Enterprise transformation platform provider, Orbus Software has announced that it has met its forecasted annual recurring revenue (ARR) target for 2023, achieving 30% year-on-year growth. The ARR of the company’s flagship product and software-as-a-service (SaaS) platform OrbusInfinity grew by 56% in 2023, which is 26 times greater than its value in December 2020. This figure highlights the company’s huge growth in just three years when it received growth capital from SilverTree Equity and moved to a subscription revenue model.

This key milestone enabled Orbus to hit profitability in Q3 2023, a quarter earlier than planned. Orbus also completed a full refinance of the company’s debt with new provider Golub Capital in Q4 2023.

Throughout 2023, Orbus maintained its impressive net revenue retention rate of 112% from 2022 and increased cloud customer retention from 96% in 2022 to 97% in 2023. Its growth is exemplified by its customer base, which continues to expand globally and across multiple industries. Its SaaS customer growth increased by 50% from 2022, with key new customers including ASICS, AutoZone, and Sciensus. It also increased its average ARR deal value by 37% compared with 2022.

Regulated industries continue to show the biggest trend for transformation software globally, with 31% of the new customers from the government sector. Finance, energy and utilities, and manufacturing followed closely, showing the importance of managing strategy, transformations, business processes, and regulatory requirements in a single platform.

As well as retaining and expanding its large customer base, Orbus supports its users on their transformation journeys to the cloud, removing technical debt and managing their risk and resilience. Throughout 2023, the company continued to migrate customers from its on-premises solution iServer to its cloud-native platform OrbusInfinity. Among those that have migrated recently are Alaska Airlines, Mizuho Bank, Absa, Australian Red Cross, and United Parcel Service (UPS).

As most companies become digital by default, Gartner estimates that more than 95% of new digital workloads will be deployed on cloud-native platforms by 2025. In line with the growing use of the cloud, Orbus launched new capabilities in 2023, including its Sustainability Lens. The feature provides an additional metric of analysis that helps OrbusInfinity users factor sustainability into all strategic decision-making processes. Orbus Software will launch an expanded Sustainability Management Solution in early 2024, which will be available for users to purchase as part of their OrbusInfinity package.

While Orbus has focused on expanding its customer offerings and delivering its ambitious growth plans, it has continued to build its network of global partners, with key partners including DaCorp, DynPro, gwi.digital, RCG Global, Unipartner, and Vasa Digital Architects. This has resulted in significant partner-led customer growth, with partners supporting 34% of new customer deals in 2023.

Other significant milestones:

• Named a Leader in the 2023 Gartner® Magic Quadrant™ for Enterprise Architecture Tools, in which it was the leading independent SaaS provider.
• Received the Silver award in the ‘Best technology-based onboarding programme’ category at the Learning Technologies Awards 2023.
• Shortlisted for the ‘scale up award’ at the UK Tech Awards.
• Shortlisted for GP Bullhound’s Allstar Company Challenge.
• Expansion into new regions in 2024 including the Middle East and North Africa (MENA), and Singapore.

Quotes:

“Technology businesses worldwide are facing challenging headwinds, but Orbus Software’s continued growth, customer retention, and industry recognition highlight the necessity of enterprise transformation and digital blueprints in the success of organizations in all regions and industries as they become digital by default. It is a pleasure to support our customers with their digitalization efforts and to lead a team so focused on its mission to help businesses transform smarter.” – Gareth Burton, CEO of Orbus Software.

“We believe that sustainable decision-making is not just a corporate responsibility but a strategic imperative at the enterprise level. The Sustainability Lens in OrbusInfinity is our commitment to helping clients navigate this essential journey. It’s about making sustainability an integral part of business transformation and operational excellence.” – Gareth Burton, CEO of Orbus Software.

“We’re excited to continue strengthening our commitment to a partner-first culture in 2024. We’re building a community of skilled partners and we’re thrilled to use this to better support our mutual customers, while providing new levels of product knowledge.” – Alex Mathieson, Chief Revenue Officer at Orbus Software.

“At Unipartner, we recognize the strategic importance of transformation solutions for European companies, particularly in our pursuit of sustainability, a crucial and growing focus in today’s market. Together with Orbus, we are committed to supporting organizations to transform while embracing sustainability as a core aspect of their strategy. This synergy is crucial for guiding our clients through the complexities of the market, ensuring they achieve compliance, sustainability, and long-term success in an increasingly environmentally conscious business landscape.” – Fernando Reino da Costa, President and CEO at Unipartner.