Deem Announces 280 Percent Quarter-over-Quarter Growth
Cloud Commerce Network Sees Growth in Bookings, Revenue and Customers
SAN FRANCISCO, April 7, 2015 /PRNewswire/ -- Deem, the leading Commerce-as-a-Service (CaaS) company, today announced record Q1 results across all key growth metrics and the addition of more than 4,000 new business customers. Deem achieved consistently strong growth across all areas of its unique business commerce network in Q1, led by a 280 percent increase in quarterly bookings and a 325 percent increase in average annual contract value (ACV). Deem also saw major improvement in several other key areas including a 64 percent reduction in customer acquisition costs (CAC).
Deem's growth is being fueled by continued innovation and adoption across its full suite of save, sell and syndication applications. Deem's 4,000 new business customers in Q1 were the result of renewed investment in direct sales and demand generation activities as well as from both new and revitalized channel partners. Deem now enables more than 29,000 business customers to lower costs, 100,000 merchants to increase revenue and more than 40 partners to deepen customer loyalty across its commerce network.
"Six quarters after regaining our independence and three quarters after securing growth capital, Deem is back to a high-growth and disruptive position in the market. In January I sent a letter to Deem shareholders in which I outlined Deem's 2015 objectives and promised renewed focus on our three core value propositions," said Patrick Grady, Founder and CEO of Deem. "Delivering a record first quarter is just the first step in fulfilling those promises and I can say with confidence that looking at our pipeline of product innovations and customer demand that we're just getting warmed up in 2015."
Existing Customers Find New and Continuous Value in Deem Network
Over the past two quarters Deem has introduced six new spend and expense management applications to the mid-market and enterprise market – Sourcing, Analytics, Contract Management, Catalog Enablement, Shopping and Expense Management. Deem's 29,000 travel customers can now take advantage of a complete suite of cloud and mobile applications to save money and control indirect spend.
TEAC America, Inc. (the US subsidiary of TEAC Corporation – Tokyo Japan), the world leader in portable data recorders, and a Deem Travel customer, recently deployed Deem Expense to increase spend policy compliance.
"We deployed Deem Expense because we wanted to increase our employees' compliance with overall corporate spend policy and give them a solution that has the familiar, consumer-like experience and functionality they have come to expect from Deem," said Tanja Pino, Director of Human Resources at TEAC.
About Deem
Deem is a leading Commerce-as-a-Service (CaaS) company that connects a large and diverse ecosystem of customers, merchants and partners across a one-of-a-kind business commerce network, enabling them to lower costs, increase revenue and deepen customer loyalty. Deem serves companies from SMBs to the largest Fortune 500 multinationals and counts more than 29,000 business customers, 100,000 merchants and dozens of market-leading distribution partners all with access to more than 11 million products and services across Deem's network. For more Information visit www.deem.com.
SOURCE Deem
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