FADEL Announces Strong FY23 Results With YOY Revenues Up 10%
The company diversifies its offerings to meet market demands, delivering on its ambitious growth strategy and making positive inroads into the 2024 financial year
New York, NY – April 30, 2024 – FADEL®, innovator of brand compliance and rights and royalty management software, has today announced its audited full-year results for the year ended December 31, 2023, with revenue up 10% on FY22 to $14.5 million and recurring revenue up 31% on FY22 to $11.4 million.
FADEL has made great strides during the year. In addition to its successful IPO, the Company has achieved exceptional client wins of powerhouse net-new clients including PepsiCo, Kimberly-Clark, Sanofi, and Philip Morris. FADEL has also made an encouraging start to the 2024 financial year, evidenced by the strong bookings in Q1 2024 and the pipeline momentum with leading consumer brands, publishers, and content owners across Europe, the US, and globally in Q2 2024.
“At the time of our IPO in April 2023, we presented an ambitious growth strategy to the market, based around investing in our technology and people,” commented Founder and CEO Tarek Fadel. “I am extremely proud to report that we have delivered on that in our first financial year as a listed company.”
FADEL has expanded its product portfolio – under Brand Vision and IPM Suite – to meet the needs of existing clients and strategically penetrate new territories and markets. About these investments, Tarek noted “During 2023, we achieved exceptional client wins in the Brand Vision space. These successes not only validate our investments in the Brand Vision product and our go-to-market strategy but also propelled a 31% growth in total recurring revenue. This substantial growth contributed to our overall revenue increase of 10% year on year. Additionally, the launch of LicenSee (under IPM Suite) marks an exciting milestone for our company. With its launch, we are poised to capitalise on a burgeoning mid-market opportunity, further solidifying our position as a leader in the industry.”
FADEL is also pleased to confirm that the Annual Report and Accounts for the year ended December 31, 2023, has been posted to shareholders and can be found on the Company’s website at https://investors.fadel.com/.
About FADEL
FADEL®, innovator of brand compliance, rights management, and royalty billing software, has worked with some of the biggest names in media, life sciences, fast-moving consumer goods, publishing, high-tech, and advertising. By automating talent and content rights management across videos, photos, ads, music, products, and brands, and streamlining the processing of licensing royalties, FADEL’s cloud-based solutions have empowered businesses to significantly maximize revenues and increase process efficiencies. Founded in 2003, FADEL is headquartered in New York City, and also operates offices in Los Angeles, London, Paris, and Lebanon. For more information, visit fadel.com.
