Iridium Technology reports record-breaking Q1 and Q2 of 2020
Iridium Technology, a leading provider of business intelligence and financial analytics for law firms, today reported the strongest half-year revenue results in the firm's history. The strong revenue results were reflected across all three of the company’s product families: Iridium BI, Intellistat, and Steere. The results underscore the trend of law firms recognizing that in a tough economic environment, it is even more important to have strong business intelligence and financial analysis capabilities.
"The pandemic has put many law firms under pressure. They require a steely-eyed focus on key metrics and the ability to see changes in their financial situation daily," says Tom Jones, Chief Executive Officer of Iridium Technology. "Our products fill these critical needs, which is why we've had such positive first-half results, even in the midst of the pandemic."
Following the merger with Data Fusion Technologies in February, the Iridium business intelligence and financial analytics suite now consists of three product families: Iridium BI, Intellistat, and Steere. All three product families set records for first-half subscription revenue. Ten new clients signed up in the first six months of 2020, with wins in all three product families. There were also numerous cross-sell wins, with existing clients who use modules in one product family signing up for modules in other product families.
The merger with Data Fusion is now complete, and there has been 100% retention of the Intellistat/Steere products. "We couldn't be happier to be part of the Iridium family," says Jeff Suhr, Senior Vice President – Intellistat/Steere, and former President of DFTech. "We have committed to the continued development of all our products, and that decision has paid off as we've already had multiple cross-sells across the combined client base. The combination has been truly a success for everyone."
Iridium has taken advantage of the revenue increase by investing back into product development, adding nine new developers since January 1. All three product families are under active development, and updated product roadmaps will be released shortly for all products in all three families.
Iridium Technology's clients also share the enthusiasm for the results: in Iridium's recent annual Customer Satisfaction Survey, Iridium earned a Net Promoter Score of 71, which indicates a highly satisfied client base. "Our clients see the value of having great business intelligence and financial analytic capabilities," adds Jones. "We are proud that they have chosen us as their partner in these tumultuous times."