Leading Provider of Data Monitoring and Collection Solutions Initiates Strategic Global Expansion
Connotate, Inc., the leading provider of solutions that help organizations automate data collection from the Web, have announced record growth in second quarter 2012 revenues, with bookings increasing by more than 40 percent compared to the first quarter 2012. This marks the second consecutive quarter of record growth for the company.
As a privately-held, venture-backed software firm, Connotate does not release specific revenue figures. However, Connotate executives publicly stated that the quarter ending June 30, 2012 marked a significant milestone in the company's success in gaining market traction. "Second quarter revenues represented an important achievement not only in terms of the numbers but also because they reflected a healthy split between new accounts and existing customers who signed on for larger and/or longer-term contracts," said Keith Cooper, CEO of Connotate. "We saw big wins among customers who intend to use our technology to generate new and potentially huge revenue streams in the areas of statistical analysis, competitive intelligence, supply chain monitoring and financial investment."
Also during the quarter, Connotate increased headcount in engineering, sales and marketing to better position the company for continued growth. In particular, Connotate is ramping up its focus on opportunities within the financial market, adding dedicated staff and services targeting specific use cases including investor trading, hedge funds and retail banking. In addition, Connotate opened a new office in the United Kingdom, the first of several planned initiatives to expand its international operations to meet the growing global demand for automating real-time online data collection.
"With the amount of Web data expected to grow over fifty times in the coming decade, worldwide demand for enterprise-quality data monitoring and collection services will continue to drive significant growth for us going forward," said Keith Cooper. "We see tremendous opportunity for the rest of fiscal year 2012 and look forward to expanding our global footprint with additional international offices."
With over 90 percent of the data in the world created in the last two years alone, leading analyst firms have also estimated that organizations effectively utilize less than five percent of their available data. Recognizing the increased need for data analytics, Connotate signed on two more partnerships this quarter: Digital Reasoning, the leader in unstructured data analytics at scale; and Clarabridge, the leading provider of sentiment and text analytics for Customer Experience Management (CEM).