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Convercent Posts Record Results Second Quarter 2017


August 29, 2017 - DENVER, CO

Convercent, the leading global provider of SaaS enterprise ethics and compliance management software, today announced record results in the second quarter of 2017. Highlights include significant growth in customers worldwide as well as a rapidly expanding workforce.

"This past quarter's growth is proof Convercent is meeting a crucial need for today's biggest global brands. Across industries and countries, business leaders are recognizing the critical importance of corporate ethics, and our cloud software enables them to drive ethics into the center of their organizations," said Patrick Quinlan, co-founder and CEO of Convercent. "I believe the future will be built on companies that try to do the right thing. We have a massive opportunity to affect change at a global scale by giving leaders the solutions they need to put ethics and values at the forefront."

Highlights include:

  • High Customer Growth: Convercent added over 40 new customers in Q2 including leading furniture manufacturer Steelcase, New York University, and fast-casual restaurant chain Torchy's Tacos. The company's ACV in Q2 also grew more than 60 percent year-over-year.

  • Expanded EMEA Footprint: Convercent greatly expanded its EMEA customer base in Q2. New customers include Total Gas & Power, the largest industrial and commercial natural gas supplier in the UK, and global chemical company Venator. New regulatory developments in EMEA that require companies to implement whistleblowing and alert mechanisms have fueled Convercent's growth abroad.

  • Effective Customer Retention Rate Exceeds 100 Percent: In addition to growth in new customer acquisitions, existing customers continued to achieve success with Convercent. The company continued to post an effective retention rate exceeding 100 percent in Q2.

  • Expanded Employee Base: To meet market demand, Convercent continued to expand globally, adding key roles across the company in engineering, marketing, and sales. Convercent added 18 new hires in Q2, bringing total headcount to 125.

About Convercent
Convercent is the leading provider of the one cloud platform of ethics and compliance that helps global enterprises maximize performance by bringing ethics to the center of their business. Companies use Convercent's Ethics Cloud to hear the voice of their employees, understand organizational behavior, and make informed decisions to protect their culture. The Convercent Ethics Cloud applications include: Helpline and Case Manager, Learning Manager, Policy Manager, Disclosure Manager and Convercent Insights.

Convercent has more than 550 customers worldwide, including Microsoft, Tesla, The Four Seasons, Capgemini and Under Armour. The company's rapid success is fueled by product innovation and a unique culture. Convercent is backed by venture capital funding from Sapphire Ventures, Tola Capital and Azure.

Contact:
Emily Busse
Email Contact
(415) 625-8555

MarketWire

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