M-Files Reaches Centaur Status with $100M ARR

Global Information Management Leader Joins Elite Club of Private SaaS Companies

M-Files, a global leader in information management, today announced a milestone of $100M in annual recurring revenue (ARR). Bessemer Ventures estimates that only 50 new software-as-a-service (SaaS) businesses reached Centaur status last year. Serving knowledge workers across all industries, M-Files' growth is fueled by the demand to manage information in a frictionless manner regardless of dependencies, systems, repositories, applications, or the number of collaborators.

Founded in Finland by CEO Antti Nivala, M-Files is an independent, privately owned organization that has expanded its footprint globally and across North America by enabling knowledge workers to work smarter. M-Files is the only pure-play modern platform in its space, delivering innovative capabilities and winning customers across multiple industries against legacy providers.

First introduced by Bessemer Ventures, the designation of Centaur goes to privately held SaaS companies that have hit $100M in annual recurring revenue (ARR). An “elite subset of the growing unicorn herd,” Centaur status is widely accepted to be an accurate measure of an organization's success, denoting strong product-market fit, a scalable go-to-market strategy, and a growing customer base, according to Bessemer’s 2023 State of the Cloud report.

“M-Files is a rarefied business, not just for the fact it has exceeded $100M in ARR - something rarer than unicorn status,” said Antti Nivala, founder and CEO, M-Files. “Our company is cash-flow positive, hyper-focused on profitable growth, and, as an independent company, we’ve never been forced to integrate with a larger, multi-product organization. This sustainable growth approach is combined with our strong Finnish roots and culture. Our values based on equality, trust, and honesty allow us to focus on providing the best products, service, and support on the market. I’m proud of this achievement and look forward to continued success and growth to come."

Road to $100M ARR

Unlike most SaaS technology companies that quickly raise capital, resulting in a fast burn, M-Files' conservative and careful pragmatic growth over time has resulted in where the company is today. The company’s most recent funding, an investment of $80 million (€67 million) led by Bregal Milestone in 2021, helped M-Files drive new innovations to the M-Files metadata-driven document management platform. As the company grew its global presence, CEO and founder Antti Nivala relocated from Finland to North America to lead from the M-Files North America HQ in Austin, TX.

Also in 2021, M-Files acquired Hubshare to heighten external collaboration capabilities. By the close of 2022, M-Files gained 100 new M-Files Hubshare customers, reported 33 percent YOY growth in subscription revenue and 40 percent growth in new customer sales, increasing the average new customer deal size by 60 percent. In February 2023, M-Files acquired Ment which expanded its offering with next-generation no-code document automation capabilities. Today the company continues to celebrate industry-leading SaaS metrics.

M-Files works with technology and solution developers, systems integrators, and resellers to help companies improve how they do business in the work-from-anywhere world. M-Files has been a strong Microsoft Partner in Microsoft's ISV and Azure IP Co-sell programs for several years. In 2022, to amplify its partnership with Microsoft, M-Files announced new M-Files subscription offerings in the Microsoft Azure Marketplace. Earlier this month, M-Files unveiled enhanced integrations with Microsoft Teams and Microsoft Outlook, offering customers a simple, user-friendly, and compliant way for external and internal users to collaborate on M-Files content securely and conveniently.

M-Files offers customers a competitive advantage by ensuring knowledge flows quickly, effortlessly, and securely to the right audiences:

“M-Files has played an integral role in accelerating our digital journey, moving from slow, arduous, and paper-centric processes to a comprehensive toolbox of metadata-driven document management features that have allowed us to improve our business operations and customer service, ensure the data security of client documentation, and manage our day-to-day tasks,” said Mikko Pippuri, digitalization manager, Berggren, a full-service intellectual property law firm. “We celebrate alongside M-Files on this historic company milestone, as M-Files continues to help us pave the path toward our own digital transformation and business growth."

“When I started M-Files back in Finland, our vision was to create a fundamentally new and unique approach to information management,” said Nivala. “Today, this vision is fully realized, and our Centaur milestone reflects many years of hard work and dedication from M-Files employees and partners around the world.”

To learn more about M-Files and schedule a demo, visit https://www.m-files.com/schedule-a-demo/.

About M-Files

M-Files is a global leader in information management. The M-Files metadata-driven document management platform enables knowledge workers to instantly find the right information in any context, automate business processes, and enforce information control. This provides businesses with a competitive advantage and substantial ROI as they deliver better customer experiences and higher-quality work with lower risk. For more information, visit www.m-files.com.

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