AUSTIN, Texas--(BUSINESS WIRE)--M-Files, the leader in knowledge work automation, today announced that the company grew its annual recurring revenue (ARR) in 2023 by more than 20 percent, driven by a 64 percent increase in new customer acquisitions via direct sales, a 41 percent jump in existing customer expansions, and rising interest in the M-Files Hubshare collaboration solution. M-Files' strong results in 2023 also reflect a boost in sales in North America by 29 percent, showing the company’s continued growth in the market. The company's exemplary year-end results closed out a milestone year as M-Files reached the distinguished Centaur status with over $100M in annual recurring revenue (ARR) in May.
“Automation is critical to ensure the productivity of knowledge workers,” said Antti Nivala, founder and CEO, M-Files. “The more we can automate, the more time knowledge workers have to focus on value-adding initiatives. By creating a new work paradigm with knowledge work automation, we remove the challenge of sorting through information manually, simplifying daily tasks and increasing productivity. We look forward to helping our customers tackle the challenge of information overload head-on with automation and industry-leading AI.”
The Era of Knowledge Work Automation
With its commitment to leveraging automation and AI and staying one step ahead of the latest technology trends, M-Files continues to enable knowledge workers to work smarter. In 2023 among the first in our market, M-Files enhanced its knowledge work automation platform with generative AI capabilities to revolutionize the way knowledge workers automate their processes - from document creation and management to workflow automation, external collaboration, enterprise search, security, compliance, and audit trails.
Powered by M-Files' generative AI technology, M-Files Aino, the M-Files knowledge work automation platform helps knowledge workers connect documents to business processes and uncover related information relevant to any given context to drive productivity, efficiency, and employee satisfaction. The platform provides AI-powered document summaries, language-independent queries, and streamlined information searching and discovery, simplifying actions that previously required human interaction. M-Files Aino takes knowledge work productivity to a new level by placing an organization's knowledge base at their fingertips.
Document Automation Made Easy with M-Files Ment
In 2023, M-Files expanded its offering with next-generation, no-code document automation capabilities through its acquisition of Ment and integration into the M-Files platform. With M-Files Ment, knowledge workers can streamline the creation, organization, storage, and retrieval of complex data-driven documents. Document automation helps businesses eliminate information chaos, significantly increasing knowledge work productivity and employee satisfaction.
Commitment to Delivering ROI
Additionally, M-Files unveiled enhanced integrations with Microsoft Teams and Microsoft Outlook in 2023, delivering seamless content collaboration around all enterprise data regardless of its content repository. The integrations further simplify managing enterprise information across systems, building relationships between them, and automating end-to-end workflows. With the integrations, M-Files provides a competitive advantage for Microsoft 365 users that drives substantial ROI by helping deliver better customer experiences and higher quality work.
An August 2023 commissioned study conducted by Forrester Consulting on behalf of M-Files determined that M-Files provides an end-to-end automation solution that delivers a 294 percent ROI over three years. The study, The Total Economic ImpactTM of M-Files, concluded that companies using M-Files in combination with Microsoft experience quantifiable benefits such as better searching of documents and information by 50 percent, faster filing of documents by 65 percent, and more efficient workflows by 70 percent. In addition, the study found that M-Files reduces business risk with automated document security and compliance to prevent breaches, manage document access and retention policies, and automate compliance rules, saving time and effort in audit work.
Industry Recognition
In 2023, M-Files was celebrated across notable industry awards. The company was named to CRN®’s annual Cloud 100 list while M-Files Hubshare, the company's collaboration solution, was recognized as a 2023 KMWorld Trend-Setting Product. Additionally, M-Files was named a winner in the Company of the Year category of Business Intelligence Group’s BIG Awards for Business, a gold winner in the Company of the Year – B-to-B category of the Best in Biz Awards, and a silver winner in the Information Technology Cloud/SaaS category of the Globee® Disruptor Company Awards. Further, M-Files founder and CEO, Antti Nivala, was honored as a winner in the Executive of the Year category of the BIG Awards for Business, Lastly, M-Files was named one of the Best Workplaces in Texas by Great Place to Work® and Fortune® magazine, due to the company’s exceptional employee workplace and culture.
Customer Success
M-Files customers continue to achieve time and cost savings along with productivity benefits utilizing the M-Files knowledge work automation platform.
Charles River Laboratories, a leading provider of drug-research services, leverages M-Files to optimize study processes, saving time, costs, and manual labor, while also optimizing ROI. Charles River has achieved estimated annual cost savings of $2.4 million from improved process efficiencies, saved 9,600 hours per year from automated workflows, and realized $326,400 annual savings in DocuSign costs. “Before M-Files, CRL used three different publishing systems, following a series of mergers and acquisitions. With M-Files, we designed a separate publishing system that is driven by a collection of information, documents, and metadata from M-Files. This was a truly creative and collaborative solution that elevated what we were able to accomplish,” said Jenith Charpentier, senior director, data and report delivery services, Charles River Laboratories.
Valeo Financial Advisors, an independent financial advisory firm, uses M-Files to manage their client documents, ensuring easy collaboration and version control across all content. An advisor typically saves around 90 minutes a week because of M-Files’ sophisticated metadata search capability. "The electronic access that we have to documents now allows us to be much more efficient with our clients and the time that we spend with them. The amount of time that we have to spend manually profiling documents or searching for them online has dramatically been reduced,” said John Trott, founder, Valeo Financial Advisors.
For more information on how M-Files is transforming knowledge work, schedule a demo or visit: www.m-files.com.
About M-Files
M-Files is the leading platform for knowledge work automation. With the M-Files platform, knowledge workers can find information faster, work smarter, and achieve more. M-Files features an innovative metadata-driven architecture, embedded workflow engine, and advanced artificial intelligence. This enables customers to eliminate information chaos, improve process efficiency, and automate security and compliance. For more information, visit www.m-files.com.
