“ One of our biggest competitors is manual process , and one of the biggest benefits of companies shifting to the cloud comes down to what ’ s been happening this year ”
— James Haslam , Chief Financial Officer , ELMO Cloud HR & Payroll
The customer acquisition M & A strategy is focused on leveraging the newly acquired entity ’ s existing customers to drive market footprint and penetration , as well as increased sales . “ The customers we acquire along with the technology are important to us , not only because it widens the product offering but because the acquisitions enable the cross-sell of additional modules into a new sticky customer base ,” says Haslam . “ By bringing new technologies into the suite , such as remuneration , survey tools and video content , we expand our solution , enhancing the ELMO value proposition providing additional opportunities to cross-sell into a growing customer base . That ’ s evidenced when you look at our results .
“ In our FY20 results , we released a statistic that , of our incremental increase in organic annual recurring revenue , 39 % came from existing companies and the remaining 61 % came from new customers . That means customers are adding more modules to their solution .” This two-pronged revenue growth from existing customers is also predicated on ELMO ’ s commitment to continued investment in research and development ( R & D ). Haslam explains ,
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