Points North Drives Demand into Upmarket and Enterprise Segments with Record Revenue and New Client Acquisition for First Half of 2023
August 1st, 2023 (Duluth, MN) - Points North achieved better than expected results in the first half of 2023, surpassing its revenue goals and expectations. New customer sales grew by 23% across all products. Record revenues were driven by a 32% increase in recurring revenue. Moreover, the company’s strategic initiative to diversify demand through direct channels accelerated, as direct demand from marketing efforts, including SEO (Search Engine Optimization), soared by over 239% compared to the previous year. Partner revenue also showed strong growth, rising by 30% compared to 2022.
With leadership from our recently promoted Chief Operating Officer, Jason Moen, Points North has created a more efficient and effective level of support and service for our clients. This resulted in a dedicated team for support which delivered higher retention and satisfaction rates. This along with record results allowed us to achieve our key "Smart growth" Rule of 40 SaaS metric.
CEO Keith Pelatowski stated, "First half performance in 2023 demonstrated the ability of our business team, and sales and product teams to deliver value to current and new clients. We experienced record demand across all segments, including both core client and enterprise. We are proud and appreciative of the trust our clients place in our software and customer success teams and are excited about the remainder of 2023."
The product team for Certified Payroll and Prevailing Wage Compliance deployed over 80 enhancements and functional releases in the first half of 2023, reflecting our dedication to client feedback and continuous value creation. Among the notable releases were the improved prepayroll calculations for union functionality and the flexible import of time data based on configurable mappings. The ACA Reporter product team also introduced key functionality, such as a more streamlined transfer integration of payroll and employee enrollment data for non-integrated partners, and the upgrade of our reseller module.
Points North has been scaling sustainably, adding 11 new members to its team in the first half of 2023. The company is also actively recruiting for several key roles. To celebrate and empower its employees, Points North launched a reward and recognition platform that highlights their achievements and growth. Additionally, the company established core values that reflect the input and vision from its people.
About Points North: Established in 1994, Points North has provided solutions to thousands of clients, across all 50 states. Our solutions act as a bridge between payroll and benefit systems by streamlining the transfer of data. Our compliance, reporting, and data aggregation solutions are designed to help payroll and human resource leaders solve complex data issues, with the goal of improving workflows, saving time, and keeping clients focused on their strategic initiatives.
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Points North
Hannah McWhorter