Venn Brown sat down with ReadyTech CEO Marc Washbourne to discuss the current state of the business and medium term outlook. Key take aways:
- ReadyTech continues to build its momentum in its three core industries while finding some traction in international markets and moving up the enterprise sales ladder.
- more than 80% of revenue remains recurring
- targeting sustainable mid-teen revenue growth, with margin expansion
- targeting client retention revenue of 105%
- enterprise markets remain the largest opportunity for growth
- huge opportunity remains to help companies move to cloud solutions
Thanks for meeting with me today, Marc. To start with, can you give us a brief overview of ReadyTech?
ReadyTech’s platform is a modernised ERP that provides mission-critical solutions to a range of markets. Our key markets are education, local government, justice, and workforce management. Our technology is a technology backbone that manages a business’s core system of record, compliance and critical workflows.
It is offered in the cloud as a software-as-a-service (SaaS). Across these markets, we find that all our customers face similar challenges in managing their critical software infrastructure. Many of them are in a digital transformation. They are upgrading to the cloud, but many in these sectors have been slower to adopt the new technology. They have now reached the point where they want to increase efficiency and automate more of their business.
Another key driver is a desire to improve and modernise their customer’s experience. For instance, there is a significant shift in education to improve the student experience. In local government, there is a very significant transformation underway to offer a better and digitised modern experience for citizens in the local community. So often, customers are adopting a cloud-based strategy at the same time as going through a digital transformation strategy. And so, I think all of those things are very important to them, and we look to support our customers through that in a very customer-centric way.
I see our job is to help them manage that transition on our software and continue to innovate for them over time.
Download the report for the full interview.
