Mitratech Reports Record-Breaking Year for Client Growth, Financial Growth, and Team Growth
Results in 2014 reinforce Mitratech’s position as the most trusted, market-leading partner for legal departments investing in Enterprise Legal Management (ELM) solutions.
AUSTIN, Texas, April 2, 2015 – Across all dimensions, the fiscal year ending January 31, 2015 wrapped up as the most successful year in the 30-year history of Mitratech, the most trusted market-leading provider of enterprise legal management (ELM) solutions for legal departments across the globe. Mitratech enables legal departments of all sizes to be the best-run function in their organization by providing end-to-end matter management, spend management, e-Billing, legal hold, contracts management, reporting, and compliance solutions through both its TeamConnect and Lawtrac solutions.
Achievements in the previous fiscal year include:
- Doubling the number of Mitratech clients through both the addition of the most new clients in company history and the acquisition of Lawtrac and its world-class client base;
- Building exceptional client loyalty with near 100% client retention and professional services referenceability rates;
- Launching the game-changing TeamConnect 4.0 release, which offers deep, powerful, and sophisticated functionality that can be efficiently and sustainably implemented, administered, and upgraded; with the introduction of Mitratech’s associated Upgrades Included program, clients that leverage implementation and upgrade best practices will receive upgrade services for free – resulting in a total cost of ownership up to 40% lower than similar products in the market;
- Releasing Lawtrac 4.0, the most modern and complete matter management, spend management, and reporting solution designed specifically for small and mid-sized legal departments;
- Demonstrating strong financial growth including 25% revenue growth, 39% annual recurring revenue growth, and 52% EBITDA growth;
- Rapidly expanding our investment in product and service by increasing Mitratech teams by more than 30% in the R&D, account management, and services – resulting in a 50% expansion in office space at the company’s Austin, TX headquarters; and
- Establishing the company’s new London office, with Mitratech’s European team exceeding planned growth in the European market
Hyperion Global Partners, the leading industry analyst firm covering the ELM space, recently recognized Mitratech’s market-leading status through its 2014 ELM MarketView Report, which evaluated Mitratech as:
- Demonstrating the most complete market vision in the industry, along with strong financial stability;
- Delivering the highest-rated ELM product in the industry across every evaluated dimension (TeamConnect solution); and
- Earning the Market Leader designation for service to mid-sized legal departments (Lawtrac solution)
“As global corporations grapple with increasingly material risk, legal departments are looking for trusted, reliable, and growing partners that enable them to minimize risk, create business value, and lower total legal spend. I am incredibly proud that the investments we’ve made over the last few years have delivered on these commitments to our clients,” notes Mitratech CEO Jason Parkman. “We will continue to make investments that enhance our market vision of providing solutions that enable the legal department to the best-run function in the organization, and we look forward to building on our reputation as the most-trusted provider in the ELM market by delivering even more value to our clients in 2015 and beyond.”
About Mitratech
Mitratech is the most trusted, market-leading provider of fully-integrated enterprise legal management solutions for global legal departments of all sizes, including more than 25% of the Fortune 500 and more than 230 legal departments. Mitratech’s offerings are used by over 65,000 corporate users and 8,500 of their external partners (including 100% of the Am Law 200) in over 140 countries. These solutions include the TeamConnect and Lawtrac product platforms, both of which offer end-to-end matter management, spend management, e-Billing, legal hold, contracts management, reporting, and compliance solutions. Mitratech clients are able to prove demonstrable value creation for their organization by automating legal workflows, improving business outcomes through actionable data and insight, increasing collaboration with external partners, and reducing overall legal spend. To learn more, visit mitratech.com
