Aarhus, Denmark, June 30, 2020 - Stibo Systems, the global leader in delivering transparency through Master Data Management (MDM) solutions, today announced another year of growth in license sales during the 19/20 fiscal year, up more than 15% from FY18/19.
The growth reflects Stibo Systems’ significant investment in new business models and advanced MDM technology, fueling deeper data transparency among its customer base. During FY19/20, Stibo Systems continued to transition from selling perpetual, on-premises licenses to a subscription-based license model delivered through software as a service (SaaS). The business also saw an increase in sales of multidomain MDM solutions, as customers looked to consolidate information sources such as customer, product, supplier and location data into a “single version of the truth.”
In FY19/20, the company unveiled version 10.0 of its integrated MDM solution suite. Enhancements across Stibo Systems’ product lines included multitenant SaaS with a direct migration path for existing customers, a user experience (UX) with a state-of-the-art digital catalog functionality for improved productivity and business-to-business (B2B) customer management enabling complex business case upgrades.
Due to the fact that the company’s customers continue to convert from perpetual to subscription slightly faster than anticipated combined with keeping up a high level of investments in product development, Stibo Systems realized a deficit for the year.
“As a foundationally-held company, Stibo Systems has the financial strength to lead the market and in the long run our growing backlog of customers is a strength. The company is well-positioned to focus our efforts on truly changing the MDM game for our customers, rather than just delivering for shareholders,” said Jesper Ejlersen, CEO, Stibo Systems. “Version 10.0’s UX improvements are a direct result of Stibo Systems’ commitment to funding R&D at 20% of our annual budget. We are a leader in MDM – not a follower – and every product we develop moves us closer to our goal: helping customers achieve data transparency as intuitively as possible.”
In addition to its enhanced products, Stibo Systems’ FY19/20 successes included expansions of both its physical presence, with a new office in India, and its client base, including more than 65 new customers. Data management also played a key role as many of Stibo Systems’ customers addressed challenges during the ongoing COVID-19 pandemic. MDM solutions enabled many companies to accelerate their digitization project plans, allowing them to scale quickly and roll out offerings such as curbside pickup in just a few weeks.
“Despite COVID-19, many customers continue investing in the global MDM market, as digitization remains a megatrend,” Ejlersen said. “Customers, employees and companies are becoming increasingly reliant to online interactions – meaning data must be not only relevant but also accurate. MDM has allowed our customers to better serve their customers, as we all adjust to this “new normal.”
For more information about Stibo Systems’ solutions, initiatives and leadership, visit www.stibosystems.com.
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