Raleigh, NC, Feb. 01, 2022 (GLOBE NEWSWIRE) -- RegEd, the leading provider of RegTech solutions to broker-dealers, insurance companies, insurance brokers, and banks, today announced results from the most successful year in the company’s history. RegEd achieved record growth in 2021, highlighted by a 42% year-over-year increase in organic new annual recurring revenue (ARR) bookings and 34% organic growth over the prior year in annual recurring revenue.
While RegEd’s growth continues to be fueled by constants such as heightened regulatory scrutiny, stricter enforcement, avoidance of reputational risk and technology consolidation, in 2021 RegEd’s product innovation played a large role in driving record sales.
The company brought a next-generation onboarding solution to market in Xchange Agency Contracting and delivered the first fully automated “clear to sell” solution in CLEARXchange, which enables real-time validation of agent, rep and advisor credentials, ensuring compliant placement of business. The company also integrated advanced technology into its market-leading Enterprise Advertising Review solution, reducing human intervention in the advertising review process by up to 70%.
John M. Schobel, RegEd’s CEO and Founder stated, “We’re thrilled with our 2021 results. RegEd saw significant growth in its new ARR bookings, led by our Xchange and Advertising Review solutions, with a forecast to continue on that trajectory through 2023.” Schobel continued, “As we enter 2022, the promise that a single solution can benefit an entire industry is indisputable. RegEd’s ’iterative, greater good’ development credo enables our clients to stand on the shoulders of those that came before them and benefit from the industry’s deepest and most advanced functional capabilities. That value proposition clearly drove new sales in 2021.”
Against this backdrop, RegEd achieved a host of other milestones and launched numerous new capabilities in 2021 to help its customers achieve their compliance and business objectives:
Financial and Leadership Highlights
Record Growth in New Enterprise Sales: 2021 yielded a 42% increase in enterprise sales and record demand as more and more financial services firms turned to RegEd to automate and streamline processes across a myriad of compliance functions and licensing and registration operations.
Expanded Leadership, Senior Management and Customer Success Teams: RegEd added seasoned industry veterans to leadership roles across Sales, Customer Success and Product Management. Glen Jasionowski joined from FIS in the role of Chief Revenue Officer; Joe DiAngelo joined from FIS in the role of National Head of Sales; Chris Heggelund, formerly with Vertafore, joined in the role of Chief Client Officer; and Adam Schaub joined from First Global / Avantax in the role of VP Product Management, Platform. RegEd also expanded its sales, implementation and customer service staff.
Product Innovations
RegEd continued to take the agent, advisor, and admin user experience to the next level, evolve our solutions with new capabilities and introduce new solutions that address our clients’ pressing needs: In 2021, the company:
- Brought Xchange Agency Contracting, a next-generation agency and agent contracting solution to market
- Launched CLEARXchange, a new module of Enterprise Xchange, which provides a real-time "clear to sell" signal for agents
- Expanded intelligent capabilities for Enterprise Advertising Review
- Introduced an Investment Adviser Representative Continuing Education (IAR CE) solution
Investment in Technology and Infrastructure
To deliver the expected performance and scalability to our clients, RegEd is completing a multi-million dollar, multi-year technology transformation focused on accelerating product innovation, ensuring the quality of our software and releases, the performance and scalability of our platform, and data security.
“It is an exciting time to be at RegEd, with the expansion of our team, new product innovations, and our commitment to advanced technologies,” said Schobel. “Our top priority is to help our clients gain unparalleled efficiency in their compliance functions and licensing operations, while eliminating non-compliance risk and protecting their reputations. That is what RegEd is delivering to its clients today, and with continued investment and committed focus on our customers and their needs, we will continue to lead the way in 2022 and beyond.”
