NetDocuments goes from ‘strength to strength’ with continued record growth in Q3
3Q21 record growth reflects cloud platform demand across all types of legal professionals
NetDocuments, the leading cloud content management platform where legal professionals do work, today announced unprecedented growth in Q3 2021 (3Q21), with its largest new sales Q3 in company history, and the second largest quarter to date. This represents a 27% revenue growth rate within the last 12 months.
NetDocuments’ new and existing customer momentum in 3Q21 was seen across all five business segments including Corporate Legal; Government Legal; International; Small and Mid-size Law; and Strategic Law. Overall, the company saw record adoption of new solutions from existing customers (nearly $3 million in 3Q21).
“While Q3 is traditionally the most difficult sales quarter, our 3Q21 defied the status quo with a solid performance across all business segments resulting in 200% bookings increase compared to the previous biggest Q3,” stated Mike “Gibby” Gibson, NetDocuments’ Chief Revenue Officer.
3Q21 was a third consecutive record quarter for new customer acquisition in the ‘large law firm’ segment including signing a third Am Law 100 firm YTD and a Latin American record sale to Cariola, one of Chile’s most prominent law firms.
NetDocuments added to its record first two quarters in new corporate legal and government accounts, representing an 300% increase compared to 3Q20, resulting in the company’s biggest business unit quarter. Government sales in particular are on the rise at an unprecedented rate with NetDocuments’ recent FedRAMP Authorization, providing the ultimate security proof point for federal and state agencies looking to adopt a legal cloud content platform.
Additionally, NetDocuments saw continued momentum among small-to-medium law firms, representing 41% Year over Year (YoY) growth and 15% growth in new bookings from existing customers, compared to the same quarter last year. In particular, switches to NetDocuments from the Worldox document management system (DMS) continue to accelerate with 23 existing Worldox customers purchasing NetDocuments in Q3, taking the total number of customers who switched from Worldox to NetDocuments year-to-date to 70.
Overall, NetDocuments has added more than two new customers per day in 2021, and now includes more than 3,400 customers worldwide. In addition to North American sales, NetDocuments International recorded a 34% 3Q21 growth vs. 3Q20 and also achieved its sales targets with significant new wins in law firms and corporate legal.
In order to meet customer demand and continue to build the most innovative cloud platform for legal professionals, NetDocuments has accelerated hiring and added 120 new team members year-to-date. In recognition of the employees’ achievements and overall satisfaction, Top Work Places, the nation’s most credible employer recognition survey program, honored NetDocuments with multiple Top Work Places 2021 awards.
“We are rapidly fulfilling our mission of becoming the largest and most comprehensive cloud platform in legal technology. We are the largest in global customer numbers, and most comprehensive in terms of where legal professionals work, be it in global law firms, small practices, law departments, government legal and overseas,” stated Josh Baxter, NetDocuments CEO.
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