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SOURCE iCIMS, Inc.
- Leading SaaS provider reports strong Q3 results and predicts continued success in the following quarters with company expansion and exciting new functionality -
MATAWAN, N.J., Oct. 16, 2013 /PRNewswire/ -- The momentum from a successful first half of the year continues into year-end for iCIMS, Inc. As the third quarter comes to a close, the leading provider of Software-as-a-Service (SaaS) talent acquisition software solutions for growing businesses announces continued growth in new sales, customer count, and revenue. The impressive results from Q3 puts iCIMS into a position to close out its best year in company history.
With iCIMS continuing its dedication to offer HR professionals a best-in-breed talent acquisition suite, the company has increased Net New Recurring Revenue by 91% from that of Q3 2013. During the same timeframe, iCIMS' client base grew to over 1,700 and the company experienced an uptick in customers expanding their current product set. With the addition of Connect (a recruitment CRM) and Onboard (a new hire onboarding solution), customers now have the opportunity to streamline all of their talent acquisition processes into one platform. After less than a year on the market, Connect has crushed the projected Q3 2013 cross-sell goal by 300% and the newly redesigned Onboard product experienced a 20% increase in cross-sell compared to Q3 2012 sale records.
"With three great quarters under our belts for the year, it is proof that there is a high demand for a robust talent acquisition suite paired with impeccable customer service," said iCIMS CEO, Colin Day. "Not only did we grow our recurring revenue and client count, we've done so profitably and with a strong customer retention rate. We only expect to stay on a positive streak as we continue to upgrade our products with new and innovative functionalities that keep up with the industry trends."
Other Q3 Highlights Include:
"As successful as Q3 was for iCIMS, we are anticipating the next quarter will be our best yet, in large part due to the innovation coming out of our software engineers," said Day. "In just a few weeks, we will be expanding our office space at the Matawan, NJ headquarters. Our R&D department has significantly grown since the move to Matawan in March 2012 and to accommodate the growth the department will be moving to a custom-designed technology center on the third floor in Q4 2013. Investment in R&D will allow iCIMS to constantly create new and innovative products for the talent acquisition community."
One such product is iCIMS Video Cover Letter, a new solution available in the 14.1 release of the Talent Platform. The latest technology to hit the talent acquisition space, Video Cover Letter allows candidates to submit short videos along with their traditional resume or employment application that can be recorded via smartphone, tablet, or desktop-mounted webcam with simple-to-use video technology within the iCIMS platform. This venue gives recruiters insight into a candidate's professionalism, personality and creativity and allows candidates to showcase qualities that a traditional cover letter never could, such as passion, strong communication skills, and initiative.
"To put Video Cover Letter to the test, we have implemented the beta version of our own technology for iCIMS' hiring needs," said Susan Vitale, iCIMS Chief Marketing Officer. "Since we started using the beta version of Video Cover Letter in July 2013, about 27% of our newest hires have been candidates who submitted Video Cover Letters. With more and more hires coming through the video technology, we have seen a significant improvement in cost-per-hire, time-to-hire, and a reduction in travel costs. We cannot wait to share this technology and its benefits with our clients and look forward to it catapulting iCIMS' success in 2014."
About iCIMS, Inc.:
iCIMS, a leading provider of innovative Software-as-a-Service (SaaS) talent acquisition solutions, is an Inc. 500 and Software Satisfaction honoree focused on solving corporate business issues through the implementation of easy-to-use, scalable solutions that are backed by award-winning customer service. iCIMS' Talent Platform, the industry's premier candidate management solution, enables organizations to manage their entire talent acquisition lifecycle from sourcing, to recruiting, to onboarding all within a single web-based application. With more than 1,700 clients worldwide, iCIMS is one of the largest and fastest-growing talent acquisition system providers with offices in North America, UK, and China. To learn more about how iCIMS can help your organization, visit http://www.icims.com or view a free online demo of the iCIMS Talent Platform.
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