Integreon report record results
Integreon, the largest global provider of integrated research, legal and outsourcing business solutions to professionals, today announced record revenue growth for its 2010 fiscal year, achieving a compound annual growth rate of 52% for the last three years.
“Demand for our high-quality services has never been greater,” said Integreon CEO Liam Brown. “Our clients are seeing real impact on their businesses. The uptake we have seen with existing and first-time clients clearly indicates that we have solidified our role as an experienced, trusted, partner who truly frees our clients' professionals to focus on the high-value activities that define their businesses.”
In 2010, Integreon experienced robust revenue growth in each of its key vertical markets: legal process outsourcing (LPO), ediscovery, research and business services. Notably, demand in each of these markets continues to rapidly increase as client organizations focus more on core competencies and turn to experienced, industry-leading partners with the scale and expertise required to efficiently provide high-quality business support services.
Integreon's strong growth was driven by key customer wins, including an engagement with UK law firm CMS Cameron McKenna that is the legal industry's largest outsourcing agreement ever, and will commence in 2011. While most of Integreon's customer wins are confidential, the company announced several important engagements in 2010, including deals with leading US software firm Microsoft for legal support services, UK law firm Foot Anstey for library and information services and UK law firm Lewis Silkin for IT project consulting.
Integreon's 2010 growth was partially enabled through a $50 million investment from emerging markets private equity specialist, Actis. Overall growth was also partially driven by Integreon's strategic research group, Grail Research. Acquired by Integreon in November 2009, Grail organically grew its revenue by 35% in 2010 while Integreon's overall research organization grew by more than 31%.
In addition to financial growth, Integreon expanded its global footprint, with new offices in Tokyo and Hong Kong and an expanded facility in Bristol, UK. The company also opened a state-of-the-art electronic evidence laboratory in Los Angeles that augments its existing industry-leading labs in New York and Washington, D.C.
During 2010, Integreon expanded its team, strategically hiring employees with deep business and legal domain experience, particularly those with MBAs and law degrees. The company made important additions to its leadership team, including the appointment of renowned business leader Richard Moran to the Integreon board of directors and the appointment of legal industry veteran Douglas Benson as a senior advisor.
Integreon continued to unveil new technology innovations in 2010 as well. Developments included the launch of an enhanced version of its specialized, scalable document review platform, eView, which the company gained through the acquisition of e-discovery leader, ONSITE3 in 2009. In addition, Integreon announced its innovative Seek & Collect service and supporting appliances, which ease the burden and risk of self-collection during the e-discovery process.
Comment: Law firms might not be talking very much about outsourcing but the volume of business companies like Integreon are generating suggests there is a demand for such services.