xTuple 2008 Growth: Yet More Impressive Results
It’s earnings season for open source ERP vendors, and growth is phenomenal. Following record results reported by Compiere, a leading open source ERP vendor, xTuple reports an astonishing 250% growth in revenue in 2008, year over year. Since all vendors in this space are privately held companies, we do not have actual revenue figures, but growth across the sector is impressive.
In times when proprietary ERP vendors report slowing revenue growth and layoffs, attributed to the economic slowdown, growth of open source ERP vendors (in the triple digits) is truly unique . Since many organizations are now more cost aware, the obvious cost advantage of open source ERP (no license fees), along with a critical mass of production customers and a new level of maturity, both in terms of technology and channel partners, make these solutions an option any smart CIO must consider.
xTuple also reported their customer base more than doubled during 2008, another tremendous achievement by the xTuple team, led by CEO Ned Lilly. We couldn’t put it any better than Ned did:
“We are very pleased with our success in 2008 and are seeing continued growth in 2009, as larger enterprises scrutinize their current software vendor relationships, and growing companies look for greater visibility into their operations to maximize profitability in tough times. The current economic climate has made more urgent the need for low-cost, high-value solutions that deliver immediate return on investment. As a result, more companies are looking to open source solutions. xTuple has been at the forefront of bridging the worlds of open source and ERP software, and will continue to innovate and lead in response to this massive market need.”
Will 2009 be the year of open source ERP?
