Tuesday, July 21, 2009
Service-now.com Reports Yearly Revenues
Privately held, San Diego firm Service-now.com, a developer of IT service automation software-as-a-service, has released its yearly financial results, in an unusual move. The firm said today that it closed its fiscal year on June 30, 2009, with more than $28M in recurring revenue, and 280 customers. Service-now.com said that it is now expecting to be profitable next year and have more than $50M in recurring revenue. The company--which is backed by private equity firm JMI Equity--said it had a 105 percent increase in revenues from 2008, and has been cash flow positive for more than two years. The company also said it has 111 employees today, compared with 75 last year. The revelations about the firm's revenues and growth are fairly unusual for a privately held firm; no reason for the financial releases were given, although firms sometimes will reveal their finances if they are planning an IPO and/or looking for merger/exit opportunities. Service-now is headed by former Peregrine Systems and Remedy CTO Fred Luddy.