SAN RAMON, Calif., Feb. 10, 2020 (GLOBE NEWSWIRE) -- vCom Solutions, a leader in IT spend and lifecycle management software and services, today announced record organizational growth and aggressive momentum into 2020. Over the last 12 months vCom has seen a revenue increase in each of its four corporate business units, expanded its customer base by 20%, and hired a record number of new employees. The company’s growth trajectory is indicative of significant market opportunity and a growing demand for comprehensive IT spend management capabilities within the mid-market.
"In 2020, we expect that mid-market IT spend in the U.S. will rise above $150 billion, with the majority of this spend growth being driven by cloud services and IT support services,” said Hyoun Park, CEO and Founder of the technology research firm Amalgam Insights. “As the use of technology continues to grow in mid-market organizations, companies with a strategy for rationalizing cost and service management will have a competitive advantage in supporting efficient cost structures and rapidly deploying new technologies."
vCom provides mid-market IT organizations with software and services that drive unparalleled lifecycle management of every IT asset, enabling them to make better decisions faster, maximize their time by focusing on core business initiatives, and create savings and significant shareholder value.
“vCom is making the link between simplicity and flexibility with their IT spend management solutions,” said Steve Gaston, CIO of Sierra Pacific Industries, one of the largest lumber producers in the United States. “With vManager, we have company-wide visibility into our IT expenses across multiple vendors and a wide variety of technologies including our voice and data. The vCom team works with us to create an unprecedented experience that is clearly aligned with our corporate goals. The technology is robust, and the company’s services and support make the experience top notch.”
As part of this expansive growth, vCom has achieved a number of major milestones:
Customer Growth: vCom saw an acceleration in the number of mid-sized clients across key verticals ranging from banking to manufacturing. New additions to the company roster include AIPAC, Alliance Medical Center, Cochrane & Company, Goorin Brothers, Greenleaf Hospitality Group, The Hagadone Corporation, Jackson Lewis, Spero Therapeutics, and Wheatland Bank.
Spend Categories: vCom saw revenue growth in each of the 6 categories of spend that comprise the organization’s IT spend management solutions due to an increase in the amount of spend under management for each of the Network, Mobile, Collaboration, Hardware, Cloud, and SaaS categories.
Software Business Unit: Increased adoption of vCom’s proprietary IT spend platform vManager spurred a 195% year-over-year (YOY) increase in software license fees. The latest release, vManager 12, launched in December 2019. The platform’s mobile app, vManager 7, is slated for launch in Q1 2020, and will provide additional functionality to IT managers who need to manage their IT environment on the go.
Managed Services Business Unit: The company saw double digit YOY growth across key metrics—including increased revenue and spend under management—for its managed services portfolio. Those numbers are expected to increase in 2020 given heightened market awareness of the growing need to control cloud and SaaS spend.
Aggregator Business Unit: Revenue in the company’s core “Buyer’s Club” segment continued to increase. The company’s success in aggregating and consolidating IT services at a discount continues to grow along with the number of vendors vCom helps to manage.
Financing Business Unit: The business unit saw a 200% increase in revenue as more clients begin to take advantage of vCom’s ability to help them transition from CapEx to OpEx and replace hefty upfront investments with predictable monthly fees on a single bill.
Employee Growth: In 2019 vCom added 40 employees, including the executive-level hires of Chief Information Officer Shrihari Hosahalli and VP of Customer Experience John Adams. Although vCom retains its headquarters in San Ramon, CA, nearly 60% of all employees are remote, reinforcing the company’s commitment to a distributed workforce in order to attract the most qualified employees.
“vCom’s continued growth is a great indicator that our clients are seeing significant improvements in the management of their IT spend,” said Gary Storm, President and CEO of vCom. “Our four business units—dedicated to solving the nine challenges around every IT asset across six categories of spend—are delivering measurable success in the form of time savings, improved strategic visibility, and increased shareholder value.”
About vCom Solutions
vCom is a cloud-based software and managed services company focused on helping enterprises manage IT spend from procure-to-pay. vCom improves visibility and control within a single software while decreasing expenses for networks, mobile, cloud, collaboration, hardware, and SaaS technologies. To learn more about vCom visit http://vcomsolutions.com.
Contact:
Renee Maler
Philosophy PR + Marketing
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renee@philosophypr.com
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d011cbe3-7083-48e5-bdf2-24da7fb33629