Replicon Reports Record Growth in Q2/11

SAN MATEO, CA — (Marketwire) — 07/28/11 — Replicon : , the global leader in Web-based timesheet software, today announced significant momentum in the second quarter of 2011. Fueled by strong demand for easy-to-use online time tracking solutions Replicon saw 50 percent revenue growth in Q2 2011 compared to Q2 2010 in its software-as-a-service (SaaS) offerings. Additionally, Replicon added more than 225 SaaS customers including small and mid-sized businesses as well as global enterprises in more than 25 industries.

"Businesses of all sizes have learned that simple, easy-to-use time tracking solutions are vital to managing productivity for maximum output and bottom line results," said Raj Narayanaswamy, Co-CEO at Replicon. "Replicon's continued growth reflects this strong and increasing demand and these numbers set the tone for our continued momentum and success leading the online time and expense tracking market."

Additional growth year over year include:

  • 50 percent increase in SaaS revenue
  • 59 percent increase in time-off forms submitted
  • 47 percent increase in timesheets submitted

Key customer growth:

  • Added 225 new customers in Q2
  • 16 percent increase in new customers with more than 1,000 employees from Q2 2010
  • 23 new enterprise customers

Replicon's products and leadership team continue to garner market recognition with awards and accolades, including:

  • Top Canadian Tech Company by Branham300
  • Ranked 13th among Alberta Venture's Fast Growth 50
  • Co-Founder Lakshmi Raj recognized as one of Top 100™ Most Powerful Women for 2010
  • Ranked on the Software 500 list for sixth straight year; climbed 30 spots in one year
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