IT Glue Pushes Beyond $25 Million Annual Recurring Revenue
Within the IT market, the ‘sexy’ topics typically are security, cloud services, DevOps, Big Data, IoT and a handful of other areas. But sometimes, it’s the ‘sleepy’ topics that quietly make the biggest impact.
A case in point: IT Glue, which develops a documentation platform for MSPs, has blown past the $25 million annual recurring revenue mark, according to CEO Chris Day. That’s a particularly impressive figure considering the company launched in 2013, and sells primarily to MSPs in the SMB sector.
IT Glue’s core purpose is simply stated — and trademarked — in two words: ‘Freeing Minds.’ The payoff for MSPs, IT Glue says, goes something like this:
“By removing the burden of memorizing processes and documentation, we allow your people to focus on more valuable and inspiring initiatives. We release your leadership to focus on growing and improving your business, rather than worrying about whether information is complete or accessible.”
Plenty of folks have attempted to crack the MSP documentation code over the years. For instance, ConnectWise in 2013 invested in BizDox, and more recently Passportal has expanded from its successful password management capabilities to documentation.
IT Glue: Continued Growth, New Capabilities
Still, IT Glue has been marching forward at a rapid pace. Overall, the company is growing about 9 percent month over month and now serves 4,000 MSPs. Moreover, 200 additional MSPs are moving onto the platform each month, Day says.
At the same time, IT Glue has ramped up to 90 employees — including an executive team and key staff members who have allowed Day to step back a bit from the grueling business travel that’s typical in the MSP software sector.
Meanwhile, R&D also continues. The latest capability involves Runbooks — which allow MSPs to export IT Glue Data into a PDF. MSPs can use Runbooks to create asset documentation for disaster recovery, compliance, reporting, and project/offboarding purposes, among other use cases.
Amid IT Glue’s rapid expansion and new capabilities, some folks have suggested the company will get acquired. However, Day remains firmly in control of the closely held technology company — and it sounds like he’s enjoying the journey as an independent company.