Top line revenue increases 38% YoY; License bookings grew 20% YoY with subscriptions up 7x over prior year
Company refreshes brand, reinforcing commitment to customer success and partnering to achieve manufacturing cloud transformation
Lake Forest, California, May 16, 2023 – iBase-t, the company that helps its customers simplify how complex products are built and maintained, announced the completion of a successful fiscal year 2023, as the company saw another year of record revenue and profitability.
Fiscal 2023 revenue increased 38% over the prior year. License bookings grew 20% year-over-year with annual subscription revenue up 7x over the prior year as the company accelerates its shift to a cloud-native digital ecosystem SaaS solution provider. Concurrently, iBase-t also unveiled a companywide rebrand delivering a new look and feel designed to better represent the company’s modern solutions for discrete manufacturing.
iBase-t continues to step up investments in its flagship Solumina iSeries, the industry’s first microservices-based, cloud-native manufacturing platform as a core driver of growth, while also striking a host of new strategic partnerships.
“I am very proud of the solid execution by our team in achieving strong growth over the last fiscal year,” said Naveen Poonian, CEO, iBase-t. “We made significant progress accelerating the capabilities of our solutions to meet the specific needs and challenges of our customers, enabling them to manage complex operations with greater ease, efficiency, and quality in any environment. The strategy we have set and our continued investments in the product and business continues to drive strong financial performance.”
Product Innovation
iBase-t’s Solumina iSeries underwent several key updates culminating with its most recent version, i090. These updates solve specific user limitations and improve functions at multiple stages in the manufacturing process, including improved flow of data between the supplier and the manufacturer, enhanced user capabilities to split inspection orders, and helping to improve sustainability through reduced waste, improved efficiency, and decreased carbon footprint.
Following these product advancements and the company’s ability to execute, iBase-t was also selected by IDC as a Leader in “MES for Engineering Intensive Manufacturing” for its innovative offerings. In addition, iBase-t’s Solumina iSeries successfully completed its Service Organization Control (SOC) 2 Type 2 certification. Completion of the SOC 2 Type 2 audit certifies the highest level of security and data protection standards for iBase-t’s customers.
Rebrand
Now stylized as iBase-t – the Intelligence-Based Technology company – has refreshed its previous branding which served the company for more than two decades. With a new color scheme, modern design, and phonetic spelling, iBase-t better represents the forward looking and innovative solution the company delivers. Learn more about the iBase-t Rebrand.
“iBase-t has evolved and grown in delivering our leading-edge solutions since our founding in 1986,” said Tom Hennessey, CMO, iBase-t. “Our rebrand is reflective of the changes our company has made in recent years and delivers a fresh and modern feel while maintaining and respecting the reputation and heritage the company has developed over the last several decades.”
Partner Engagement
In the past fiscal year, iBase-t expanded its Partner Ecosystem welcoming several new partnerships to drive digital transformation in manufacturing, spark innovation in cutting edge research, and to give back to the Aerospace and Defense community. This expands previously announced ecosystem members including Accenture, ATS, AWS, Cyient, DXC, HCL, Microsoft, and PTC.
Most recently iBase-t announced a strategic alliance with eQ Technologies to create and offer a Closed Loop Manufacturing (CLM) solution connecting iBase-t’s Solumina MES with Product Lifecycle Management (PLM) and Enterprise Resource Planning (ERP) systems. The partnership is aimed at enabling manufacturing companies to accelerate digital transformation by establishing a digital thread across PLM, MES, ERP systems.
iBase-t also expanded partnership with the Manufacturing Technology Centre (MTC). Beginning in January, iBase-t has made the Digital Operation Suite, powered by Solumina iSeries, available to researchers and members of the MTC’s National Centre for Advanced Manufacturing Technologies. This expanded partnership has seen iBase-t become a Tier-1 MTC member cementing the company’s commitment to UK manufacturing.
In addition, iBase-t launched a partnership with consulting and system integrator, Razorleaf Corporation. Together, the companies provide strategic consulting, deployment and technical services built around Solumina iSeries and aimed at supporting customer’s Industry 4.0 strategies by simplifying manufacturing, quality and sustainment MRO processes.
Separately, iBase-t provided a momentous donation to The Camaraderie Foundation which supports individuals and military families who have served in the United States Armed Forces.
About iBase-t
iBase-t is a software company that simplifies how complex products are built and maintained. Founded in Southern California in 1986, iBase-t delivers solutions that ensure digital continuity across manufacturing, quality, and maintenance, repair, and overhaul (MRO) operations on a global scale. iBase-t’s Solumina Manufacturing Operations Platform is a cloud-native solution that establishes a digital ecosystem to drive innovation and improve operational performance. With offices in the U.S., UK, France, and India, iBase-t customers include Lockheed Martin, Northrop Grumman, Rolls Royce, Pratt & Whitney, and Textron.
