M-Files has published a business update, revealing how it performed in 2022. While the company did not reveal any significant revenue numbers, it did reveal growth percentages for its information management platform
- Subscription revenue grew 33% year over year.
- Sales in Western Europe grew by 59%. Note this could mean the number of deals rather than revenues.
- In terms of industry segments, it said that bookings from professional services customers grew by 30%. It also gained 100 new clients for its external collaboration solution, M-Files Hubshare.
- Average customer deal size grew 60% year over year. While M-Files focuses on the small to medium market, this may signal that it is gaining traction with larger organisations.
The growth was not limited to the organisation itself as it celebrated growth within its ecosystem in 2022
- There are 85% more certified delivery partners
- 79% more certified solution engineers
- 79% more certified developers
- 56% more certified solution architects
Antti Nivala, founder and CEO of M-Files, commented, “2022 was a record-setting year for M-Files where we reached the highest ever ARR growth in Western Europe, secured our largest customer win in the Professional Services industry, and attained the most new customers ever.
“These achievements are a testament to our ability to deliver high-impact solutions that position us as a strategic partner for information management challenges. We look forward to continuing to serve knowledge workers by providing innovative platform enhancements that deliver superior customer experiences and drive higher-quality work with lower risk.”
The offering strengthened in 2022
M-Files also benefited from its Microsoft Partnership. Last year it created a new subscription listing on the Microsoft Azure marketplace. The M-Files listings now include the following:
- M-Files Online, the new subscription offering.
- M-Files, bring your own license
- M-Files Project Documents
- M-Files Contract Management
M-Files integrates closely with Microsoft 365 and provides a single access point for enterprise data. Joint customers include Wärtsilä, OMV, Crowe, and VDA. It will continue to develop these solutions with new product launches due in 2023 for the Microsoft ecosystem.
The company has also strengthened its solution with improvements to mobility and accessibility, content collaboration, and enhanced decision-making. It also revamped its user interface improving information layering, navigation and heightened readability. Most recently, it added an enhanced integration with Adobe Acrobat Sign. In February 2023, it acquired no-code document automation vendor Ment to further enhance its solution.
Enterprise Times: What does this mean
M-Files continues to enhance its product, grow, and win awards from Gartner Peer Insights. It last raised funds in January 2021. Is this announcement a precursor to another round of funding as it looks to continue its growth and expand its footprint further afield? It has a single office in the USA and none in APAC. 2023 could be a successful year for m-Files. The question is, where and how will the next growth stage evolve?