RICHMOND, Va. & BIRMINGHAM, United Kingdom--(BUSINESS WIRE)--Rimilia, a developer of intelligent automated financial solutions, today announced accomplishments for its financial year ending July 2018.
Rimilia’s artificial intelligence (AI) and machine learning solutions automate manual, routine financial tasks. Accounts Receivables (AR) teams trust Rimilia’s solutions to manage debt, transform credit management, and accelerate cash recognition.
In its 2018 fiscal year, Rimilia exceeded its customer, revenue, company and product goals. Highlights include:
Year-on-year double-digit revenue growth driven by new and existing customers:
- Record quarterly revenue, with Q4 2018 delivering the highest quarterly revenue in Rimilia’s history
- Record customer acquisition new license bookings, up 86% year-on-year. New customers that purchased Rimilia solutions include ASSA ABLOY, Breedon Group, Grafton Group, ITV and Valeo Foods.
- Expansion of installed base with a 38% increase in recurring license revenue. Existing repeat customers include Bunzl, Gazprom, Thermo Fisher, Reed, Securitas and Wesco USA.
- A two-fold increase in average new customer Annual Recurring Revenue (ARR)
Regional and international growth
- Rimilia expanded its team by 106% year-on-year with appointments across customer support, project management, sales and engineering. Rimilia also strengthened its international market reach with new appointments in North America.
Strategic alliances
- A number of new partnerships including: document automation and order management software expert Esker; business-services provider Vengroff Williams Inc. (VWi) and securing a place in the ScaleUp program with Microsoft Corporation.
Continued industry recognition
- Rimilia was awarded The Hackett Group’s Aecus Automation Award, recognizing the company’s Alloc8 Collect solution set as a leader in machine learning and artificial intelligence in credit management
Steven Dunn-Massey, CFO, Rimilia said: “We’ve continued to see strong demand for intelligent automation across retail, automotive, financial services, healthcare, and manufacturing. We’ve not only seen a strong growth in new sales but an increased commitment from existing customers, demonstrating our ability to consistently deliver as a team. With an immensely strong year-end finish, we have an extremely strong start to our 2019 financial year.”
“It is a team effort,” added Steve Richardson, Rimilia co-founder and CCO. “We’ve executed with precision to deliver against our business plan and to exceed the expectations of our customers. We plan to continue this momentum in Europe and to further increase our footprint in North America. Financial professionals across the globe are recognizing the transformation delivered by intelligent automation, and we are here to deliver.”
Rimilia is privately owned and backed by private equity investors Eight Road Ventures and Kennet Partners.
Davor Hebel, Partner, head of Europe Ventures at Eight Roads, said: “Since partnering with Rimilia in July 2017 we’ve been impressed by the dedication of the team and the substantial growth they’ve achieved. This is an exciting time for the business, as it strengthens its product and plans expansion into North America, we look forward to continuing to work alongside them as they scale-up.”
Hillel Zidel, managing director, Kennet Partners concluded: “Rimilia has carved out a leading position within finance automation, one of the most exciting growth areas in technology today. Since we invested in 2017, Rimilia has continued to bring impressive top-tier customers onto their platform, while also continuously investing to strengthen their technological advantage. I’m excited about continuing to support Rimilia as the company accelerates its expansion into North America and Continental Europe.”
About Rimilia (www.rimilia.com)
Rimilia
provides intelligent, finance automation solutions to improve cash
application, remittance services and credit collection processes.
Harnessing machine learning, predictive analysis and artificial
intelligence, Rimilia enables corporates, lockbox providers and Fortune
1000 businesses to increase throughput, resolve unaccounted payments,
gain transparency of transactions, and apply valuable predictive insight
and dynamic decision-making into payment processes.
Rimilia’s Alloc8 software automates the manually intensive process of matching payments with expected receivables with auto-matching rates up to 95 per cent, dramatically improving the quality and speed of cash allocation and revenue recognition and reducing manual activity.
Rimilia operates globally across any sector, with customers in over 50 countries spanning USA, Europe and Australia. The cloud-based solution is easily implemented, delivering ROI within 12 months.
Rimilia’s headquarters are in the UK with US offices in Richmond, Virginia. Privately-owned and backed by private equity investors, Eight Road Ventures and Kennet Partners, Rimilia employs over 100 people worldwide.