Quarterly Business Update – Q3 2020

Strong quarter of growth, product development and client engagement in these challenging times.

As we become use to this new normal of meeting via zoom and operating remotely I am pleased to say Q3 was the strong quarter we needed following lockdown in Q2.

We have stuck tightly to our strategy of delivering the richest management account information. Our competitors, unable to match our transactional detail or ability to port all accounting systems to one common Chart of Accounts structure, have been forced to go very broad on pulling often disassociated data assets. The results of the last 3 months suggest we are on the right path as our clients gain increasing value from the financial reports, ratios and insight we can deliver.

The investment in Customer Success over the last 9 months has been an important step in deepening the relationship with our customers. It has allowed us to drive increasing feedback and enhance the product set to best suit client demand. Key outputs from this have been: data refresh or persistent connection for both on and offline packages; advances to the Universal Connector; bulk import; improved UI.

In lending we started the quarter with a big competitive win in the UK moving us to now supply 4 of the 5 Tier 1 lenders in that region. Another win delivered by the bank wanting their credit decisions to be driven by real time, deep, mapped management accounts data. Our expansion in the US via channel partners continues to bear fruit with lenders taking advantage of our pre-built integrations to Baker Hill, Equiniti Risk Factor, nCino, Ablsoft and we will be completing several more over the coming months. At the same time, the pandemic has accelerated traction with the biggest prospects. I look forward to announcing some exciting new clients in the next weeks and working with them on the path to fully digitize the commercial client journey.

The accounting market has adapted to this new remote way of working. Thank you, to the various accounting customers who published articles over the last few months on the positive impact Validis had supporting this shift (while saving time and also improving audit quality). We have seen material expansion in our Big 4 deployments and mid market volumes are up over 100% over the quarter. The Accounting market is moving rapidly to this more secure and efficient digital journey.

Joel Curry

Validis, CEO

Joel Curry

Joel Curry

Joel has more than 15 years of experience of software sales and business turnarounds in both the US and UK markets where he spent the majority of his time driving high growth business sales for Experian.

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