Dye & Durham, a Canadian cloud-based legal practice management software provider, announced on Tuesday that it has achieved a significant milestone by surpassing $100 million CAD ($75.8 million) in annual recurring revenue (ARR). This marks an impressive increase of $33 million CAD in annual recurring revenue since the end of March.
Shifting Revenue Base
Dye & Durham has been actively working to transform its revenue base by prioritizing recurring revenue generation. In recent months, the company has shifted its customer relationships from a single product-driven approach to a more consultative approach. Their goal is to have annual recurring revenue account for over 50% of their total revenue by the end of fiscal 2026.
Impressive Growth
“This is a major achievement for Dye & Durham, especially considering that our ARR was only $9 million CAD in the first quarter of fiscal 2022,” said Chief Executive Matthew Proud. The company attributes this remarkable growth to the strong demand for its software products and its strategic expansion into the legal practice management market through acquisitions.
These notable milestones demonstrate Dye & Durham’s commitment to delivering innovative solutions to the legal industry and highlights their position as a leading provider of cloud-based legal practice management software.