SOURCE: Cherwell Software

Cherwell Software

February 12, 2015 08:00 ET

Cherwell Software Sustains Momentum With Record-Breaking 2014

COLORADO SPRINGS, CO--(Marketwired - Feb 12, 2015) - Customer demand, customer satisfaction and customer retention fueled Cherwell Software's growth and record revenue in 2014. The company is on a similar trajectory for 2015.

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To meet worldwide customer demand, Cherwell expanded operations globally, doubled their employee base, and tripled their number of certified partners. Cherwell Software also acquired Express Metrix, which immediately extended the company's IT asset management capabilities and added an office in Seattle, Washington. Coupled with the addition of an office in Munich, Germany, Cherwell Software is better positioned to meet global demand. 

To support indirect sales activities, the company tripled the number of partners globally and formalized a Technical Implementer Certification program. Cherwell Software now has hundreds of certified individuals capable of implementing its solution. "As Cherwell Software increases its global market presence, VAR's, regional services organizations, global systems integrators, as well as service providers are anxious to expand their relationship with us," said Peter Dunlap, vice president of partners and alliances at Cherwell Software. In 2015, Cherwell plans to expand its channel resources globally by more than 200 percent and is improving its sales enablement and fee structure.

In remaining aligned with their goal of delivering a best-in-class service management tool, Cherwell's 5.0 release brought the industry's first and only mergeable application solution to the market, providing customers the means to easily extend the out-of-the-box capabilities through a community-driven mApp Exchange, negating the need for skilled labor or third-party professional services. Independent market research firm OVUM recognizes Cherwell Service Management 5.0 as the most significant release in company history because it enables IT leaders to deliver strategic business value across the organization via mApp™ solutions, a community-driven mApp Exchange, business intelligence and mobile improvements.

Cherwell Software was recognized as a Leader in "The Forrester Wave™: ITSM SaaS Delivery Capabilities, Q3 2014" report by Forrester Research, Inc. ranking as one of the three IT service management (ITSM) SaaS vendors that stands apart from the others in the Forrester Wave evaluation. Cherwell Software was also positioned the highest for ability to execute in the Challengers quadrant by the independent research firm of the 2014 Magic Quadrant for IT Service Support Management (ITSSM) Tools Report, and moved positively on the completeness of vision axis for the third consecutive year. Also, Cherwell Service Management was awarded the highest score in configurability, self-service and integrations in ITSM Review's ITSM Tools Universe report.

These activities helped to drive 50 percent growth and an unrivaled 98.8 percent customer retention rate -- bringing Cherwell Software's customer count to more than 1200. As awareness increases, Cherwell continues to strengthen its position as a recognized ITSM market leader. To contextualize the company's incredible growth, Cherwell Software ranked 102 on Deloitte's 2014 Technology Fast 500™, a ranking of the fastest growing technology-based companies in North America. During the reviewed period, Cherwell Software grew 1172 percent, tying with LinkedIn and surpassing Box, Hubspot, and Facebook.

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About Cherwell Software
Cherwell Software is the developer of Cherwell Service Management® (CSM), an award-winning business technology and IT service management (ITSM) platform recognized by leading industry analysts worldwide. Cherwell customers are part of a fast-growing, caring community using Cherwell Service Management to implement both ITSM solutions and business technology that goes beyond ITSM. Cherwell Software has the deepest expertise in the service management industry, including a global network of expert partners currently serving customers in more than 40 countries. Corporate headquarters are in Colorado, United States, with EMEA headquarters in the United Kingdom.

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