Leasepath, an IT and software provider for equipment and asset finance, has announced another year of growth, marking the third consecutive year of total revenue growth at or above 45% annually, the company said in a statement.

Annual recurring revenue from software-as-a-service (SaaS) sales grew by 51% in 2022, said Jeffrey Bilbrey, CEO, adding: “we invested every bit of that back into the company by hiring more teammates, continuing significant R&D spend on new IP coming this year, and providing training and professional development to all our teammates.”

To keep up with the growth, Leasepath also increased its team size by 40% in 2022, adding new employees in delivery, development, quality assurance, operations, and customer success. 

“Sustaining such compound annual growth presents distinct challenges, so we’ve really focused on building Best Practices to bolster our efficiency and improve our focus on delivery excellence.  We are grateful to all our customers that worked hand-in-hand with us to achieve so much implementation success this past year,” said Michael Baez, VP of professional services and customer strategy.

Read More: FLA provided £148bn of new business in 2022, up 21% on 2021

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By GlobalData