Qumu revenue up by 35% & ARR by 16% following better Cloud Growth Strategy

Cloud-based enterprise video technology platform, Qumu has announced 35% Increase in SaaS Revenue and 16% Increase in SaaS Annual Recurring Revenue (ARR) in the full year ended December 31, 2021.

President and CEO of Qumu, TJ Kennedy said, “Our results for the fourth quarter and full year demonstrate the continued execution of our strategic roadmap, which emphasizes growing our cloud business and scaling our SaaS revenue base.”

Highlights of Qumu’s Q4 2021 and Full Year 2021 results:

  • Software-as-a-Service (SaaS) ARR growth from 2019 to 2021 resulted in a 40% compound annual growth rate (CAGR).
  • SaaS revenue increased 35% to $10.2 million in 2021, compared to $7.6 million in 2020.
  • SaaS Annual Recurring Revenue (SaaS ARR) grew to $12.8 million, up 16% year-over-year.
  • Q4 2021 operating expenses decreased 4% compared to Q3 2021.
  • $20.6 million of cash and cash equivalents at quarter end.

Commenting on the performance, Kennedy said, “SaaS revenue accounted for 56% of our recurring revenue and 48% of our total revenue in Q4 2021, with the percent of total recurring revenue metric exceeding our guidance for the year-end and giving us encouraging momentum as we begin 2022. SaaS annual recurring revenue also grew by 16% in 2021, bringing the growth rate for SaaS ARR over the last two years to 40%, which we expect to serve as a strong benchmark going forward.”

Qumu management now expects that SaaS recurring revenue will comprise approximately 65% of its overall recurring revenue mix by the end of 2022, with targeted growth to approximately 75% of recurring revenue mix by the end of 2023, as stated on company press release.

“Our partner-led sales motions and customer success efforts are gaining momentum and driving new customers, deeper relationships, and cloud conversions. In 2021, we completed five on-prem to SaaS conversions and expect to complete a similar number this year. Partner generated revenue grew 25% compared to 2020 and accounted for more than 30% of our total revenue in 2021.”

Tom Krueger – CFO, Qumu
Total
0
Shares
Previous News Post
Next News Post
Most Popular