Press Releases

Cherwell Software Reports Record Q3 Growth

October 22, 2015

COLORADO SPRINGS, CO.

Cherwell Software today announced record growth and bookings for the third quarter of fiscal year 2015, ending September 30, 2015. Market demand for Cherwell Service Management™ software and the Express Software Manager® solution drove year-over-year new bookings growth of approximately 65% in Q3, which included Cherwell’s largest sale to date. Thousands of new users will be utilizing Cherwell to deliver modern service management and business enablement to their organizations.

Cherwell has been recognized in Gartner’s recently published Magic Quadrant for IT Service Support Management (ITSSM) Tools1. Cherwell is positioned as the only vendor in the “Challengers” quadrant by Gartner. In addition, IDC reports Cherwell as the Problem Management vendor with the greatest growth percentage (2013-2014)2. Cherwell is proud to count enterprise customers such as Ausenco, B/E Aerospace, Curves/Jenny Craig, Banco De Amazonia, ESRI and the National Trust of Scotland among its rapidly growing and loyal Cherwell community.

"Cherwell's goal is to put customers first by listening to and meeting their needs, providing innovative products and delivering an extraordinary customer experience. With this core philosophy at the heart of everything we do, our business continues to gain momentum, which is reflected in a record-breaking third quarter," said Vance Brown, CEO and Co-founder of Cherwell. "The largest growth came from enterprise customers who are moving away from legacy ITSM solutions and embracing Cherwell’s modern, metadata architecture."

Cherwell Q3 2015 Highlights

  • Global bookings grew approximately 65% for Q3 compared to the same quarter last year.
  • Cherwell booked its largest sale to date, demonstrating the company’s continued penetration into the enterprise segment.
  • Cherwell achieved a 98% customer renewal rate for the quarter, consistent with the company’s 98%+ customer lifetime renewal rate.

Over 67% of Cherwell’s customers use the Cherwell Service Management platform beyond ITSM to support key business processes, specifically in areas such as human resources, facilities management, and legal resource management. As a result, Cherwell experienced larger renewals and additional user licenses/subscriptions among its installed base of customers.

1 Gartner, Magic Quadrant for IT Service Support Management Tools, August 25, 2015

Gartner Disclaimer - Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

2 IDC, Worldwide Problem Management Software Market Shares, 2014: 3rd Platform Technologies and Delivery Models Drive Growth

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About Cherwell Software
A global leader in IT service management and IT asset management, Cherwell empowers IT to lead through the use of powerful and intuitive technology that enables better, faster, and more affordable innovation. The Cherwell® Service Management platform is built from the ground up with a unique codeless architecture that enables rapid time to value, infinite flexibility, and frictionless upgrades every time—at a fraction of the cost and complexity of legacy solutions. Because of Cherwell’s focus on delivering solutions that are easy to configure, customize, and use, IT organizations extend Cherwell to solve a wide range of IT and business problems. With an unwavering commitment to putting customers first and being easy to do business with, Cherwell enjoys 98%+ customer satisfaction. Cherwell has a global network of expert partners serving customers in more than 40 countries. Corporate headquarters are in Colorado, USA, with global offices in the United Kingdom, Germany and Australia.

Media Contact
Christy Vojvodich, Cherwell Software
Phone: +1 (719) 822-4345
Email: media@cherwell.com

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