Company drives meaningful fiscal year-over-year revenue increases in both new and expanding partnerships with some of the world's most trusted brands
SAN DIEGO, Feb. 6, 2024 /PRNewswire-PRWeb/ --
- - 73% increase year-over-year in new customer logos
- 92% increase year-over-year in bookings
- 32% increase year-over-year in annual recurring revenue
- 3% ARR churn—compared to annual SaaS industry average of 10-15%
CMX1, the leading provider of enterprise, cloud-based quality, risk, and compliance management solutions for the world's most trusted brands, announced positive financial results for its fiscal year running February 1, 2023 to January 31, 2024.
The company is reporting marked top-line growth year-over-year, with a 73% increase in new customer logos, a 92% increase in bookings, and a 32% increase in annual recurring revenue. These increases, combined with a lower-than-average ARR churn rate of 3%, give the company a positive growth trajectory heading into its new fiscal year.
"I am very proud of the year our teams delivered, from maintaining a platform & products our customers love to bringing new customers to the platform & expanding usage with existing customers," said Bert Clement, Chief Executive Officer at CMX1. "CMX1 is growing at a strong rate while many software companies are still recovering from stalled revenue growth and operational cuts. I am very optimistic about the future and how we'll help even more businesses across the globe harness their quality, safety, risk, and compliance challenges."
2023 was a big year for CMX1 beyond the numbers. After more than a decade of successfully serving the food industry's largest and most trusted brands on their food quality & safety programs, the company launched a brand refresh. It expanded its offerings to bring additional use cases to market to meet any high-risk, highly regulated industry's quality, safety, and compliance needs. The company also launched its first international office in Europe to better serve additional geographies with its operational excellence solutions.
"We are finding that many global businesses still operate with paper, spreadsheets, and manual processes to manage brand standards, auditing, and compliance," said Shaun Trejo, Chief Revenue Officer at CMX1. "This leaves them open to tremendous unforeseen risk to customers and employees due to quality & safety issues they're struggling to harness. I'm proud to bring CMX1 solutions to new industries and geographies as part of our mission to power everyday excellence in the world's most trusted brands."
About CMX1
CMX1 is trusted by global businesses in over 160 countries to power everyday excellence. Our Enterprise Quality & Risk Management (eQRM) platform gives businesses integrated, easy-to-use solutions for automating quality, risk, and compliance—so they can more quickly and consistently deliver the quality, safety, and experiences their customers can trust (and have come to expect). For over a decade, our unrivaled suite of enterprise solutions has equipped businesses with a single source of truth from the front lines to the corporate office and across the entire supply chain. For more information, visit http://www.cmx1.com.
Media Contact
Stephanie Ayers, CMX1, 8165906082, [email protected], www.cmx1.com/
SOURCE CMX1
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