May 22, 2024

Grand News Network / November 7, 2023

Filevine Welcomes Over 250 New Customers in a Record Quarter

Salt Lake City, UT, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Filevine is proud to announce yet another record quarter, celebrating over 50% Annual Recurring Revenue (ARR) growth, significant expansion of its product suite and customer base, and cash-flow positivity. Artificial intelligence (AI) and customer enablement took center stage in Q3 with continued investment in its customer certification program, Filevine University, and the release of two AI-powered products aimed at simplifying legal work for users, ImmigrationAI and SidebarAI. 

"We're beyond thrilled to announce yet another record quarter," said Ryan Anderson, CEO and Co-Founder of Filevine. "This only reaffirms Filevine's status as a trailblazer in the legal technology industry and the trust that legal professionals have in our solutions."

Record New Deals

In Q3, Filevine increased ARR over 50% year over year and welcomed 258 new logos to the platform. This marked a new quarterly record in new logo ARR and another consecutive quarter in which Filevine broke their previous quarter's revenue.

Filevine achieved 142.6% net dollar revenue retention (NDRR), indicating that existing customers bought more licenses and purchased ancillary products to further extend their use of the platform for end-to-end legal workflows. Filevine's AI-powered product launches in Q2, DemandsAI and AI Fields, powered upsell growth in Q3 and were key drivers of NDRR. Indicative of its health, Filevine also achieved The Rule of 40 with a combined growth rate and profit margin exceeding 40%.

"We've been working diligently the past several years to position Filevine for sustainable growth and profitability" said Filevine's Chief Financial Officer, Ian Charles. "I'm proud to say that the financial health and key metrics of our company have never been stronger and are best in class. Our sustained commitment to delivering exceptional value to our clients through innovation has resulted in superior unit economics, the successful launch of widely adopted products, and unprecedented ARR growth."

AI-Powered Product Expansion 

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