COLORADO SPRINGS, CO--(Marketwired - July 07, 2016) - Cherwell Software, a global leader in IT service management (ITSM) and IT asset management (ITAM) solutions, today announced record quarterly bookings for the second quarter of its fiscal year 2016, ending June 30. Market demand for Cherwell® Service Management and Cherwell® Asset Management drove bookings growth of more than 60 percent in Q2 over the same period in 2015. This growth in new business is overwhelmingly fueled by enterprise customers abandoning their expensive, inflexible, and cumbersome ITSM tools in favor of Cherwell's modern and highly customizable design architecture.
New Cherwell customers cite vastly improved total cost of ownership due to easier customization and configuration, frictionless upgrades, flexible and transparent licensing models, and non-punitive pricing -- areas that have been central to Cherwell's core philosophy since its founding. Cherwell's focus on scalability, performance, and security adds further momentum to the company's adoption by large enterprises, showcasing Cherwell's ability to serve the needs of current and prospective customers regardless of size, complexity, or geography.
A survey of Cherwell Service Management customers conducted by TechValidate in February 2016 revealed that large enterprises switched to Cherwell Service Management for the following reasons: 1) easier configuration and customization, 2) more flexible licensing and deployment models, and 3) better overall value for the cost. In addition, TechValidate found more than 75 percent of respondents reported significant time saved on customization and configuration, while more than 80 percent reported a substantial reduction in administrative burden in comparison to their previous ITSM solution.
Cherwell's record second quarter growth is in line with industry analyst findings. In 2015, Cherwell was recognized in Gartner's Magic Quadrant for IT Service Support Management (ITSSM) Tools, and was positioned as the only vendor in the "Challengers" quadrant. Research and market analysis firm IDC found Cherwell Software to be the fastest growing vendor in its 2015 Worldwide Problem Management Software Market Shares report.
"Over the past 18 months, Cherwell's abilities to provide new and advanced capabilities have enabled the company to gain significant traction in the enterprise segment of the IT service management market," says Robert Young, Research Director of IT Service Management and Client Virtualization Software at IDC. "Larger, complex organizations have long sought intuitive, easy to use solutions, but have traditionally had to trade off performance and scalability. Solutions such as Cherwell Service Management stand to strike this balance, as evidenced by Cherwell's success to date."
"Cherwell wins on flexibility and total cost of ownership simply because other ITSM solutions do not provide the same degree of choice," says Vance Brown, CEO and co-founder of Cherwell. "We don't restrict our customers from innovating; rather, we empower IT teams to lead. Our goal is to be a trusted partner to our customers and provide them a flexible and powerful IT platform at a fraction of the cost of other, often more well-known alternatives," he continues.
Cherwell is proud to welcome a variety of new customers to the Cherwell community, including major universities, national and global airlines, and a U.S. utility company that serves over 10 million customers of its own.
With the record growth and bookings in Q2, Cherwell continues to place customers first, while delivering a true enterprise-class solution.
About Cherwell Software
Customer-driven. Enterprise-class. A global leader in IT service management, Cherwell empowers IT to lead through the use of powerful and intuitive technology that enables better, faster, and more affordable innovation. The Cherwell platform was built from the ground up with a unique, codeless architecture that enables rapid time to value, infinite flexibility, and frictionless upgrades every time -- at a fraction of the cost and complexity of legacy solutions. Because of Cherwell's focus on delivering a solution that is easy to configure, customize, and use, IT organizations extend Cherwell to solve a wide range of IT and business problems. With an unwavering commitment to putting customers first and being easy to do business with, Cherwell enjoys 98%+ customer satisfaction. Cherwell has a global network of expert partners serving customers in more than 40 countries. Corporate headquarters are in Colorado, USA, with global offices in the United Kingdom, Germany and Australia.
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