M-Files Corporation has announced its tenth consecutive year of strong growth, attributed to its innovative digital business solutions that help organisations easily find, manage and process documents and information in context from any device.
Continuing the successful expansion of its Software-as-a-Service (SaaS) business model, M-Files grew its annual recurring revenue (ARR) in 2018 by more than 30 per cent over 2017. ARR from customers using the company's cloud-based service grew even faster at over 70 per cent year over year. Strong performance in 2018 is the latest milestone in the company's sustained track record, resulting in a compound revenue growth rate of more than 3,000 per cent over the last ten years.
Tim Waterton, Director of UK Business at M-Files said, “2018 was an immensely successful year for M-Files. Our business experienced rapid growth at a significantly higher rate than the wider market, an obvious reflection that enterprises are recognising the benefits of our unique approach to intelligent information management. The release of our compelling new SaaS solution, M-Files Online, and our rapidly growing partner network and global footprint were also crucial factors in our success.”
M-Files added over 1,000 new customers in 2018, bringing the total number of customers using the platform to more than 9,000 worldwide, including global enterprises in manufacturing, professional services, construction, financial services, life sciences, energy, real estate, healthcare and more. In addition, the number of customers using the company's cloud service increased by more than 75 per cent in 2018.
M-Files also extended its global partner network with the addition of major brands, such as Konica Minolta, Ricoh, Iron Mountain and Kyocera, among others, adding to the growing list of hundreds of partners around the world with specialised expertise in key use cases, vertical industries and systems integration.
The company also launched M-Files Online, a hybrid intelligent information management platform that allows customers to implement both cloud and on-premises solutions without having to separately purchase licenses for each. New artificial intelligence capabilities were also introduced to automate document handling and related processes, such as automatic tagging and classification.
Building upon the Intelligent Metadata Layer introduced in 2017, M-Files also launched ten new connectors, including SharePoint, OneDrive for Business, OpenText Content Server, IBM FileNet P8, Documentum, Amazon S3 and Microsoft SQL Server.
In 2018, M-Files raised 27 million euros from the European Investment Bank (EIB), one of the EIB's largest IT sector investments to date, to further fuel technology development and international expansion.
The company was also recognised for its visionary approach to information management, including being named a Visionary in the Gartner 2018 Magic Quadrant for Content Services Platforms (CSP), the Leader in the Nucleus Research ECM Technology Value Matrix, and the Best Document Management Software/System for Law Firms by Inc. Magazine. Moreover, M-Files was honoured with the prestigious Internationalisation Award by the President of the Republic of Finland for its global success, innovative intelligent information management solutions and positive impact on the Finnish economy.