Unit4 has announced solid financial results for the fourth quarter and full year ending 31 December 2020, with the company achieving significant strategy milestones throughout the course of last year.
Cloud bookings growth was up 43 percent year on year for the full year and 82 percent in Q4, with annual recurring revenue from cloud up 20 percent for the year. Cloud subscription revenue grew 15 percent to $119.9m for the full year and 12 percent in Q4 year on year to $29.6m. The company also reported 18 percent growth in total bookings for the full year and 20 percent in Q4.
Unit4 experienced strong global growth in 2020, including in North America, where it saw an increase in demand for the Unit4 Cloud ERP platform and its new ERPx solution. In December, Americares was revealed as Unit4’s first global non-profit ERPx customer and one of 10 customers signing in advance of its March 2021 release date.
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The company also secured a number of major new mid-market customer wins in all regions in 2020 and Q4, including The Norwegian Post, Aramark, Qvantel, Levio, Northamptonshire Police and Surrey County Council. With over 200 customers successfully going live on Unit4 products in 2020, the company’s focus for 2021 remains on supporting customers on their digital transformation journeys.
Gordon Stuart, CFO at Unit4, said: “Mid-market services organisations are more important to the economy now than ever and we’re proud to support them to build resiliency for the future. Q4 2020 was a record quarter and, despite a challenging year, we exceeded many of our targets for full year 2020. As the world reacts to the challenges of the global pandemic, I am confident that we have the infrastructure, technology and ambition to continue this growth trajectory and to increase market share in our focus markets in 2021.”
