TORONTO, ON--(Marketwired - February 01, 2017) - Medgate, the global leader in providing enterprise-grade, SaaS-based Environmental, Health, and Safety (EHS) management solutions has announced record-breaking results for the 2016 fiscal year. The year saw multi-award winning Medgate reach record results across all financial dimensions -- including revenue and profitability -- as well as customer satisfaction, growth, innovation, and employee engagement.
Medgate's total revenue, recurring revenue, and profits all grew by over 30%, contributing to a three-year compound annual growth rate of 30%. Its profitable and reliable delivery and operations enabled Medgate to invest significantly in R&D and provide continuous innovations for its growing tier one customer base. This past year's innovations included major enhancements to the user experience (Advanced Dashboard), strengthened reporting and data integration capabilities (Enterprise Data Gateway), as well as the expansion of the Environmental suite, among many other new features across all EHS suites.
In March, Palo Alto based Norwest Venture Partners teamed with Georgian Partners and BMO Financial Group to make a strategic investment in Medgate because of its top-tier customer base, customer-centric culture, innovative enterprise-grade technology, and track record of profitable growth. Coupled with Medgate's strong organic growth, this backing will fuel accelerated growth in 2017.
Medgate's growing global Sales Team delivered the highest annual sales result in Medgate history, the most new logos, the most sales to existing customers, the highest pipeline build, and largest deal volume in the thirty-year history of Medgate. In addition, Medgate's Professional Services Team saw a 100% deliver-to-production rate in 2016, powered by its purpose-built workflows and proven methodology. Medgate also delivered an uptime of 99.995% on its platform, enabled by a focus on quality and world-class SaaS operations. This success reflects the clear differentiation Medgate has demonstrated in the market through its enterprise-grade platform, deep EHS domain expertise, and its enviable customer relationships that lead to expanding business and strong references.
Customers not only expanded business with Medgate at record levels in 2016, but also recognized the company's outstanding levels of service. Medgate's client retention rate was 97.5% (against an industry average of 91%1). The Support and Success Teams received outstanding customer satisfaction scores with 92% of customers rating their case resolution satisfaction at over 80% and giving a Net Promoter Score of +62 (Net Promoter Score is an index ranging from -100 to +100 that measures the willingness of customers to recommend a company's products to others).
In addition to such strong endorsement from its customers over 2016, Medgate was also recognized around the industry for its market-leading product, customer satisfaction, and strong employee engagement. Medgate was named leader in the Verdantix Green Quadrant and their Environmental and Safety suites won Best New Product of the Year by Environmental Protection. Medgate also won the Canadian Business Excellence Award for Private Business and was awarded Platinum Level in Aon's Best Small & Medium Employers in Canada in addition to being named one of Canada's Fastest Growing Companies by Canadian Business and PROFIT.
"As we look back at 2016, we are grateful to our customers -- new and longstanding -- for putting their trust in Medgate for such a business-critical solution," said Mark Wallace, President of Medgate. "I would also like to thank the growing team of Medgate experts around the world for delivering such outstanding results for all of our stakeholders. Looking forward to 2017, with so much momentum, I am beyond excited at the possibilities for Medgate and for our customers in making EHS software and programs an integral part of their company strategy."
Medgate leverages its cutting-edge SaaS-based technology and broad EHS risk management solution to partner with organizations around the world to effect meaningful change in the way environmental, health, and safety is managed. Medgate stands by its customers as they attain performance goals, reduce EHS risks, enhance corporate productivity, and create a healthier workforce. The company has received many accolades for its strong employee culture and outstanding growth rate including recognition as one of Canada's Best Managed Companies, being named by Aon Hewitt as one of the Best Employers in Canada, and being awarded Best New Product of the Year by Environmental Protection.
1 Pacific Crest SaaS Survey (2015)