Recommind releases exceptional first half revenue results

Recommind has been having a good year so far. How good? Record-breaking, according to figures released today by the company. During the first half of 2010, revenue increased more than 300 percent over the first half of 2009. During the same time period, the total number of Recommind customers purchasing multiple or bundled products increased 500 percent. 

That's a hefty increase for sure, so much so, Craig Carpenter, VP of marketing at Recommind says it's almost overwhelming, but quickly adds it's a good problem to have.

He attributes the growth to several factors. First of all, he explains that Recommind has been able to sell its products to government regulators, and this in turn has lead to sales to private sector companies, who are looking at the tools regulators are using. 

What's more, there has been a spike in regulatory activity that means both parties need tools to deal with ever-growing amounts of data. "The volume of data we are dealing with continues to spike, forcing both sides to roll out more sophisticated technology that can analyze data in more automated fashion," Carpenter says.

The final and perhaps most important factor is the improving economic environment. Carpenter says, companies have more money to spend, but still have to do more with less and are looking to technology to help. "Business conditions continue to get better, but people still don't want to hire. They still need to do more with same number of people. Businesses are comfortable using technology to get efficiency gains," Carpenter says.  

With all of this growth going on, Recommind has also released a couple of new software suites, which Carpenter hopes will continue to push the growth for the remainder of the year. While Recommind sees budgets coming back, they believe the suites will motivate customers to buy multiple products to cover more projects for less money.

For more information
- see the Recommind press release

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