Annual Report: Sitecore continues rapid growth

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Yesterday Danish CMS vendor Sitecore – winners of this year’s Web Idol 2008 – released their annual report which documented that the company is continuing their rapid growth. Revenue was up 86% to DKK 56 million and profits are up 216% to DKK 20 million. Sitecore now has 120 employees globally.

On the face of it these figures seem impressive; particularly considering the current rocky and stormy climate. However, a closer look at the annual report threw up a few interesting findings:

NB: If you want to learn more about Sitecore and exchange experiences with other practitioners you can join the J. Boye groups for web and intranet professionals

7 thoughts on “Annual Report: Sitecore continues rapid growth”

  1. Hi Janus

    Thanks for the review of our annual report.
    We’re incredibly pleased and proud to be able to post attractive growth numbers, and we’re confident that we’ll continue to grow profitably.

    I noticed one comment on the numbers relating to our press release of November 4, which I’d like to make a note on. By writing “why exaggerate the good numbers?” you imply that we might be trying to look even better than we are by stating that revenues grew by over 100%. However, apparently you didn’t read The Management Report. In that you’ll see that the Global Consolidated Sitecore Revenue amounted to DKK 89,761 million for FY 07/08 as opposed to DKK 41,727million for FY 06/07. This growth amounts to 115%, so we were actually rather modest in our press release of November 4.

    The reason for these numbers not being included in the numbers for Sitecore A/S is that some of the sales offices are not majority held by Sitecore A/S. Like you, I’m no financial analyst, but I believe that it’s an interesting fact that Sitecore Revenue grew more than 100% in one year.

    Thanks again for mentioning our Annual Report in your blog, and if you have questions to material we send out, please feel free to contact us at Sitecore, so that we can clarify.

    Best regards

    Kim Elsass
    CIO
    Sitecore Corporation
    Read more about Sitecore here from Erhvervsbladet (in Danish):
    http://www.erhvervsbladet.dk/article/20081202/news04/81202113/

  2. Congrats to Sitecore on the impressive growth and remarkable profit. Thanks also for the quick response on this blog to clear things up.

    It would be very interesting if Sitecore would also provide a breakdown of revenue between Sitecore CMS (the original product for websites) and Sitecore Intranet Portal.

    From talking to customers, Sitecore CMS seems to be the main revenue driver, while behind the firewall of the Intranet Portal product adoption has been significant slower.

    The very positive Danish article in Erhvervsbladet mentioned that 95 % of revenue is from software sales. I’m guessing that included in those 95 % must be the annual support revenue, but it is unclear to me how large a share this represents.

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