Technology company sets sights on $10m annual recurring revenue target
Manchester technology firm Pimberly says it has moved into scale mode as it aims to achieve an annual recurring revenue (ARR) target of $10m.
The SaaS (software as a service) product information management (PIM) and digital asset management (DAM) company passed its $1m ARR milestone earlier this year.
Pimberly’s PIM platform acts as a central hub for all omnichannel product data, including descriptions, specifications, sizing, pricing, availability, imagery and videos for multiple brands, currencies and geographies.
Its automation and intuitive “No-Code” UI significantly streamlines ERP/eComm workflows. This helps retailers, distributors and manufacturers to seamlessly expand into new marketplaces and territories, as well as rapidly increasing time to market and the agility of their products and services.
The company has secured contracts with leading UK brands including JD Sports, Freeman Grattan, Regatta and Card Factory, as well as international clients such as Brightstar in the US, Mconomy in the Netherlands and WhiteAway in Denmark.
Pimberly’s rapid growth follows investment from NorthEdge Capital and the UK Government.
This has enabled the company to double its headcount to 40 over the past 12 months.
The team is now in the process of expanding its headquarters, taking two floors within St James’s Tower in central Manchester and investing in more staff for product development, go to market and customer success.
Chief executive Martin Balaam said: “As new Enterprise B2B SaaS companies will know, getting your first paying clients is a huge milestone, enabling you to focus on getting to the nirvana of the $1m ARR target – I’m thrilled that Pimberly has been so well received by businesses.
“To surpass this target and focus on scaling to $10m ARR so quickly is just awesome.”
He added: “It’s also a real indication that companies are increasingly focusing on their eComm/online strategies to fuel growth and can see the value that automated and effective product information management can have on their operational efficiency, their customer service and their bottom lines.
“This is a hugely exciting time for tech in the North West and we’re delighted to be a part of its success.”