K2 Achieves 70 Percent Increase in Annual Recurring Revenue; Drives Significant Customer Momentum with Over 150 Percent Increase in Adoption of the K2 Cloud Platform
BELLEVUE, Wash., April 20, 2020 /PRNewswire/ -- K2, a leader in intelligent process automation, today announced the company achieved more than a 70 percent increase in recurring revenue in 2019 and over 150 percent increase in cloud adoption. Recently named to JMP Securities "Hot 100" list of privately-held software companies, K2 added 100 new customers to its robust portfolio of more than 2000 enterprise organizations. K2 will also launch its worldwide virtual event, FastFWD on April 21-23, 2020 highlighting key customers from some of the world's best-known brands. At the event, K2 will also share information about the apps and resources it's offering to help organizations around the world navigate the COVID-19 pandemic.
K2 helps thousands of companies worldwide transform their manual, paper-based processes and legacy systems into streamlined, automated digital processes to drive business efficiency and improved customer experience.
"Over the last year, we have seen a tremendous amount of growth led by the adoption of K2 Cloud. That in combination with our relentless focus on product innovation and customer success will drive even more market momentum in the coming years," said Evan Ellis, president and CEO at K2. "For the past 20 years, K2 has had the privilege of helping thousands of companies around the world transform their business through innovative intelligent process automation solutions. Now more than ever, we are here to help our customers accelerate their digital transformation and business results."
Examples of customers who achieved significant business outcomes thanks to K2 solutions include:
-- Global technology leader Microsoft achieved operational efficiency for
its 450+ e-Commerce sites across more than 240 global markets. With K2,
Microsoft was able to achieve 25 percent time savings and 30 percent
improved pre-production quality.
-- Shoosmiths, a leading law firm based in the United Kingdom reduced its
operating expenses by approximately £160,000 annually. The use of K2
has contributed to significant time savings of 800 hours per week across
the conveyancing function alone.
-- North of England Commissioning Support, an organization that delivers
administrative and healthcare services on behalf of hospitals and
healthcare providers in the United Kingdom, has reduced the time
required for one key process by 73 percent and expects to achieve cost
savings of over £200,000 for this initiative.
Key Highlights from K2's 2019 Growth
Customer loyalty: K2 continues to achieve an industry-leading renewal rate of more than 90 percent by delivering continuous value to its customers worldwide, including Ballast Nedam, Delta Dental of Washington, DÜRR, First West Credit Union, Food Standards Agency, ING, Microsoft, Rogers, Sempra Energy, Shoosmiths, and Verizon. Of its 2000+ customers, 65 percent of them have remained with K2 for more than five years - a strong validation of the continued ROI and value they have derived from their K2 investment.
Journey to the Cloud: K2 launched its cloud platform to support its customers evolving requirements to move to the cloud. Over the last three years, the Company has seen more than 150 percent adoption of K2 Cloud.
Geographic Expansion: K2 expanded its global presence with the acquisition of two new distributors in Europe and Australia.
Recognized Innovation: K2 continues to define innovation in the digital process automation market with significant intellectual property (IP), including 30 issued or pending patents in workflow and integration.
Strengthened Executive Bench: K2 also bolstered its executive leadership team by adding chief product officer, Burley Kawasaki, who leads the company's global product strategy and roadmap, and Carlos Carvajal who also joined the company as the chief marketing officer to lead its global go-to-market strategy, including field marketing, product marketing, communications, demand generation and brand.
Employee Commitment: Foundational to K2's growth and success are the talented employees that serve its global customers. Many of these employees have been with K2 for more than 10 years.
Join K2's worldwide virtual event FastFWD this week, running April 21-23, 2020. The event will feature expert speaker sessions, customer and product showcases, live Q&A insights into the future of intelligent process automation, and information about the resources the company is providing its customers in response to the COVID-19 pandemic. Register for free at www.K2FastFWD.com.
About K2 Software, Inc.
K2, a leader in intelligent process automation, enables enterprises to speed time-to-market and simplify the creation of modern process applications, automate workflows and transform their businesses. More than 4 million users in over 84 countries, including 30 percent of Fortune 100 companies, are using K2 to take control of their business processes, increase visibility and improve operational efficiency. Learn more about K2 and its 20 years of innovation here.
Contact
Andrea Mocherman
K2
+1 (425) 883-4200
press@k2.com
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SOURCE K2 Software
