Assertion Not checkable as stated
Centage derives roughly one third of revenue from onboarding and training
“About a third of our revenue.”
Disclosure
Clapp: Centage spent $3M-$4M rewriting its on-prem software into SaaS
“And it was an on-prem model until last year. And we converted the product, we invested it on a few, three or four million dollars, and rewrote the entire product. To be a cloud-based, you know, a hundred percent SaaS-based product.”
Disclosure
Centage raised $13.5M total, primarily utilizing $9.5M for recapitalization
“No, 13 and a half million, we raised originally nine and a half million, and a lot of that went to recapitalize the company actually.”
Assertion Not checkable as stated
Clapp: Centage's ACV is $35,000 to $40,000 per year
“The average customer is about 35, 40,000 per year.”
Assertion Not checkable as stated
Clapp: Centage has around 1,000 customers and 10,000 users
“So we've got about a thousand customers probably 10,000 users, because each customer has an average of 10 or so users.”
Assertion Not checkable as stated
Clapp: Centage customer base is 30% subscription and 70% on-prem
“So I would say it's probably about 30% subscription and 70% on-prem.”
Assertion Not checkable as stated
Centage SaaS pricing is 5x legacy on-premise annual maintenance fees
“If you were to approach us today and want to buy Budget Maestro Nine, our new product, you would pay something much more, maybe five times as much as a current customer is paying for their annual maintenance and support.”
Assertion Not checkable as stated
Centage generated approximately $12 million in revenue in 2016
“We were at about twelve million last year.”
Prediction Not checkable as stated
Centage targets approximately $17 million in revenue for 2017
“We're looking to be about seventeen million.”
Prediction Not checkable as stated
Barry Clapp: Centage will reach 90% retention with SaaS model
“So our retention rates have risen from 75% a few years ago to over 80% now, and when we go to the SAS model, we know we can get them to 90%, you know.”
Assertion Not checkable as stated
Centage CEO: Upselling consistently generates 10% to 20% of revenue
“We've always done about
10 to 20% of our revenue in upselling.”
Assertion Supported
Clapp: 70% to 80% of organizations use Excel for budgeting
“So, 80%, 70 or 80%, depending on who you listen to, of people use Excel for their budgeting.”
Disclosure
Centage is being tracked by KKR and Accel for future investment
“We've been talking then mostly to New York based and California based ones. So we've talked to everybody, KKR and just everybody. We went to this You know, forum where we presented to all the top players and Excel and everybody else. And so they're all trackin…”
Assertion Not checkable as stated
Clapp: Centage employs approximately 100 people
“So we're at about a hundred people.”
Disclosure
Clapp: Centage's typical buyer is a 40-60 year old CFO of a $200M company
“Our customer happens to be usually a 40 to 60 year old man, you know, he's the CFO of a
Two hundred million dollar company.”
Disclosure
Clapp: Centage spends around $100,000 per month on marketing
“And so I would say our marketing spend is
A hundred grand a month, you know, award.”
Insight
Clapp: Prioritize securing equity in high-potential businesses early
“It took me a long time to figure out how to get equity in the And the businesses I'm involved in, so I'd say go out of your way to make sure you get equity in, in a business that you think has potential.”
