New Survey Shows Software Company CEOs and CFOs Bullish – Ramping Hiring and Returning to Growth
Sand Hill Group Survey Underwritten by Intacct Highlights Opportunities and Challenges for the Software Industry in 2010 and Beyond
SAN JOSE, Calif. (April 26, 2010) –
A new survey being released later this week by Sand Hill Group shows that the majority of the more than 100 software CEOs and CFOs interviewed indicated their company’s business has or will soon return to pre-recession levels, are ramping up hiring and are planning for significant growth in 2010. The survey shows cloud computing is now a major growth driver across the board for the software industry.
Key findings from the Software CEO/CFO Outlook 2010 study, which was conducted by Sand Hill Group and underwritten by Intacct, will be revealed as part of a webcast on Thursday, April 29, at 11:00am PT (http://bit.ly/d69259).
While many industries are still showing limited to no signs of recovery from the deepest recession since the 1930’s, the CEOs and CFOs participating in Software Outlook 2010 clearly indicate that software is back – they are optimistic about the industry as a whole and downright enthusiastic about the prospects for their own firms. Key findings from the survey included:
* Cloud Computing is a Major Growth Driver – The survey reveals that the adoption of cloud computing – along with the similar Software as a Service (SaaS) and on-demand delivery models – is now driving much of the software industry’s growth.
* Hiring to Increase – More than 90 percent of the companies surveyed reported they have already begun to hire and are planning to increase headcount during the upcoming year.
* Return to Growth – The survey revealed that most software companies are seeing their business come back to pre-recession levels, and are either already enjoying or anticipating rapid growth.
* Shift to Subscription-based Business Models – The CEOs and CFOs indicate a clear preference by their customers to move away from the old on-premises software license models in favor of newer subscription-based pricing.
* Customer Renewal and Lead-to-Cash Processes are Top Software Finance Challenges – The CEOs and CFOs highlighted that customer renewal and lead-to-cash are the most important financial processes that software companies need to improve in 2010. Paradoxically, they also reported that their current financial systems are significantly challenged in these areas.
“It’s not often you get to review CEO and CFO forecasts from more than 100 leading software companies. Seeing the optimism of these executives is a terrific indication that we are rebounding from the recession in Silicon Valley,” said MR Rangswami, CEO of Sand Hill Group. “One thing is clear – software is back, driven by the rapid adoption of cloud computing. The results also show that software companies will have to adapt to the market’s new reality in order to ensure their future success.””
“Hundreds of leading software, SaaS and cloud computing companies have adopted Intacct’s cloud-based financial management applications. Toward the end of 2009 we started to see a major uptick in our software industry new customer adoption, as well as current clients adding new users and modules,” said Robert Reid, president and CEO of Intacct. “The new Sand Hill Group survey validates our internal data – led by cloud computing and SaaS companies, the software industry has emerged from the recession and is ramping up hiring as business returns to pre-recession levels.”
Key Survey Results to be Unveiled Thursday, April 29
On Thursday, April 29, at 11:00am PT, the Sand Hill Group and Intacct will host a special one-hour webcast to reveal the key survey results. The event will also include a roundtable discussion moderated by MR Rangaswami and featuring CEOs and CFOs from leading cloud computing-based software companies including Adaptive Planning, BigMachines, Intacct and Zuora.
To register for the webcast, please visit http://bit.ly/d69259. Everyone who attends the event will also receive a complimentary copy of the full written Software CEO/CFO Outlook 2010 report.
About Sand Hill Group
Sand Hill Group provides strategic management, investment and marketing services to emerging market leaders. Sand Hill Group is best known for its work in the $600-billion software and services market. As founder of the “Enterprise” and “Software” conference series, Sand Hill Group has been credited with uniting the software business ecosystem of executives, entrepreneurs, investors and professionals. The firm is also the publisher of SandHill.com, the premier online destination for strategic information on the software business. The site and its newsletters are read by thousands of top software industry executives every week. For more information, please visit www.sandhill.com.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via Software as a Service (SaaS).
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
Media Contacts:
Peter Olson
408-878-0951
polson@intacct.com
Twitter:Intacct_Peter
Source: Intacct