Company Growth Fuelled by Demand from Innovative, VC-backed SaaS Companies Demanding Faster Growth Through the Channel
JERSEY CITY, N.J. and OXFORD, England, May 20, 2015 /PRNewswire/ — Relayware, a SaaS-based provider of Partnering Automation software, today announces its one-millionth partner on its Partner Cloud following a sustained period of strong international growth. The company attributes much of its recent growth to strong demand from young, VC-backed SaaS companies looking for faster sales growth from channel partners.
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Over the past six months Relayware has seen an expansion in its customer base beyond large, established technology vendors, by adding more high growth SaaS companies backed by VC and private equity investors such as Bessemer, Lightspeed, Khosla, Battery and Goldman Sachs. New customers, like eFolder, Gemalto and ThinkingPhones, see the value of ramping up a powerful partner ecosystem, supported by Relayware's partnering automation software, rather than recruiting expensive resources internally.
Bob Mann, Chairman and CEO of Relayware said: "The nexus of cloud computing, big data analytics, collaborative working and mobile applications is redefining how companies recruit, enable and motivate their channel partners. For larger enterprises with established partner programs, it's enabling them to automate channel marketing, sales, training and operational processes, so they can be more strategic with partners. But what's really exciting is the recent wave of young, VC-backed SaaS companies that are turning to Relayware as the foundation for their new partner programs that they're building to scale quickly and drive exponential growth."
Relayware addresses a mounting challenge facing suppliers and manufacturers today: a critical need to extend market reach and accelerate revenue growth without increasing customer acquisition costs.
Relayware customer, GENBAND, was ranked the number one venture-backed company in the US1, and GENBAND Director of Channel Marketing Paula Sullivan said, "As the global leader in real time communications software, partners are the key ingredient to our overall growth and success. It is critical that we continually understand what's working and what's not for their success. Relayware enables us to stay on the pulse of our partners by applying data and business intelligence to increase their performance."
Relayware's ability to grow revenue for businesses with globally distributed partner networks has enabled it to expand its own business significantly. In 2013, the firm secured $5.5 million from U.K. venture capital investment fund, Albion Ventures, to amplify its sales and marketing, expand operations into the US market, and hire key executives to drive growth and scale the business. As a result, Relayware has doubled its customer base and seen a 30 percent underlying growth in monthly recurring revenue (MRR) over the past 12 months.
Relayware estimates the market is worth $800m as it expands beyond the technology industry into manufacturing, energy and telecommunications. With greater than 70 percent of the world's businesses doing business through indirect distribution channels, the company calculates the market will be worth more than $3 billion by 20202.
Follow @Relayware for updates on the company's exciting journey to Power-Up Partner Performance.
Notes to editors
1 According to the Wall Street Journal, 2012
2 Size of the indirect channel
Accenture reported that "about 70 percent of the typical high-tech company's revenue comes from the indirect channel." SAP2 is redirecting all sales to customers and prospects in the US with annual revenue under $1 billion to the company's channel partners while more than 80% of all Cisco3 sales go through channel partners. Meanwhile, Dell4 is also set to accelerate channel partner growth with $125 million in enhanced incentives and programs this year.
3http://blogs.cisco.com/partner/partners-and-cisco-ucs-aci-amazing-together
About Relayware
Relayware is a leading SaaS-based partnering automation company, serving hi-tech, manufacturing, telecommunications, energy and insurance companies around the world. Providing a comprehensive range of partner-centric applications, including partner portals, training, sales and marketing packs that unlock the key to partner productivity, Relayware delivers greater partner engagement, productivity and return on indirect channel investment. At the core of Relayware is the Partner Cloud, a platform for deploying and integrating the communication tools that simplify and extend partner processes beyond the enterprise. Additional information is available at www.Relayware.com.
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