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As the year comes to a close and the holidays kick into full gear, I’d like to maintain a FastSpring tradition and reflect on the past twelve months.
Once again, 2019 was a great year for FastSpring, and I’m excited to share some of the major highlights below:
1. I Joined an Incredible Company and Team
I feel extremely fortunate to have had the opportunity to join and lead the incredible team at FastSpring as of March this year. I came in with high expectations, and the company and team have not only met, but exceeded these expectations in all respects. It’s a privilege to work with such a passionate and talented group of people every day.
2. We Transacted Over $500 Million Through the FastSpring Platform
As FastSpring continues to grow—primarily driven by the exceptional growth and success of our customers—we achieved a significant milestone this year. We processed over $500 million in transactions on the FastSpring platform! What is most exciting to me about this milestone is that it enables us to reinvest in innovation to further our customers’ success.
3. Subscription Transaction Volume Surpassed One-Time Purchase Volume
The subscription economy is clearly here to stay. This is why we’re committed to continually develop new and innovative tools that help software companies successfully transition to a subscription-based business model.
Our existing customers are already leveraging our existing subscription solutions to achieve incredible results. For the first time in 2019, subscription-based transactions exceeded one-time purchases on the FastSpring platform. With this transformation, our customers are experiencing much higher levels of predictability in their revenue streams, thus allowing them to invest in product innovation at all levels and with confidence that they couldn’t previously achieve. This will undoubtedly lead to further growth and success for our customers.
4. We Welcomed a Key Executive to the Leadership Team
This year we welcomed Kurt Smith as VP Product and Strategy. Kurt joined us from our investment partner, Accel-KKR, where he previously worked closely with successful software companies to accelerate their growth and success. His experience, innovative approach and strategic mindset are a great asset to the company. We’re excited to grow our exceptional leadership team to help us take FastSpring to the next level.
5. We Evolved Our Brand
While most of what the FastSpring brand stands for isn’t changing, like our relentless focus on our customers’ success, outstanding technology, service, and expertise, we are increasing our focus and investment in innovation. Given this, we felt it was necessary to have a brand identity that recognized our past but is also synonymous with innovation and a focus on the future. With that in mind, we updated our corporate identity to reflect who we are today and into the future.
6. Earned Awards for Our Product and Customer Success Team
We take great pride in delivering the best ecommerce platform that helps software businesses succeed in the global marketplace. It is always exciting to see the hard work of the team recognized in the industry. We’re honored to have earned a CNP Award for Best E-Commerce Platform / Gateway, a Business Intelligence Group award for Customer Service Organization of the Year, and an International Stevie Business Bronze Award for Customer Service Team of the Year.
7. We Grew to Over 100 Employees
As our solutions and expertise continue to fuel our customers’ success, we can further invest in growing our team. And this year we passed the milestone of 100 people. However, more than the number of people on our team, I am proud of the caliber, passion, and commitment of the team we have built. While our customers clearly value our technology, it’s the quality of our team that they often speak of first.
8. The Santa Barbara Team Volunteered in the Local Community
We continued our commitment to supporting causes that are important to our employees and the community at large. We visited the United Boys and Girls Club for our annual Corporate Playdate, hosted a dog-friendly ice cream social for C.A.R.E. 4 Paws, participated in Movember, and raised over $3,000 for the United Boys and Girls Club’s Engineering Program—to name just a few. We also sponsored some fun events in the local tech community like SB Agile and SB Hacks.
The Future Looks Bright in 2020
As we enter a new decade, I’m excited for what lies ahead. Subscriptions continue to gain momentum while global ambition, innovation, and expansion are at an all-time high for software companies. As tools proliferate that reduce the cost and barriers to developing great software anywhere in the world, the software industry will continue to experience double-digit growth. This growth is driven in large part by agile, innovative, emerging companies that can now effectively compete with much more established players.
On behalf of the entire FastSpring team, I would like to thank our incredible customers for helping us make 2019 such a fantastic year. We look forward to helping you make next year your best year ever!
I wish everyone a happy, joyous, and safe holiday season.