Boston ñ Bullhorn, the global leader in On Demand, front office staffing and recruiting software, today announced continued record-setting growth in the staffing and recruiting software market for the first quarter of 2006, which ended March 31, 2006. Bullhorn achieved record sales growth to new customers of 255% with an overall revenue increase for the quarter of 64% compared to the same quarter in 2005. Growth from existing customers also increased substantially by 16%, outpacing overall market growth by more than 33%, and demonstrating the strength of Bullhornís software as a service business model. Bullhornís software as a service business model is comprised of monthly recurring revenue from new and existing customers and one-time professional services fees.
Bullhorn added more than 400 new users from 64 new customers, representing a 60% increase in customers versus the same period in 2005. To support the companyís growth, Bullhorn increased its staff by 48% during the quarter by adding professional staff in customer support, professional services, development and sales.
ìBullhornís strong new customer sales growth is directly attributed to the competitive advantage we provide to firms of all sizes and lines of business by enabling them to achieve high placement rates of superior candidates,î said Arthur Papas, CEO and co-founder of Bullhorn. ìOur high client retention rates, strong organic growth from existing customers and the tremendous momentum we are achieving from new business demonstrate the powerful combination of our solution, services and On Demand business model.î
Additional highlights for the first quarter include:
Revenues and user seats from enterprise customers increased by more than 130% during Q1 2006 versus the same period last year. Bullhorn also increased its enterprise customer base by 70% this quarter in comparison to Q1 2005.
Revenue and user seats from mid-sized customers increased by 78% during Q1 2006 versus the same period last year. Bullhorn also increased its mid-sized customer base by 33% this quarter in comparison to Q1 2005.
Bullhorn expanded its service delivery through enhancements to its infrastructure and operational processes including strengthened backup and recovery, redundancy, security and system management and application monitoring.
ìA rapidly growing worldwide economy is creating pressure on staffing and recruiting firms to meet client demands for fast, high quality and cost effective placement of candidates,î said Barry Hinckley, president and co-founder of Bullhorn. ìBullhorn connects and synchronizes sales and recruiting teams in real-time to drive client satisfaction, leading to increased sales and profit margins for the firm.î
Bullhorn accelerates growth in the Staffing and Software Market during Q1 2006
Mid- to Large-Sized Customers Fuel 255% Increase in Sales to New Customers on an Overall 64% Increase in Revenue
