Two pieces of news this week support rumours that Recommind is gearing to launch an IPO next year.
The first was the appointment of Jeff Epstein to its board of directors. Epstein, the former executive vice president and chief financial officer of Oracle, will also chair Recommind’s Audit Committee. Epstein comes to Recommind with a 30-year track record in business management and financial leadership. At Oracle, he played a crucial role steering one of the world’s largest and most profitable technology companies to a market valuation of over $150 billion. He has also served as CFO of several other public and private companies, including DoubleClick, acquired by Google, King World Productions, acquired by CBS, and Nielsen’s Media Measurement and Information Group. He has also worked as a mergers and acquisitions investment banker at The First Boston Corporation.
The second piece of news was the company yeasterday reporting a 100% increase in first half 2012 revenue growth over the same period in 2011. The company is clearly continuing its string of record-breaking performance, with 2011 revenue increasing 95% over calendar year 2010 before accelerating to 100% year-over-year growth in the first half of 2012 over the same period in 2011.
“The same computer systems that were supposed to increase our productivity are now drowning us in information.” said Bob Tennant, CEO, Recommind. “That’s where Recommind comes in. Our products help solve business problems where the amount of data involved is far outpacing the human ability to comprehend it. Only machine-learning technology can make these sorts of problems manageable, and no one knows how to apply machine learning to business better than Recommind. We are fundamentally transforming the way business is done, one solution at a time.
“One of these best-known solutions is Axcelerate eDiscovery, which features Recommind’s patented Predictive Coding technology and workflow. This offers the first practical solution to the spiraling costs of document analysis and review, the most expensive and time-intensive phase of eDiscovery. By learning from a small “seed” set of documents, Predictive Coding can prioritize any size collection faster, more accurately and far more cost-effectively than any other review methodology. In many cases, the savings on contract attorneys alone can easily run into the millions of dollars, an important reason revenue for Recommind’s cloud-based eDiscovery solution, Axcelerate On-Demand, has skyrocketed in the past two years.
“In addition to adopting Recommind’s cloud-based eDiscovery solution, enterprises are bringing Axcelerate eDiscovery in-house to manage risk and respond to legal actions and regulatory inquiries. Siemens is the latest Fortune 500 company to announce standardization on Axcelerate eDiscovery as its in-house solution for end-to-end eDiscovery. Siemens joins existing Fortune 500 in-house customers including Cisco Systems, TransCanada and many other firms in industries such as finance, high-technology, energy, entertainment and pharmaceutical.”
“Revenue growth in Europe is also up.” said Simon Price, UK Managing Director, Recommind. “This growth was mirrored by a 30% increase in staff across the European region, accounting for over 50% of the company’s total headcount. This represents a 100% increase in our UK staff alone. I’m very pleased with our growth rates across all product portfolios within Europe”.