FADEL Partners, Inc., a developer of cloud-based brand compliance and rights and royalty management software, has announced its full year results for the year ended 31 December 2023. The company reported a 10% increase in revenue to $14.5 million, with recurring revenue growing by 31% to $11.4 million. The gross profit margin stood at 62%, reflecting a positive trend from the previous year. However, the adjusted EBITDA showed a loss of $1,732k, attributed to increased expenditure for planned investments in growth.
In terms of operational highlights, FADEL achieved a milestone listing on AIM in April 2023, raising £8 million in gross proceeds. The company also improved customer diversification and made strategic personnel hires, including a global Chief Revenue Officer and Global VP of Growth Marketing. Additionally, FADEL launched new product offerings, such as Content Tracking and enhancements to Content Cloud capabilities, aimed at attracting new customers and further embedding the company within existing clients.
Post period end highlights include the launch of LicenSee, developed from the flagship enterprise solution, IPM Suite, and the appointment of Ian Flaherty as Chief Financial Officer. Tarek Fadel, Chief Executive Officer of FADEL, expressed pride in the company's delivery on its ambitious growth strategy, citing exceptional client wins in the Brand Vision space and a 31% growth in total recurring revenue.
Fadel also noted an encouraging start to 2024 with strong bookings in Q1, but indicated that reported revenue for 2024 is expected to be behind previous market expectations due to an acceleration towards SaaS revenue. He emphasized that revenue from SaaS offerings will be an increasingly important financial reporting metric for the company, with a focus on winning new clients for Brand Vision and LicenSee.
FADEL's main solutions, IPM Suite and Brand Vision, cater to rights and royalty management for publishing and licensing, and an integrated platform for Brand Compliance & Monitoring, respectively. The company operates primarily in the United States, with additional operations in the UK, France, Lebanon, and India. Founded in 2003, FADEL has grown to a team of 137 full-time employees, with additional contractors. For more information, visit the company's website at www.fadel.com.