanced Data Capture, announced today that it has continued its record growth into Q1 2022—achieving the best first quarter of customer growth in company history. Its flagship product ancoraDocs is now processing millions of invoices annually, representing over $50 billion in annualized transactions as the company continues to grow.
The Q1 2022 results continue strong growth after a record-breaking 2021. With the addition of 60 new customers in Q1, the ancora global customer base has grown to over 750 customers. Based on the company's current forecast, ancora is on pace to take that count to over 1,000 by the end of 2022.
"We're off to a great start for the year," ancora Software CEO Noel Flynn said. "As businesses continue to prioritize digitizing their invoicing and other financial processes, ancora Software is well-positioned to ride significant predicted market growth. We are also seeing substantial growth and demand for our cloud offering. More than 70% of our Q1 deals were in the cloud, with a range of 36- to 72-month agreements. A bright future is ahead."
ancoraDocs continues to be key in digitizing processes and removing expensive, error-prone human touchpoints in document-intensive applications. ancora Software's patented unassisted and assisted machine learning algorithms continuously learn, helping customers achieve labor savings of up to 85% by minimizing or eliminating manual document sorting and classification and manual data entry.
"Our continued growth is a testament to our incredible strategic partner channel," said ancora Software VP of Sales & Marketing Nick Bova. "Our channel truly understands our value proposition and how to successfully sell ancoraDocs into their base. This has helped us realize increased revenue, especially ARR, for both ancora and the channel.
About ancora Software
ancora Software, Inc. is an innovative provider of Intelligent Process Automation solutions including Intelligent Document Classification and Data Capture. Its flagship product, ancoraDocs, simplifies document 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 Software 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 information about ancora Software, Inc. visit http://www.ancorasoftware.com
Media Contact
Nick Bova, ancora Software, Inc., 844-626-2672, [email protected]
SOURCE ancora Software, Inc.
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