Revenue and Subscription Growth
Second quarter revenue was $184.6 million, up 14.6% year-over-year. Subscription revenue grew 15.7%, and cloud revenue increased by 29.9%.
Annual Recurring Revenue Growth
Annual recurring revenue (ARR) grew 16.1% to $636.6 million.
Strong Gross Revenue Retention
Gross revenue retention (GRR) remained at 95% in the second quarter, within the targeted range of 94% to 96%.
Ecosio Performance
Ecosio's annual recurring revenue reached $10.8 million, a 33% increase from the prior quarter.
E-Invoicing Demand in Europe
Strong demand for e-invoicing in Europe, particularly due to upcoming mandates in Belgium, France, and Germany.
Successful New Business Wins
Secured key new logos in Oracle and SAP ecosystems and several e-invoicing successes despite headwinds.