Epicor, a global leader of industry-specific enterprise software designed to promote business growth, announced it has surpassed $1 billion in annual recurring revenue (ARR), a milestone that underscores the company’s focus in driving adoption of its subscription-based Industry ERP Cloud portfolio built to meet the needs of its customers across the make, move, and sell industries.
“The expectations for how ERP will deliver value through AI are quickly changing”
“This is a very rare achievement – today, only a small number of enterprise software companies have eclipsed $1 billion in ARR,” said Steve Murphy, Epicor CEO. “Our core strategy is to put the customer first in providing industry-focused, subscription-based cloud products that helps solve their biggest supply chain and operational challenges. In fact, since 2018, we’ve invested approximately $1 billion in cloud-based innovations to advance our product offerings with the purpose-built, scalable, and secure technologies our customers require.”
In its fiscal year 2023, Epicor realized 42 percent year-over-year growth in software-as-a-service (SaaS)-based cloud revenue, with 70 percent of new customers adopting a subscription-based offering. As Epicor accelerates cloud adoption across its core industry markets, the company’s focus in delivering an exceptional customer experience is also driving deeper engagement and outcomes for organizations worldwide.
“When customers move their ERP solution from on-premises to Epicor’s cloud, they’re placing a great deal of trust in us to deliver not only the industry-leading features and functionality they’ve come to expect from Epicor, but to deliver these capabilities on a stable, scalable, secure platform 24×7,” said Rich Murr, Epicor Chief Customer & Information Officer. “We take that obligation very seriously and continue to make significant investments in the talent and technologies that allow us meet that commitment.”
A New Expectation: Cognitive ERP
With more than 23,000 customers worldwide and two and a half million daily users of the company’s platforms, Epicor is building on its momentum by reimagining how ERP software can and should serve the essential industries and their workers through the power of artificial intelligence (AI).
“While we’re recognizing this $1 billion ARR milestone today, we are firmly focused on the road ahead in continuing to invest and deliver strong value to our customers – and that focus is centered on AI,” said Joe Ayers, Epicor CFO.
It’s a vision the company calls cognitive ERP – a symbiosis between AI and ERP that aims to redefine processes and operations across supply chain industries. That means adapting the technology to the worker in their contextual environment or workflow, reducing the complexity and friction in how users have traditionally interacted with and extracted intelligence from their enterprise technologies.
Read More: SalesTechStar Interview with Puneet Arora, Global President, Yellow.ai
During the upcoming Epicor Insights 2024 customer conference taking place May 20-23 in Nashville, Epicor will detail its cognitive ERP strategy – helping customers leverage AI to drive significant enhancements in decision-making, forecasting, customer service, and overall operational efficiency – as well as unveil an integrated portfolio of new AI and data platform capabilities that are designed to propel industries forward into a new era of technological empowerment.
“The expectations for how ERP will deliver value through AI are quickly changing,” said Vaibhav Vohra, Epicor Chief Product & Technology Officer. “This isn’t merely about adding another tool into the tech stack – we believe cognitive ERP will fundamentally transform how businesses operate by embedding contextual intelligence and advanced automation into the very core of their operational workflows. In short, we see ERP itself moving from a system of record to a system of action.”
