Epicor, the industry-specific enterprise software builder, has announced it has surpassed an annual recurring revenue (ARR) of $1 billion. The company is focused on driving the adoption of its subscription-based industry ERP cloud portfolio.
Steve Murphy, Epicor CEO, said in a press note shared by the company that only a small number of enterprise software companies have been able to eclipse the $1 billion ARR Mark.
“Our core strategy is to put the customer first in providing industry-focused, subscription-based cloud products that help solve their biggest supply chain and operational challenges. In fact, since 2018, we’ve invested approximately $1 billion in cloud-based innovations to advance our product offerings with the purpose-built, scalable, and secure technologies our customers require,” he added.
Currently, the company focuses on reimaging how ERP software can serve different industries through artificial intelligence (AI). The company is looking to invest more on AI to ensure better value for its 23,000 and growing customers.
Known as the cognitive ERP, the company is working to build a symbiosis between AI and ERP. The team believes this can redefine processes and operations across supply chain industries.
The idea is to adapt the technology to the worker in their contextual environment or workflow. This reduces the complexity and friction in how users have traditionally interacted with and extracted intelligence from their enterprise technologies.
At the Epicor Insights 2024 customer conference to be held between May 20th and 23rd in Nashville, the company will detail its cognitive ERP strategy.
This will help their customers leverage AI to drive significant enhancements in decision-making, forecasting, customer service, and overall operational efficiency – as well as unveil an integrated portfolio of new AI and data platform capabilities designed to propel industries forward into a new era of technological empowerment.
“The expectations for how ERP will deliver value through AI are quickly changing,” said Vaibhav Vohra, Epicor Chief Product and Technology Officer. “This isn’t merely about adding another tool into the tech stack – we believe cognitive ERP will fundamentally transform how businesses operate by embedding contextual intelligence and advanced automation into the very core of their operational workflows. In short, we see ERP moving from a system of record to a system of action.”
In the fiscal year of 2023, Epicore saw a 42 percent year-on-year (YoY) growth in software-as-a-service (SaaS) based cloud revenue. Close to 70 percent of the new customers adopted the company’s subscription-based offering.
As Epicor accelerates cloud adoption across its core industry markets, the company’s focus in delivering an exceptional customer experience drives deeper engagement and outcomes for organizations worldwide.
“When customers move their ERP solution from on-premises to Epicor’s cloud, they’re placing a great deal of trust in us to deliver not only the industry-leading features and functionality they’ve come to expect from Epicor but to deliver these capabilities on a stable, scalable, secure platform 24×7,” said Rich Murr, Epicor Chief Customer & Information Officer. “We take that obligation very seriously and continue to make significant investments in the talent and technologies that allow us to meet that commitment.”
