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Kneat Achieves Record Revenues in Q3 2021 Driven by Customer Expansion
Kneat Achieves Record Revenues in Q3 2021 Driven by Customer Expansion Canada N...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n \n \n \n Kneat Achieves Record Revenues in Q3 2021 Driven by Customer Expansion\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Q3 revenues increase 91% to\n \n $3.7 million\n \n \n \n \n \n \n \n SaaS revenues increase 276% to\n \n $2.6 million\n \n \n \n \n \n \n \n Annual recurring\n \n \n \n \n revenue (ARR) increases 217% to\n \n $12.0 million\n \n \n \n \n \n LIMERICK,\n \n Ireland\n \n ,\n \n Nov. 9, 2021\n \n /CNW/ -\n \n kneat.com, inc.\n \n (TSXV: KSI)\n \n (\"Kneat or the Company\")\n \n a leader in digitizing and automating validation processes, today announced strong financial results for the three and nine-month periods ended\n \n September 30\n \n , 2021.  All dollar amounts are presented in Canadian dollars unless otherwise stated.\n \n \n \n \n \n \n \n \n \n \"Our team delivered another quarter of high growth, with annual recurring revenue increasing to\n \n $12.0 million\n \n , up 217% year-over-year. Our customer base is growing across all tiers and more than half of the top 20 global pharmaceutical companies have selected Kneat as their enterprise e-validation platform,\"\n \n said\n \n Eddie Ryan\n \n , Chief Executive Officer of Kneat.\n \n \n \n \"New customer acquisition and the expansion of existing customers continue to drive our growth. As customers scale their use of Kneat, our technology is becoming an integral part of their operations.  While our growth trajectory continues upward, these large scaling events are somewhat unpredictable in their timing and given the early growth stage of the company, they can result in period-to-period variability in ARR growth rates,\"\n \n continued Mr. Ryan.\n \n \n \n \"During the quarter we added to our list of top-tier companies with another of the world's leading healthcare brands selecting Kneat as their enterprise e-validation platform. We are also experiencing significant success in the supply chain and in the mid-market. We expect these segments will be contributing drivers of future growth. Despite t...