Partner and sales growth, as well as product as new product enhancements were a primary focus of a keynote address by Acumatica chief executive Yury Larichev at this year’s Partner Summit.
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Now in its third year the cloud financial and ERP product maker welcomed approximately 300 partners to the Lansdowne Resort in Leesburg, Va. with its CEO touting record growth numbers.
Larichev noted the channel now has 221 partners, with 50 of them added over the past year as well as revenue numbers up 300 percent in the same period.
“Acumatica is on track to meet its growth target for 2013, which means we’ve grown more than 300% again in revenue, just like we did in 2011 to 2012,” said Larichev. “We think we may hit 350% this year.”
He attributed much of the growth to its partners, which he claims account for 100-percent of all Acumatica sales since the company does not sell direct.
“What makes us different from our competition is our partnership model,” he said. “I believe Acumatica is heading the movement towards deployment, we want to be a facilitator for cloud.” Migrating to the cloud is changing, cloud transformation is difficult because it hits your cash flow but we feel we do things differently.”
During the morning keynote, Acumatica also announced the release of its version 4.1 product, with key features that include usability improvements such as real-time sync with Excel; a new customer portal, and enhanced financials with improved budgeting, AP booking and reclassifications, and AP/AR automation from cash management.
Acumatica chief marketing officer Stijn Hendrikse reiterated Larichev’s points on growth, also noting that increased deal sizes were a contributing factor. He stated that the average deal size for an Acumatica partner right now is $51,012 up from $23,400 in first half of 2011.
Hendrikse also stressed that while he was pleased with the amount of growth in the partner channel, the company is ultimately focused on increasing customers over the next few years.
“In 2016 we want 1000 net new customers, so we need 20 partners that do 50 deals or 200 that do five,” he said. “Right now our top five partners average 13 deals per year, our
Gold partners average around three. The one thing I will stress about partner sales is that there is no way we are going to sell out this company to a direct model.”