eCommerce Software Leader Elastic Path Gains Momentum with New Enterprise Customer Growth

eCommerce Software Leader Elastic Path Gains Momentum with New Enterprise Customer Growth

Record gains fueled by broad-based demand for company’s innovative digital commerce platform and a 97 percent growth in annualized subscription revenue

VANCOUVER – November 1, 2016 - Elastic Path Software Inc., the leading enterprise commerce company, today announced that it posted record sales for its fiscal year 2016, signing multi-million dollar, multi-year license agreements with global customers in the areas of media and publishing, telecommunications, software and consumer retail. The company also finished its year-end with a 97 percent growth in annualized subscription revenue and became EBITDA positive.

“This year is proving to be a standout for Elastic Path as we exceed financial targets and attract new customers and partners,” said Harry Chemko, CEO, Elastic Path. “With the Commerce of Things wave upon us, being able to embed commerce across all touchpoints of the digital customer journey will be extremely important to brands. Our limitless API-based commerce solution allows companies to look way beyond just desktop and mobile when delivering rich experiences for their customers. This year’s breakthrough results show that companies are really taking note and putting their futures in our hands.”

Notable Customer Wins
Contributing to the strong financial performance were several new multi-year contracts with enterprise customers in the U.S. and Asia-Pacific regions, including:

• Fortune 1000 US-based software provider in the financial services industry
• Global telecommunications and wireless provider
• Leading consumer research magazine
• Up-and-coming travel and accessories brand
• Large Southeast Asia telecommunications provider

A Solid Partnership Strategy
Elastic Path has also built out a substantial global partner network, tripling in size over the past year. Leading consultancy, system integrators and digital agencies such as PwC, HCL and Mirum have made significant investments to grow their competencies on the Elastic Path Commerce platform.

Expanding our Team
Earlier this year, the company moved its headquarters into a brand new building in downtown Vancouver, B.C. and recently hired three senior leaders: Nicole Cheffey as Director, Marketing, Troy Fraser as Senior Director, Product Management and Sean Skamnes as Vice President, Business Development.

Elastic Path currently has several key ecommerce software jobs open a list of which can be found here https://www.elasticpath.com/ecommerce-jobs.

About Elastic Path
Based in Vancouver, Canada with sales offices in the UK and US, Elastic Path builds the industry’s most sophisticated API-based enterprise commerce platform. The company’s ecommerce software helps the world’s biggest brands in industries such as telecoms, publishing, software, travel and consumer retail deploy sites in 170 countries and generate $45 billion+ in revenues. For more information, visit www.elasticpath.com.