SOCi, the CoMarketing Cloud for multi-location businesses, announced a notable milestone in its evolution as a business: $100 million in annual recurring revenue (ARR). This has become a go-to metric for signaling health among SaaS players, given the importance of recurring revenue and retention.
Also known as the centaur club, this is an achievement that’s seven times rarer than the other much-vaunted company milestone: unicorn status. The latter has become more prevalent and is inherently an on-paper valuation. ARR is more meaningful in that it represents tangible operational performance.
“Surpassing the $100 million ARR mark is more than a milestone,” SOCi CMO Monica Ho told Localogy Insider. “It’s a reflection of our unwavering dedication to empowering multi-location enterprises with cutting-edge marketing solutions.”
Hot Streak
This milestone follows a hot streak for SOCi. After raising $120 million last year, it continues to show signs of growth. It was identified as one of America’s fastest-growing private companies by Inc. 5000 for the past six consecutive years; and featured in the Deloitte Technology Fast 500™ for the past two years.
Quantifying that, SOCi achieved 334 percent revenue growth from 2020 to 2023. This growth is also demonstrated by its customer base: Today it boasts 1,000 multi-location brands – and three million locations collectively – such as Ace Hardware, Self Esteem Brands, Liberty Tax, and Sport Clips.
Meanwhile, these milestones haven’t gone unnoticed, given several recent accolades. For example, SOCi was named a top 5 Best Marketing and Digital Advertising Product and top 50 Best Software Products in G2’s 2024 Best Software Awards. It was also named one of Fast Company’s Most Innovative Companies.
While all of the above was underway, SOCi expanded its workforce by 277 percent. This includes expanding its leadership team with software veterans from the likes of Salesforce, Oracle, Blackbaud, Gong, and Seismic. SOCi also expanded its team and capabilities with the 2001 acquisition of Brandify.
Soci Chat is An AI-Fueled Resource for Multi-Location Businesses
CoMarketing Ethos
Another question that emerges from all of the above is what are operational success factors we can point to. For one thing, SOCi’s growth can be traced back to its evolving software model. For example, the autonomous workflows at the heart of its CoMarketing ethos have unlocked scale in the platform.
To further that mission of scalability and co-marketing support for its users, SOCi has layered in its Genius AI technology. This includes Genius Reviews, Genius Social, and Genius Search – AI-driven features meant to automate time-intensive tasks in their respective – and self-explanatory – areas.
Beyond automation in managing functions like reviews, social marketing, and SEO, Genius AI offers analytics that are boiled down to actionable insights. Altogether, it’s a deft application of AI in that it saves time and addresses tangible pain points for multi-location brands. Expect to see more of this.
“We believe in not just keeping pace with industry changes, but in leading the charge,” said Ho. “This achievement underscores our commitment to innovation in the ever-evolving digital marketing landscape”
