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Satuit Announces '80 Percent' Improvement in Earnings

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Satuit Announces '80 Percent' Improvement in Earnings

February 10, 2010
By David Sims
TMCnet Contributing Editor
Norwell, Massachusetts-based CRM vendor Satuit Technologies, which focuses on the market for investment professionals, has announced that the company’s earnings for 2009 grew by 80 percent year over year. The company credits 'strong client retention and the growth of its sales force' for the strong results.  

“2009 was a building year for us,' said Karen Maguire, CEO of Satuit, adding that 'we took advantage our surplus cash and of the market conditions to add staff, in sales, programming and client support.'

We must say 'surplus cash' sounds nice about now. Our hat's off to you.

“There was a lot of strong talent out there and we were in a position to make some bold moves,' Maguire said. 'We also saw our reputation for success in the asset management industry bear fruit as we won larger deals against must larger competitors.”  

Satuit officials also mentioned what they called 'the continuing trend for hosted solutions' for playing a role, with SatuitCRM's on-demand product outpacing their on-premise offering at a rate of 'nine out of every ten deals.' Still, they said 2009 saw interest in on-premise deployments, noting that the vendor can deliver 'the same software and service for both hosted clients and more traditional on-premise deployments.'

Approximately 11 percent of Satuit’s total client base has installed SatuitCRM on their own servers, but these clients represent more than 28 percent of all users.   
SatuitCRM officials like to point out that their software was 'designed and built for investment professionals, by investment professionals.' The privately-held company was founded in 1994.

In 2008 TMC (News - Alert) reported that Satuit announced that for the second year in a row it was named to the annual Inc. 5000 list of the fastest-growing private companies in the United States.

 In 2007, Satuit ranked 1,619th. In 2008, Satuit ranked 1,523th and was one of only 14 software companies from Massachusetts on the list.

David Sims is a contributing editor for TMCnet. To read more of David’s articles, please visit his columnist page. He also blogs for TMCnet here.

Edited by Stefania Viscusi
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