FileFacets is an Intelligent Migration (IG) SaaS solution provider to the enterprise market with a goal of $100M in revenue in year 5. To reach the 5 year goal of $100M revenue mark, FileFacets must acquire 5,000 customers at a $20,000 ARR (Annual Recurring Revenue) each. The company has set plans t…
FileFacets is an Intelligent Migration (IG) SaaS solution provider to the enterprise market with a goal of $100M in revenue in year 5.
To reach the 5 year goal of $100M revenue mark, FileFacets must acquire 5,000 customers at a $20,000 ARR (Annual Recurring Revenue) each. The company has set plans to reach this goal through a Channel Sales strategy. Current Traction: The company has had significant traction over the last 6 months proving the need and desire in the market place for their solution. With over 20 paying customers and $62k MRR FileFacets is poised for a significant inflection. Key recent milestones include:
• Has grown from $7k MRR to $62k MRR in 6 months, with direct sales. • Closed their first ECM Channel sale in April with a sales cycle under 30 days • Has sold product to marquee customers such as: Valero, Pacific Life, American Electric Power, Dart Enterprises, Peabody Energy, Oxford Properties, and more • Is continuing to achieve outstanding growth in 2016 with and impressive MoM growth of 33% YTD.
Channel Strategy The Channel Strategy focuses on two vertical markets:
1. Enterprise Content Management (ECM) and 2. Virtual Data Rooms (VDR).
The ECM VAR strategy includes the signing of partner agreements with ECM solution providers such as M-Files, Net Documents and iManage, which will allow FileFacets to quickly acquire new customers.
FileFacets increases partner “stickiness” by providing customers the ability to quickly and efficiently sort and migrate unstructured content into their new ECM software. The more content migrated into the ECM the stickier it is. Customers can then search, find, share and manage structured and unstructured data, based on metatags.
Strategically, it is critical for FileFacets to be presented as the key implementation enabler at the time of the ECM sale. If the solution is not included as part of the original software sale, it is either too early or too late. While a partner can certainly present FileFacets to a legacy customer, the path of least resistance is to be included in the original sale.
FileFacets has gained early traction with the ECM providers and are officially partners with Open Text, Microsoft, Veritas, M-Files and iManage, and is in late stage conversations with a handful of other ECM providers to close on a channel partnership. All of the ECM providers that FileFacets has been in contact with have validated a strong need for FileFacets solution. In order to close these relationships, FileFacets will need to recruit experienced channel managers.
A channel partnership strategy with the ECM providers will allow FileFacets to tap into the ECM eco-system of clients and resellers, gaining access to well over 500,000 possible prospect leads. To reach the $100M revenue goal, FileFacets will need to acquire around 5,000 ECM customers. Although this is a high number of customers, it represents a small portion of customers that are touched by the ECM providers and translates into a 1% market penetration of the ECM eco-system.
The company’s need for capital is to acquire a strong experienced team that will allow the execution and delivery of the channel strategy with ECM platforms and meet the above targets. The results of the funding will allow FileFacets to acquire, close and support a total of 120 new customers.
Virtual Data Rooms (VDR) Channel Strategy
FileFacets value proposition is being able to organize and access files and therefore a VDR provider is able to give a premium option to their clients to accelerate the closing of a transaction by accelerating the due diligence process.
FileFacets is in discussions with the largest provider of VDR services in the marketplace to become a technology partner to support their customer base.
Team (1)
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