ExpenseWatch continued its rapid growth ending 2007 with the best overall performance of its seven-year history.
"Our laser focus to serve the needs of small and midsized businesses, our software-as-a-service subscription-based delivery model, and our ability to either resolve a specific expense control pain for a customer or offer a complete solution for all company spending processes is what continues to differentiate us in the market and enable our ongoing success," said Bill Vergantino, ExpenseWatch CEO. "Solid customer acquisition, client retention and spending control performances resulted in year-over-year improvements of our operating cash flow by 52% and revenues by 65%."
In 2007, ExpenseWatch added more new subscribers than any previous year, bringing the number of active subscriptions to more than 15,000. In addition, the company had great success retaining existing subscribers by renewing almost 100% more subscriptions in 2007 than in any previous year.
Customers continued to expand their use of the system throughout 2007, evidenced by an unprecedented number of add-on subscriptions and the dollar value of transactions flowing through the ExpenseWatch service. The average number of subscriptions per customer grew by 20 percent and the value of transactions flowing through the ExpenseWatch system increased more than 80 percent from 2006.
During the year, the ExpenseWatch service continued to evolve with significant customer-driven product functionality being added. Overall ease of use continued to be enhanced, as well as a simplified process for managing corporate credit cards and the ability to leverage spending activity from these cards.
"Each year we work to solidify our leadership position of providing small and midsized companies with robust tools to automate, control and provide visibility to all operating expenses," Vergantino said. "In 2007, almost 90 percent of our new customers had less than 1,000 employees, a strong indicator that our subscription-based service is meeting the unique expense control needs of this market."
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