18,000+ Clients Driving Triple Digit Revenue Growth for This Upcoming SaaS Star

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Tuesday, November 2, 2021

2019 was a good year for initial public offerings for Software-as-a-Service (SaaS) companies and 2020 was even better with over $11 billion raised in the public markets. 2021 has been host to more successes, including the likes of Monday.com (NASDAQ: MNDY), Qualtrics International (NASDAQ: XM) and DigitalOcean Holdings (NYSE: DOCN), to name a few that are delivering healthy returns at high multiples.

SaaS is a hot market and when serial entrepreneur and seasoned executive Robert McDermott took the reigns as CEO of iCoreConnect (OTCQB: ICCT) in 2013, he had a vision to solve problems in healthcare with innovative SaaS technology. Having built and sold several companies already, McDermott knew the key was matching tech with demand, so he hit the road, talking to over 2,000 professionals throughout the U.S. first. The results were an award-winning company and cloud-based products focused on increasing profit and operational efficiencies in high-compliance industries, notably healthcare.

Now, the upstart is starting to hit its stride, with millions in revenue, a trend towards profitability, a robust platform of 15 SaaS enterprise solutions, 18,000+ clients, 23 state association partners, and 70+ agreements with state or regional healthcare associations. Looking at disclosed deals, the takeaway is that organizations see a lot of value in the products.

Take the Michigan Dental Association (MDA) for example. In 2018, MDA first endorsed an iCoreConnect product, the HIPAA-compliant encrypted email solution branded iCoreExchange that overcomes a significant industry problem of the inability to securely email large files. That led endorsing other iCoreConnect products, including the iCoreRx electronic prescribing software that recently generated record product sales in Michigan, and five new ones this month:

• iCoreVerify automatic insurance verification 
• iCoreHuddle practice revenue dashboard
• iCoreCloud automatic HIPAA-compliant cloud back up
• iCoreIT Managed Services
• iCoreDental cloud-based practice management software

“More than 4,500 practicing MDA member dentists are now able to access our business platform designed to speed up workflow and increase practice profitability,” said McDermott in a press release on the new endorsements.

Adding more services simply makes sense and that is obvious in the comments of MDA Services and Marketing Director Cindy Hoogasian, who said, “With so many of our members already engaged with iCoreConnect, and with the comprehensive platform of products iCoreConnect provides, it was smart to expand our endorsement to include all of the company’s dental-related products.”

iCoreConnect appropriately calls this their “land and expand” model. The sticky nature of the strategy is evident in the fact that the company has very little churn, meaning customers remain customers nearly in perpetuity. Not only don’t they leave, but they also add more recurring services to their contracts by signing up for more products.

The customer base is more than just revenue for iCoreConnect. Listening to feedback is at the core of the company’s R&D and acquisition strategy, pointing the way towards curating new products and making accretive, synergistic buyouts to fuel growth. To that point, ICCT management thinks it could reach $5.0 million in revenue in 2021, up 150% from 2020, which was up 75% from 2019. In the first half of 2021, iCoreConnect reported revenue of $2.0 million, which didn’t include any revenue from its most substantive acquisition, that of Spectrum Technology Solutions, which was closed in September.

This will almost certainly pique the interest of investors that are looking for upside in a global B2B SaaS market forecast by BCC Research to grow 16.4% annually to $94.9 billion next year.

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iCoreConnect (OTCQB: ICCT) Full Corporate Write-Up: Click Here.

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