Cherwell Software Reports Record Bookings for Q4 2015

COLORADO SPRINGS, CO--(Marketwired - January 20, 2016) -  Cherwell Software, a leader in IT service management and IT asset management solutions, has announced record bookings for the fourth quarter of fiscal year 2015, ending December 31, 2015. Cherwell's largest sale to date and largest subscription sale to date both took place in Q4 2015. In addition, fiscal year 2015 was a record year of bookings for Cherwell as new customers continue to select Cherwell. Cherwell is proud to welcome multiple new Global 2000 customers to the rapidly growing and highly engaged Cherwell community.

As IT teams seek a modern and fresh alternative to legacy solutions and mega ITSM vendors, market demand for Cherwell Service Management™ and Express Software Manager®, Cherwell's award-winning products, has soared. Cherwell was recognized in Gartner's latest edition of the Magic Quadrant for IT Service Support Management (ITSSM) Tools¹ as the only vendor in the "Challengers" quadrant.

"In this coming year, we aim to surpass 2015's business growth while innovating our products to meet and exceed our customers' specific business needs. Cherwell continues our forward progress, and we are excited to expand with new business partnerships, while continuing to deliver extraordinary customer service to our existing customers and partners globally," said Vance Brown, CEO and Co-founder of Cherwell. "We look forward to another strong year in 2016, as we continue to evolve our ITSM platform in ways that further enables and supports our customers' businesses."

Cherwell Highlights from 2015:

• Recognized on Deloitte's 2015 Technology Fast 500™ for explosive growth
• Achieved record growth in Q3 in 2015 with 65 percent revenue growth and largest sale to date
• Recognized as the only challenger in the Gartner Magic Quadrant for IT Service Support Management Tools
• Won Pink Elephant's "IT Excellence Award" for "Innovation of the Year"
• Achieved ISO 27001 Certification
• Won ColoradoBiz Magazine "Top Company Award"
• Championed customer choice with full set of deployment options: on-premises, hosted by Cherwell, Microsoft Azure, and Amazon Web Services
• Delivered major new releases and dramatic improvements in performance and scalability
• Won Pikes Peak "Company of the Year" award from the Colorado Springs Regional Business Alliance
• Named among "Top 100 Technology Companies" by Built in Colorado

About Cherwell Software
Cherwell Software is the developer of Cherwell Service Management™ software, an award-winning business technology and IT service management (ITSM) platform recognized by leading industry analysts worldwide. The Express Software Manager® solution is Cherwell's award-winning IT asset management software. Cherwell customers are part of a fast-growing, caring community using Cherwell Software to implement both ITSM solutions and business technology that goes beyond ITSM. Cherwell Software has the deepest expertise in the service management industry, including a global network of expert partners currently serving customers in more than 40 countries. Corporate headquarters are in Colorado, USA, with global offices in the United Kingdom, Germany and Australia.

¹ Gartner, Magic Quadrant for IT Service Support Management Tools, August 25, 2015
Gartner Disclaimer - Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Forward-Looking Statements Disclosure
This press release contains forward-looking statements, including those related to business momentum, the strength of our business and growth of our revenue, recurring revenue and bookings, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, market and distribute products and services that meet customer requirements, introduction of new products and business models by competitors, fluctuations in subscription renewal rates, risks associated with cyber-attacks and information security, and uncertainty in economic conditions and the financial markets.

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