Magnitude Triples Growth: Recurring Revenue, Profit and Global Team Grow 3x in 3 Years
AUSTIN, Texas, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Magnitude Software, Inc., a leader in delivering unified application data management to global organizations across industries, today announced robust, worldwide customer and revenue growth, with revenue, recurring revenue and profitability tripling in the past three years. Recently recognized and listed on the 2018 Inc. 5000, and a trusted partner to 100 percent of the 2017 Gartner BI Magic Quadrant leaders, Magnitude sees its revenue closing in on $100 million, bolstered by growth in its core Oracle and expanding SAP markets. The company continues to increase its global customer base, now counting over 1,200 customers across industries including many of the Fortune 500. This growth involves significant global expansion with one third of the company’s revenue now coming from Europe. Magnitude also boasts seven acquisitions in total, with the three most recent in less than a year, including: SAP business analytics innovator, Every Angle Software; SAP automation software visionary, Innowera; and leading product information management provider, Agility Multichannel.
The company has also more than tripled its global employee base over the course of the last three years, with employees evenly spread among North America, Europe and APAC. Executive appointments over the last year have expanded the leadership team in support of the company’s next chapter of global innovation and growth: Rik Thorbecke, Chief Financial Officer; Laurie Dahlgren, Global Vice President, People Operations; and Tony Fisher, General Manager of the Integration Business Unit.
“We have built the world’s leading operating engine for unified application data management, which enables us to take in new acquisitions quickly and seamlessly, leading to significant global growth,” shares Chairman & CEO Chris Ney. “This approach is not only reaping rewards with customers – it also avails considerable growth opportunities to our talented people who continue to fuel our technology innovation and propel the company forward.”
The company’s consistent commitment to product innovation and exceptional customer service continues to pay off. Magnitude’s Innowera Process Runner, which helps global organizations efficiently manage SAP data using Microsoft Excel, recently achieved SAP certification as integrated with SAP S/4HANA®. Also this month and for the fifth year in a row, Magnitude MDM and Agility PIM ranked #1 for customer satisfaction in the 2018 MDM Landscape report by Information Difference.
“Joining Magnitude at such a time of exciting momentum and growth enables me to flex my many years of serving as a CFO, COO and Advisory Board Member to growing companies in the software, SaaS and cloud industries,” says Thorbecke. “I look forward to working with our global teams to push the boundaries of what’s possible in unified application data management.”
As CFO at Magnitude, Thorbecke oversees finance strategy and operations, risk management, legal, IT and sales operations. He leads a growing global team focused on winning business partnerships that drive both transformation and continuous improvement in critical business processes and applications. Prior to joining Magnitude, Rik spent 25 years in various executive finance and strategy roles at a number of leading public and high-growth private companies, including Electronic Arts, Equinix and Levi Strauss; he was also CFO of Plastic Logic, Meltwater and Mirantis. See Thorbecke’s profile.
A decisive, strategic, and resourceful human resources executive with broad and diverse experience spanning multiple HR disciplines, Dahlgren collaborates across leadership, her team and the entire employee base to continue to nurture a customer-first company culture and drive strategic initiatives that empower an engaged, high-performing global workforce. See Dahlgren’s profile.
Having spent more than two decades at the leading edge of the data management sector - entrenched in its evolution and leading businesses across big data, data management and connectivity, Fisher leads Magnitude Software’s Integration Business as General Manager. See Fisher’s profile.
Magnitude was recently listed as one of the 10 Best Startups in Texas by The Tech Tribune.
For more information about Magnitude’s market-leading solutions, visit https://magnitude.com/
About Magnitude Software
Magnitude’s transformative approach to unified application data management delivers vast operational efficiencies to business application data access, management and reporting for the modern enterprise. Magnitude’s portfolio of products includes: simplified application data access to any data source; data management solutions for commerce verticals and SAP software; simplified master data harmonization and governance; and packaged application reporting solutions for SAP solutions and Oracle. The company helps thousands of business users simplify management of their data and deliver on the substantial productivity gains these applications originally promised. For more information, please visit www.magnitude.com
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