NetDocuments records unprecedented Q1 2021 growth
Record 2020 results, followed by accelerated growth in Q121 across business units and geographies.
NetDocuments, the leading secure cloud-based content services and productivity platform for law firms, corporate legal teams, and compliance departments, has announced unprecedented growth in Q1 2021 (1Q21), continuing its record setting sales momentum. 1Q21 was a record first quarter for new customer acquisition representing 27% growth over the previous largest Q1, and the biggest non-Q4 quarter on record. This translates to 196% bookings growth year- over-year (YoY) vs. 1Q20, and 337% growth in new bookings from existing customers compared to the same quarter last year.
Most notably, the company continued its record growth within the small-medium law firm segment, recording 84+% growth, and a record 1st quarter 2021 in new corporate legal accounts, representing a 163% increase compared to Q120.
Overall, NetDocuments added more than two new customers per day in 2020 and continued that trend in Q121, and now includes over 3,150 customers worldwide. Q1 new customers represent a wide variety of industries including legal, biotech, construction, financial, food & beverage, health care, real estate, utilities, and wealth management. In addition to North American sales, NetDocuments EMEA recorded a 168% new customer increase in Q121 compared to 2020, as well as 40% Q121 vs. Q120 growth in APAC.
Over the last 12 months in particular, NetDocuments has brought a number of new products to market to match the evolving work habits of modern professionals and support the new Solutions that NetDocuments delivers, helping teams work inspired through greater productivity, collaboration, and security. The firm’s ability to help other companies Work Inspired is central to 1Q21 growth, including NetDocuments’ largest quarter for the ORGANIZE Solution (including Document and Email Management, Optical Character Recognition, ndSync, and Microsoft Power Automate), surpassing the previous record, Q4 2020. Also, the PROTECT Solution (including Data Loss Prevention, Workspace Security Manager, FlexStore/FlexStore Pro, and Customer Managed Encryption Keys) had its best non-Q4 quarter.
Beyond new customer acquisition numbers, ‘active users on the platform’, is a telling metric in terms of who is using the NetDocuments service. Within the last three years, active platform usage has increased by 70+%, adding an average of 5,000-7,000 new users per quarter.
According to Josh Baxter, NetDocuments CEO, 2021 is trending much like 2020 ended, focused on permanent changes regarding how legal professionals consume and leverage technology. “Law firms and corporate legal departments in a variety of industries are upgrading their technologies, with document management often leading the transformation. Our customers are seeing NetDocuments as the investment that future proofs their organisation. Our vision to be SalesForce.com for the legal industry continues to become reality. The inspired work our customers are providing for their clients starts with the foundation of the right productivity and content platform.”
In 2020, 50% of new customers switched to NetDocuments from legacy competitors like iManage, OpenText and Worldox. This trend has continued heading into 2021 and signifies market movement by law firms and corporate legal departments looking for better document management solutions. It also reflects customers’ embrace of NetDocuments’ true multi-tenant cloud architecture which guarantees a single global instance of software and service independent of geography or company size.
“With increased legal technology consolidation and Microsoft’s renewed dedication to integrating Teams within the legal workflow, our role as the ‘go-to’ cloud platform cannot be understated. Customers trust us to help them pursue their digital transformation strategies and integrate their existing technologies, with a focus on productivity and client service,” concluded Baxter.
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