Relayware, a SaaS-based provider of Partnering Automation software, has announced its one-millionth partner on its Partner Cloud following a sustained period of strong international growth. The company attributes much of its recent growth to strong demand from young, VC-backed SaaS companies looking for faster sales growth from channel partners.
Over the past six months Relayware has seen an expansion in its customer base beyond large, established technology vendors by adding more high growth SaaS companies backed by VC and private equity investors such as Bessemer, Lightspeed, Khosla, Battery and Goldman Sachs. New customers, like eFolder, Gemalto and ThinkingPhones see the value of ramping up a powerful partner ecosystem, supported by Relayware's partnering automation software, rather than recruiting expensive resources internally.
Bob Mann, Chairman and CEO of Relayware said: "The nexus of cloud computing, big data analytics, collaborative working and mobile applications is redefining how companies recruit, enable and motivate their channel partners. For larger enterprises with established partner programs, it's enabling them to automate channel marketing, sales, training and operational processes so they can be more strategic with partners. But what's really exciting is the recent wave of young, VC-backed SaaS companies that are turning to Relayware as the foundation for their new partner programs that they're building to scale quickly and drive exponential growth."
Relayware addresses a mounting challenge facing suppliers and manufacturers today: a critical need to extend market reach and accelerate revenue growth without increasing customer acquisition costs.
Relayware customer, GENBAND, was ranked the number one venture-backed company in the US1, and GENBAND Director of Channel Marketing Paula Sullivan said, "As the global leader in real time communications software, partners are the key ingredient to our overall growth and success. It is critical that we continually understand what's working and what's not for their success. Relayware enables us to stay on the pulse of our partners by applying data and business intelligence to increase their performance."
"Relayware enables us to stay on the pulse of our partners by applying data and business intelligence to increase our partners' performance."
Relayware's ability to grow revenue for businesses with globally distributed partner networks has enabled it to expand its own business significantly. In 2013, the firm secured $5.5 million from one of the largest independent venture capital investors in the UK, Albion Ventures, to amplify it sales and marketing, expand operations into the US market, and hire key executives to drive growth and scale the business. As a result, the company has doubled its customer base and seen a 30% underlying growth in monthly recurring revenue (MRR) over the past 12 months.
The company estimates the market is worth $800m as it expands beyond the technology industry into manufacturing, energy and telecommunications. With greater than 70% of the world's businesses doing business through indirect distribution channels, the company calculates the market will be worth more than $3 billion by 20202.
1 According to the Wall Street Journal, 2012
2 Size of the indirect channel