Unparalleled customer migration from perpetual license to SaaS with key drivers being upgrade time, security and expansions
MONTREAL, March 9, 2020 /CNW/ -- Tecsys Inc. (TSX: TCS), an industry-leading supply chain management software company, today announced record year-to-date cloud adoption as it continues its global expansion. The company's organic growth is bolstered by last year's strategic acquisitions and a lower-than-ever barrier to entry through SaaS supply chain technology. The surge in global customer growth spans retail, healthcare and general distribution verticals, demonstrating the tech firm's capacity to deliver end-to-end omnichannel capabilities to rapidly evolving market demands.
In the company's third quarter, Tecsys showed an accelerated demand for cloud, posting a 300% increase in SaaS bookings over the same period last year. In addition to the year-to-date increase in new customer total contract value SaaS bookings, legacy perpetual license customers are now migrating to this new, more agile platform.
"About a year ago, we crystallized our brand promise under the same trusted Tecsys name and steady executive ownership, and that work is bearing fruit," shares Peter Brereton, chief executive officer at Tecsys. "While we are outperforming our projections, Tecsys' growth as a market leader in supply chain software is a reflection of the significant advancements we have made in our market offering. As we continue to invest in the future of our company, our customers, both new and old, can rely on Tecsys to never lose focus on delivering consistently outstanding solutions."
Tecsys' FY 2019 acquisition of two software firms in Toronto, Canada and Copenhagen, Denmark catalyzed the already-accelerating cloud adoption rate across its key supply chain execution verticals. Offering mature omnichannel solutions at a time when warehouses and distribution organizations are compelled to converge their logistics activities across operational silos has resulted in across-the-board momentum.
"A traditional on-premise WMS or OMS has a shelf life of about 15 to 20 years in the best cases," explains Steven Berkovitz, chief platform officer at Tecsys. "Y2K was a massive catalyst for organizations to get something in there that would carry them through that uncertainty. All those systems are aging out, and organizations are realizing that the market has changed dramatically. Untethered to legacy systems, Tecsys is proving time and time again that it offers the reliability of an enterprise system with the modernity and flexibility of nimble SaaS players."
Tecsys solves complex operational challenges with software and services that simplify the end-to-end movement of products throughout the supply chain from initial receipt to the point of use. Tecsys' expanding leadership position in the supply chain execution market is rooted in its comprehensive Itopia® platform tailored to creating clarity despite increasingly complex supply chain challenges. It is further strengthened by its portfolio of proprietary technology and allied services.
Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions.
Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com.
SOURCE Tecsys Inc.
For further information: Solutions and General info: [email protected]; Investor Relations: [email protected]; Public Relations: [email protected]; By phone: (514) 866-0001 or (800) 922-8649, http://www.tecsys.com