As a result of a strong growth market, HR system provider CatalystOne reported its best result for Annual Recurring Revenue during the first half of 2021.
Annual Recurring Revenue (ARR) exceeded 110 MNOK in the first half of the year, giving a growth of 41% over the last four quarters.
When the pandemic started in March last year, CatalystOne, like so many other companies, expected a tough period with a customer base characterized by restructuring and downscaling.
But the transition to digital homework days meant that many companies suddenly had an urgent need for digital system support of HR and management tasks such as absence registration, employee follow-up and on- / offboarding.
Hand in hand with an urgent need to reorganize and restructure, the importance of having systems with continuously updated information on all employees was quickly brought to the top of the priority list. In a new everyday life characterized by large and rapid changes, the lack of such a system will significantly reduce companies’ ability to be flexible and develop in step with the environment.
“Companies realized that they did not have a clear overview of the number of employees and available competencies within different teams and departments – and getting that overview was often a manual process that could take days or weeks,” says Avtar S. Jasser, CEO of CatalystOne.
“This makes it more difficult for them to respond to unexpected events and rapid developments in the market. Today, organizations must be able to adapt quickly – change goals, direction and use of the workforce. To be able to do this, HR and management need continuous access to relevant and correct employee data.
In the past, an HR system was something that was ‘nice-to-have’ for those who had the opportunity to spend money on it. Today, the situation is completely different, when we see that companies that have gone through major financial challenges prioritize this investment – it is a clear proof that a cloud-based HR system has become a business-critical system that is given high priority. “
CatalystOne has also seen strong growth among existing customers. In the first half of 2021, 74% of existing customers purchased multiple licenses and / or modules. Net retention revenue was 118% over the last four quarters, reflecting high customer satisfaction and loyalty.
The change to more teleworking and gradually hybrid work environment has created an increased need to find new and better ways to keep employees informed, engaged and motivated. This has led to an increased interest in CatalystOne’s modules in performance management, competence, learning and commitment that can help HR and managers build organizational culture, create trust, provide feedback and recognition – regardless of workplace.
Tools that offer automated processes, with associated steps and templates, will not only save time and improve efficiency, but can also serve as a supportive guide for managers. At the same time, this type of system gives employees the opportunity to learn and develop at their own pace and in their own workplace.
With a strong pipeline for the rest of the year, CatalystOne sees that this is a trend that continues to apply. All indications are that the company will have its best year to date and strong growth in 2022.
“Our success has not come out of the blue,” says Jasser.
“We have had a clear strategy for many years and have laid a good foundation. Which has resulted in the strong market position we have today, with happy customers who buy more and who act as ambassadors and “sellers” on our behalf to new customers.
“And just as importantly, we have also prioritized our most important resources – our employees. We have all the way made very conscious decisions to ensure that we build a culture with knowledge and information sharing, trust and openness, as well as continuous focus on developing our employees. ”
Source: IT-Kanalen by it-kanalen.dk.
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