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Duco Announces Record Financial Year And Two Major New Enterprise Agreements

By Business Wire

Business Wire
Overall Rating

Annual Contract Value (ACV) growth of 40%, Net Revenue Retention (NRR) at 131%, and two new global enterprise agreements totalling over $27m in revenue

LONDON--(BUSINESS WIRE)--Duco, the #1 SaaS provider of data automation, today announced record results for the year ended 31 March 2023. By combining SaaS, no-code, immediate availability and end-user empowerment, Duco has been transforming the way financial services firms and insurance companies manage data validation and reconciliation for key control processes.

The company concluded two enterprise agreements for over $27m in total contract value in FQ4, excluding professional services, with global banks. The banks will automate thousands of manual, spreadsheet based processes and migrate off legacy reconciliation software onto Duco, sharply increasing levels of efficiency, improving data quality and reducing operational risk.

Company Annual Contract Value grew organically by 40%, up from 35% growth last fiscal year, driven by new logo wins and a significant rise in existing customers moving on from legacy reconciliation technology. At 131%, Duco’s Net Revenue Retention is best-in-class, demonstrating the ease of use of the platform and the value of empowering the business to take control of their data, and release technical resources.

“We founded this company to take our customers to a new level of automation for their most mission-critical data processes. We have now reached an inflection point and are seeing the market moving away from legacy technology and processes towards the vision that Duco has been leading for years - SaaS, flexibility, no-code, automating the whole process from data ingestion, validation, reconciliation and management reporting. These results are a big validation of the platform strategy we undertook a few years ago, of the value that customers are unlocking from Duco, and how data automation can make a massive difference to global organisations, where tens of thousands of people are often struggling to get data under control, still having to resort to Excel, macros, or inflexible, legacy software,” says Christian Nentwich, Founder and CEO of Duco.

Ends

About Duco

Duco, a leading data automation company, is helping businesses to unleash their potential by removing the friction around data. Duco’s cloud-based, no-code platform brings the processing of mission-critical data to business users with governance and control, giving firms the tools they need to increase business agility, reduce risk, stay compliant with regulation and dramatically improve efficiency. Over 10,000 users across 30+ countries process billions of data records every week using the platform. Duco is headquartered in London, with offices in New York, Boston, Wroclaw and Singapore. Customers include global banks, investment managers, insurance firms and challenger Fintech companies, such as Societe Generale, ING, Man Group and Currencycloud. For more information go to www.du.co


Contacts

Media Contact
Louis Hogan
Cognito
duco@cognitomedia.com
+44 (0)20 7426 9400

First published on Tue, Apr 11, 2023

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