Chrome River and Out-of-the-Box Success
webadmin 8 Jan 2015Among our partners in 2014, we have been proud to see several receive accolades on both their substantial success, and their ingenuity in gaining that success. Not only does a quality solution make a software provider a leader in their industry, but also unique and innovative business practices.
Last month, Chrome River Technologies announced their third consecutive year in the ranking of the 100 Fastest Growing Private Companies in Los Angeles County by the Los Angeles Business Journal. That same month they announced their second year in the ranks of the Deloitte Technology Fast 500™, a ranking of the fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America. Chrome River grew 403 percent during this ranking period.
Fast and big expansion is great for this relative newcomer in a highly competitive industry. The question is, what caused Chrome River’s impressive growth? When looking further back in 2014, Chrome River has demonstrated several qualities that could explain their success. For one, they have a focus on diversity—not only in their versatile and customizable expense reporting functionality, but also their business focus. Beyond software for normal finance departments, they have solution modules that are specially designed to accommodate the diverse needs of specific industries, such as Higher Education.
In addition, Chrome River seems to take scope of the current atmosphere in software needs and development—and act accordingly. In light of IBM’s summer announcement that their GERS expense management platform was coming to an end, Chrome River hired two leading IBM GERS implementation experts to help customers migrating from IBM GERS systems. This careful preparation is a move of a dynamic, competitive, and mindful company.
Chrome River has also fostered some new business relationships this year: their June collaborations include a partnership with Grasp Technologies that now provides Chrome River customers with enriched travel data and analytics. They’ve also teamed up with Western Union Business Solutions to bring an integration of online expense reporting and invoice processing coupled with cross-border payment processing. Both moves cater to the Travel Expense Management (TEM) industry’s growing focus on speed and efficiency.
Some of our other partners have also had impressive growth this year, including Coupa—their Q2 2014 results showed a 100 percent increase in revenue over their Q2 2013. When taking a look at Coupa’s moves this year, we see similar trends in their innovation and out-of-the box decisions as we see in Chrome River.
It’s clear that 2014 was a very good year for Chrome River, and it’s also clear that they deserved their success. We look forward to seeing what this bright software provider can show us in 2015.
