5 November 2024, Tue |
10:47 AM
Epicor has announced surpassing the $1 billion mark in annual recurring revenue (ARR). This significant milestone underscores Epicor’s commitment to driving the adoption of its subscription-based Industry ERP Cloud portfolio, meticulously crafted to cater to the unique requirements of customers across diverse sectors including manufacturing, logistics, and retail.
“This achievement is truly remarkable – only a select few enterprise software firms have crossed the $1 billion ARR threshold,” remarked Steve Murphy, CEO of Epicor. “Our core strategy revolves around prioritizing customer needs by offering industry-tailored, subscription-based cloud solutions that address their most pressing supply chain and operational hurdles. Since 2018, we’ve invested approximately $1 billion in cloud-based innovations to enhance our product offerings, ensuring they are purpose-built, scalable, and secure to meet the evolving demands of our clientele.”
In the fiscal year 2023, Epicor witnessed a remarkable 42 percent year-over-year growth in software-as-a-service (SaaS)-based cloud revenue, with an impressive 70 percent of new clients opting for subscription-based models. As Epicor accelerates cloud adoption within its key industry verticals, the company’s unwavering commitment to delivering exceptional customer experiences continues to foster deeper engagement and drive tangible results for organizations globally.
“When clients transition their ERP solutions from on-premises to Epicor’s cloud, they place immense trust in us to deliver not just the industry-leading features and functionality they expect, but also to ensure these capabilities are available on a stable, scalable, and secure platform round the clock,” emphasized Rich Murr, Chief Customer & Information Officer at Epicor. “We take this responsibility seriously and persistently invest in talent and technology to uphold this commitment.”
Redefining Expectations: Cognitive ERP
With a robust clientele of over 23,000 organizations worldwide and a staggering two and a half million daily users, Epicor is poised to capitalize on its momentum by revolutionizing the role of AI in ERP software, envisioning a future where artificial intelligence enhances operational efficiency and empowers workers across essential industries.
“While we celebrate reaching this $1 billion ARR milestone, our gaze remains fixed on the horizon as we continue to invest in delivering substantial value to our clients – and that vision is squarely focused on AI,” stated Joe Ayers, CFO of Epicor.
Termed cognitive ERP, this vision represents a fusion of AI and ERP to redefine processes and operations within supply chain industries. It entails adapting technology to suit the contextual environments and workflows of workers, streamlining interactions and intelligence extraction from enterprise technologies.
At the forthcoming Epicor Insights 2024 customer conference, scheduled for May 20-23 in Nashville, Epicor will unveil its cognitive ERP strategy. This initiative aims to assist clients in leveraging AI to drive significant improvements in decision-making, forecasting, customer service, and overall operational efficiency. Additionally, Epicor will introduce an integrated suite of new AI and data platform capabilities designed to propel industries into a new era of technological empowerment.
“The landscape of ERP’s value delivery through AI is rapidly evolving,” remarked Vaibhav Vohra, Chief Product & Technology Officer at Epicor. “This transcends the mere addition of another tool to the tech stack – we envision cognitive ERP as fundamentally transforming business operations by embedding contextual intelligence and advanced automation into core operational workflows. In essence, ERP is poised to evolve from a system of record to a system of action.”
