We are so pleased with this record close for 2017 and incredibly thankful for our growing base of customers and the ESM team
ESM ends 2017 with record growth, revenue and profits
Year included big wins, international expansion, new products
ESM, a leading provider of cloud-based procure-to-pay solutions for higher education, K-12 school systems, nonprofits and state and local government, today announced record-breaking revenue and growth for 2017, bolstered by high customer deployment and renewal rates; strengthened partner relationships; new products and infrastructure; and a major expansion into international markets.
“We are so pleased with this record close for 2017 and incredibly thankful for our growing base of customers and the ESM team,” ESM CEO Anthony Rotoli said. “These are exciting times for ESM as we invest in and prepare for continued success. As so many colleges and organizations deal with financial challenges, we are proud that they look to us to help them achieve their spend management objectives.”
In 2017, ESM:
Delivered record profits with double digit growth over 2016; enjoyed a record renewal rate of customers, both large and small and from a variety of markets; and doubled the number of customers who went live compared to 2016.
Expanded into the international market with the addition of the Higher Colleges of Technology, the largest higher education institution in the United Arab Emirates. HCT has deployed all of ESM’s spend management tools. The win received coverage in Spend Matters.
Released new tools to help customers on their spend management journey. They include:
- An updated sourcing tool that fully automates the RFx process.
- A supplier management solution that provides a central location to streamline all aspects of working with suppliers.
- A new user interface that ESM developed through a partnership with an award-winning design agency. The agency completely redesigned our eProcurement user interface to deliver our customers a best-in-class consumer e-commerce experience.
- New analytics services, which allow customers to dive deep into their spend data and allow for more sophisticated reporting.
Invested heavily in its data center, which has multiple global hosting locations, and computing infrastructure to support the rapid domestic and international business growth as well as increased scalability for customers.
Announced a host of new customers, including, Quinnipiac University; Columbia College; the University System of Maryland, a win that received coverage in Campus Technology; Northeastern Educational Intermediate Unit 19; SUNY Cortland; and the City of Santa Monica, among many others.
Managed double digit transaction volume growth by users compared to 2016 as more customers processed even more spend through ESM’s spend management suite.
Launched or extended strategic partnerships with organizations including Chrome River, DocuSign, Paymerang, Huron Consulting and Ellucian. With Ellucian, ESM co-developed the new Ellucian Ethos for eProcurement and took it live.
Increased hiring, adding key positions and doubling development resources to serve a booming customer base, and moved into new offices to make room for the growth.
Supported our local community through company-wide efforts to help the needy with projects such as arCANtecture, a canned food drive and team building project, and holiday gift donations.
From big customer announcements on the horizon to new solutions and product updates, more growth is in store in 2018 for ESM, Rotoli said.
“In 2018, we will continue to build on our investments, our success and our products to help our customers shore up their spend management and uncover new ways to save time and money,” he said. “More great things are on the horizon.”