TheFormTool, LLC, a leading provider of document assembly and automation software to law firms and other information industries, saw total revenues increase 36% in 2017, with recurring revenues accounting for 73% of the total.
The firm, second largest in its segment in number of customers, grew its customer base 27% year over year while expanding its geographic footprint with customers in 81 countries. Support for legal services remains a major focus, with law firms in the U. S. and Commonwealth countries accounting for more than half its customers. Other major customer sectors include finance, energy, government, maritime, real estate, manufacturing, and other industries with needs to document events using largely, but not entirely, repetitive documentation.
“Normally, we’d expect percentage growth to slow for a firm exiting its startup phase, but TheFormTool has been fortunate to continue to pick up the pace each year,” according to Bob Christensen, spokesman for the firm. “Our average new customer is larger, the average number of licenses is larger, and the software purchased tends to be more upscale. That, coupled with the large gains in recurring revenues over the past two years makes for a friendly environment for our team.”
TheFormTool’s family of software will grow significantly in 2018 as the company introduces three different packages of Aurora webData™ software. Aurora will allow firms to securely solicit, accept, store and immediately act on data from remote locations over the web.
“Aurora starts to show where the firm is headed, becoming a leader in what we call D3 (“Data cubed”) — the process of Data collection, Decisioning, and Document Automation,” Christensen continues. “We think of it as the final frontier in real information management, its actual use. While the world is awash in data, way over 99% is utterly wasted by those who gather it. Aurora will allow those who see the problem solve it. It’s an incredibly elegant solution that we’ve been working towards for three years.”