Digizuite grow ARR by 25% and meet FY22 guidance
Digizuite continued its growth journey as planned in FY22, growing ARR 25% from 32,1 MDKK to 40,1 MDKK.
Accelerating growth rate with +20% booked ARR YoY
+70% new logo acquisition YoY
+145% growth in new customer booked ARR in the Nordics, with 80% through partner channel
Continued strong growth of existing customer base with 110% Net Revenue Retention
Continued low churn rate at 6%
Continued strong growth in pipeline with +200% YoY
Growth in Europe market was strong with both new logo acquisition and booked ARR at all time high records. Booked ARR grew +55% and new logo acquisition by 133% compared to last year. While new logo acquisition in North America market decreased -25% and booked ARR decreased by -9%, the expansion of existing customers was very positive, with +114% growth in expansion ARR YoY.
We consider the market conditions to be attractive and support further growth opportunities. Our pipeline continues to grow, and we are experiencing that investments in marketing and partner awareness are contributing to our growth in Europe and the expected accelerated growth in both Europe and North America. The average contract value is significant higher in North America market and the expansion opportunities are very attractive.
Strategic initiatives pays off
Digizuite’s strategic scalability initiatives has been very successfully executed in 2022.
Lead generation doubled YoY, building a strong pipeline and foundation for further growth
Efforts to increase sales efficiency resulted in win-rate improvements from 14% in 2021 to 25% in 2022
Both new partners and existing partners contributed to accelerated growth in new customer acquisition
Product improvements reduce implementation time, reduce overall product costs and improve customer ROI.
Despite the above positive achievements, the company are facing increased uncertainty and strategy is changed towards more focus on EBITDA and cash flow, while continuing our growth journey. Because of the increased uncertainty and the fact that the current pipeline can support the growth for 2023, we have decided to implement a cost reduction plan for FY23, reducing spending and staff positions of apx. 10% of workforce.
Guidance for FY23 has been announced at 50-53 MDKK and remains unchanged.
John Norden, Certified Adviser
Norden CEF A/S
Tel: +45 20 72 02 00
Kim Wolters, CEO
Tel: +45 20 60 97 37
Oliver Bottelet, CFO
Tel: +45 61 69 66 52
Søren Skovbølling, Chairman of the Board
Tel: +45 25 31 07 20
About Digizuite
Digizuite is a SaaS company in Digital Asset Management software (DAM) that streamlines all digital content in one central platform. Through automated workflows and agile integrations, Digizuite removes manual workflows and streamlines the entire content value chain. Customers choose Digizuite to have control over who, where, and how corporate materials are used. It ensures fire control, risk reduction, and helps to increase efficiency and revenue.
Digizuite is a global company that has realized 600% growth in ARR between 2017 and 2020. Today, the company has more than 70 employees between its headquarters in Denmark and its subsidiaries in the United States, United Kingdom, Belgium, and Ukraine.