Iridium Technology Reports Record-Breaking First Half
Results illustrate the critical nature of business intelligence products in the current rapidly changing legal market
Reno, Nev., August 4, 2020 – Iridium Technology, a leading provider of business intelligence and financial analytics for law firms, today reported the strongest half-year revenue results in the firm’s history. The strong revenue results were reflected across all three of the company’s product families: Iridium BI, Intellistat, and Steere. The results underscore the trend of law firms recognizing that in a tough economic environment, it is even more important to have strong business intelligence and financial analysis capabilities.
“The pandemic has put many law firms under pressure. They require a steely-eyed focus on key metrics and the ability to see changes in their financial situation daily,“ says Tom Jones, Chief Executive Officer of Iridium Technology. “Our products fill these critical needs, which is why we’ve had such positive first-half results, even in the midst of the pandemic.”
Following the merger with Data Fusion Technologies in February, the Iridium business intelligence and financial analytics suite now consists of three product families: Iridium BI, Intellistat, and Steere. All three product families set records for first-half subscription revenue. Ten new clients signed up in the first six months of 2020, with wins in all three product families. There were also numerous cross-sell wins, with existing clients who use modules in one product family signing up for modules in other product families.
The merger with Data Fusion is now complete, and there has been 100% retention of the Intellistat/Steere products. “We couldn’t be happier to be part of the Iridium family,” says Jeff Suhr, Senior Vice President – Intellistat/Steere, and former President of DFTech. “We have committed to the continued development of all our products, and that decision has paid off as we’ve already had multiple cross-sells across the combined client base. The combination has been truly a success for everyone.”
Iridium has taken advantage of the revenue increase by investing back into product development, adding nine new developers since January 1. All three product families are under active development, and updated product roadmaps will be released shortly for all products in all three families.
Iridium Technology’s clients also share the enthusiasm for the results: in Iridium’s recent annual Customer Satisfaction Survey, Iridium earned a Net Promoter Score of 71, which indicates a highly satisfied client base. “Our clients see the value of having great business intelligence and financial analytic capabilities,” adds Jones. “We are proud that they have chosen us as their partner in these tumultuous times.”
About Iridium Technology
Iridium Technology is a global firm specifically focused on business intelligence, profitability, and financial management for legal and professional services firms. Following its 2020 merger with Data Fusion, more than 250 global law firms ranging from 40 to 2000+ timekeepers have signed up for our products. Iridium’s mission is to make sure that firms making a significant investment in its applications receive maximum value for their investment. Iridium “lives and breathes” business intelligence and financial analytics for law firms every hour of every day. To learn more about Iridium Technology, please visit www.iridium-technology.com.
Iridium Technology Sponsors the Virtual ARK BI Conference
We’re excited and honored to be sponsoring the ARK BI Conference on July 30-31. Tom Jones, our CEO, will be the chairman of the conference for the second year in a row. Be sure to join us for this virtual event – we can’t wait to see you there.
Upcoming Webinars in May
Join us for one of the many virtual events we’re hosting this month
We have a variety of digital events happening this month. Join us for one or all of our upcoming webinars to learn about our products, working from home, and everything in between.
As the COVID-19 crisis continues to evolve, it is common to tap into the “tried and true” playbook for getting through tough economic times. Cutting costs is one go-to defensive method for managing finances in a crisis, but are there different offensive plays you can draw up that can strengthen your chances of “winning”?
Join us for “Revising the Playbook: Maximizing Revenue in a COVID-World.” In this 45-minute session, our panel of experts will walk you through approaches that can improve how your firm responds during this time of major disruption. This revised playbook includes information on:
- Collecting outstanding invoices
- Modifying pricing structures
- Retaining your current clientele
- Attracting new clients
Every crisis requires action. The techniques presented in this webinar can help your firm develop winning strategies as you emerge from this crisis. You won’t want to miss this informative session!
With so many of your timekeepers and billing staff forced to work from home, now is the ideal time to begin the transition to paperless. While the transition may seem daunting, the Steere PrebillManager can streamline the process, making it easier than ever to have your attorneys and billers review, edit and approve paperless prebills.
Iridium’s Steere PrebillManager completely streamlines bill editing, approval, and processing for firms running Aderant Expert. Attorney, Assistants, and Billing Specialist edits to prebills are posted directly back into the practice management system, avoiding duplicative manual data entry and speeding the entire bill creation process.
If you want to take the hassle out of your prebill review process, Steere PrebillManager is essential for your firm. Join us for this 45-minute session, and transform your prebill review process with ease.
our compensation committee, come review time, has a need for easily accessible data to help them make decisions on partner performance and compensation. Instead of having to run the data, you can grab this data from Intellistat, your Practice Management System, or (soon) an Iridium cube and have it appear in the Intellistat Partner Performance module.
Compare the partners in your firm side-by-side to see how each partner is currently being compensated, and all metrics and statistics you want to see to make your compensation review as streamlined as possible. Your compensation review will become easier than it’s ever been, giving you time back to handle other pressing matters in your firm.
Join us for this 45-minute session to learn how the Intellistat Partner Performance Portal can change how your firm handles compensation reviews for the better. You won’t want to miss this.
Iridium Technology, in collaboration with our friends at LawVision, launched the second annual law firm profitability survey in February 2020. Now it’s time to release the results!
This detailed survey on law firm profitability not only covers the high-level topics but also goes into the “nuts and bolts” of profitability allocations, multiple scenarios, handling rainmakers, etc. Over 100 firms completed the survey this year, providing us with a great data set, and your law firm with invaluable information to move forward on your journey to profitability.
In this hour-long session, Tom Jones and Mark Medice will walk you through key results from this year’s survey, as well as comparisons to the data collected in last year’s survey. If you want to improve profitability in your law firm, you’ll walk away with more information on how to do so. You won’t want to miss this session!
Upcoming Webinars in April
Join us for one of the many virtual events we’re hosting this month
We have a variety of digital events happening this month. Join us for one or all of our upcoming webinars to learn about our products, working from home, and everything in between.
As the world is transitioning to working from home, paper-based processes are no longer efficient. In this webinar you will learn about three targeted solutions in Iridium’s “Steere” product family that can solve your prebill processing and report distribution issues, and do it quickly.
We will cover three problems and solutions:
- Problem: Our attorneys are used to reviewing hardcopy prebills, and now there is no way to get them the hard-copies!
- Solution: Iridium’s Steere AlertManager distributes notifications by email or text from just about any system or data set, including your Aderant®, Elite Enterprise® and Elite 3E® data. AlertManager can be configured to automatically gather and distribute prebills to each attorney by email, skipping the need for printing hardcopies. AlertManager can be installed and configured quickly, and provides a rapid solution for firms that currently have a broken distribution process for prebills.
- Problem: Our attorneys used to review hardcopy prebills, and now we want to move to paperless prebill review!
- Solution: Iridium’s Steere PrebillManager Completely streamlines bill editing, approval, and processing for firms running ADERANT, Rippe & Kingston, and Lawtime. Attorney edits to prebills are posted directly back into the practice management system, avoiding manual data entry and speeding the entire bill creation process.
- Problem: We always passed out a lot of hardcopy reports, and now we need a solution to do it electronically!
- Solution: Iridium’s Steere ReportManager is a report distribution utility that allows users to deliver and burst information in a wide variety of formats across all firm data sources. You can solve your hardcopy problem by setting up reports off multiple data sources for automatic distribution – a perfect bridge to get the right reports to your new “work from home” team members.
Attend this webinar to see how the Steere PrebillManager, Steere AlertManager, and Steere ReportManager can not only address your prebill and reporting issues, but also provide numerous other benefits. This session will be one hour long.
Coronavirus has caused a rapid change in the way law firms function. As team members move remote, and processes are going digital, one other consideration is the inevitable impact on your law firm’s profitability.
Join our panel of profitability experts for insights into the impact of this crisis on your law firm’s profitability, and how to ensure that your firm remains successful after the crisis.
We are going through a period of unprecedented uncertainty, requiring more visibility into the health of your business. Circumstances are changing daily, and it’s vital that law firms analyze data daily to identify trends, risks, and opportunities. Our newest Iridium BI product, the “Daily Insights Tracker,” was built with this in mind.
This new dashboard is designed to give you a comprehensive look at the health of the business on one screen so that you keep your firm running as smoothly as possible in these rapidly changing times. This “Daily Tracker” will provide you with the key metrics for your firm, including fees collected, billable fee, fess billed, time posting speed, WIP, and AR.
After implementing the Daily Tracker, you will be able to quickly distribute information to partners and other business leaders – helping to ensure that your law firm will remain successful throughout, and beyond, the COVID-19 crisis. In this 45-minute long webinar, we’ll give you a hands-on view of the Daily Tracker, and walk you through how these metrics will benefit your firm. You won’t want to miss it!
Iridium Technology Announces Merger with DFTech to Create Law Firm Financial Analytics Powerhouse
Combination creates the broadest BI, profitability, and financial management product set in the industry
Reno, Nev., February 18, 2020 — Iridium Technology, a leading provider of Business Intelligence (BI) for law firms, today announced its merger with Data Fusion Technologies, Inc. (DFTech). The Iridium BI product offerings have now been extended to include the Intellistat line of business analytics tools as well as the Steere family of law firm business technologies. The company continues to be named Iridium Technology.
“Law firms are under pressure to improve pricing, profitability and service delivery. This combination enables both companies to continue at the forefront of innovation for firms looking to leverage data and analytics to drive better decision making and improved performance,” says Tom Jones, Chief Executive Officer of Iridium Technology. “Adding the Intellistat and Steere product lines puts Iridium in the position of having the broadest BI and financial analytics product footprint of any business partner to the legal industry.”
Iridium and DFTech together create what is clearly the largest provider of BI technology to law firms, whether measured by clients, revenue, employees, or product footprint. “I’ve always believed that our intense concentration on BI and financial analytics has allowed us to build better products for our clients,” says Jeff Suhr, President of Data Fusion Technologies. “Iridium, which has always been laser-focused on BI and profitability products solely for law firms, clearly feels the same way. I am convinced that law firms in need of improved data access to firm performance metrics are best served by specialists who focus exclusively on BI and financial analytics. That makes Iridium the perfect partner for us and makes this merger a big win for our clients.”
The combined entity includes three legal technology trailblazers. In addition to Jones, DFTech CEO Jeff Suhr has joined Iridium as Senior Vice President – Intellistat/Steere and industry pioneer Randy Steere remains as an independent Executive Consultant. Clients of both Iridium and DFTech will benefit from their collective expertise and experience in building BI and other legal programs. The trio will also lead a team of 15 full-time developers in order to continue innovating toward the most complete product set in the marketplace.
“The merger will continue to allow us to protect and honor the investment of our clients in the Steere products and services,” says Randy Steere, now Executive Consultant to Iridium on the Steere product line. “We will continue to provide our clients with solutions that successfully address to the diverse needs of legal and professional services firms.”
Some key details about the merger:
- This merger of two profitable and stable companies results in the undisputed law firm BI market leader
- The combined entity now has more than 250 clients, 65+ employees, and its three product families—Iridium, Intellistat, and Steere —provide the broadest footprint of BI and financial analytics product offerings
- The merger creates a strong platform for continued growth and will result in better products, services, and value for the clients of both Iridium and DFTech
- The company has no plans to reduce staff and all clients will continue to work with their current contacts
- The company has no plans to retire any Iridium, Intellistat, or Steere products
- Iridium’s combined offerings now serve law firms of all sizes and integrate with all major practice management and HR platforms
“We now have the broadest BI, profitability, and financial management product footprint of any legal tech provider,” adds Jones. “Our combined product set provides law firms with all of the data and analysis they need to better serve their clients and do so more profitably.”
As a private transaction, terms of the deal will not be disclosed.
About Iridium Technology
Iridium Technology is a global firm specifically focused on business intelligence, profitability, and financial management for legal and professional services firms. Following its 2020 merger with DFTech, more than 250 global law firms ranging from 40 to 2000+ timekeepers have signed up for our products. Iridium’s mission is to make sure that firms making a significant investment in its applications receive maximum value for their investment. Iridium “lives and breathes” business intelligence and financial analytics for law firms every hour of every day. To learn more about Iridium Technology, please visit www.iridium-technology.com.
PRESENTERS WANTED FOR ARK GROUP’S 9TH ANNUAL MECHANICS OF LAW FIRM PROFITABILITY: PEOPLE, PROCESS & TECHNOLOGY CONFERENCE
ARK Group’s 9th annual Mechanics of Law Firm Profitability: People, Process & Technology will be hosted at the University of Chicago on March 25-26, 2020. Kevin Klein, the main point-of-contact for producing this conference, is looking for presenters for the conference. See his notes below.
I wanted to reach out – as I am at the front-end of producing Ark Group’s 9th annual Mechanics of Law Firm Profitability: People, Process & Technology conference – taking place at the University of Chicago this coming March 25-26…
I wanted to see if you might consider joining us as a speaker this spring for what promises to be a very engaging discussion! I’d also love to get your input as I begin to consider theme and content for the 2020 conference. If you have any potential discussion topic ideas for the conference, by all means, please do let me know—I’d love to discuss!
Much like last year, the 2020 event will again aim to provide a variety of perspectives concerning how law firms are approaching profitability – whether that’s to do with how it’s measured, how it’s reported, how its analysis is incorporated into firm processes – of course, we’re also hoping to include a few client-side perspectives, and I hope you’ll give this invitation some consideration!
Please do let me know if this opportunity is something you’d like to explore once again—as I will be working to develop this year’s program agenda over the course of the next several weeks. I absolutely welcome the opportunity to discuss further and hope to have the pleasure of hearing from you soon!
Note: we would really really like to have more women and people of color presenting at the conference, please apply if this is of interest to you!
If you’re interested in applying to present, please email tom directly with your presentation ideas or interest in joining a panel at firstname.lastname@example.org
IRIDIUM TECHNOLOGY: FIRST HALF 2019 RESULTS
Iridium Technology is pleased to announce very strong results during the first half of 2019. Legal and professional services firms continue to embrace our monthly subscription fee model ("no big ugly invoices"), and embrace Iridium for treating our clients like our partners. It was a great first half of 2019 -- here are the highlights:
- New Clients: We signed up 13 new clients, with wins coming in all regions around the globe. Total client count is now at 93, and we have our eyes set on the 100-client benchmark! Firm sizes ranged from 40-2000+ timekeepers, and included two AMLAW 100 firms. In addition to the new clients we also had strong demand for add-on modules including the client portal and the matter pricing modules. Clients value the holistic approach that Iridium brings to their organization.
- DecisionPace Purchase: We completed the purchase of the legal division of DecisionPace -- one of our competitors in the legal BI space. As part of that transaction, my long-time friend and competitor Jay Moeller joined the Iridium team. Jay is now directing our newly established Project Management Office.
- Partnership with Rippe & Kingston: We are proud to now be the exclusive partner for Rippe & Kingston to deliver BI solutions to Rippe clients. After our first successful installation at a prominent New York firm, all Iridium BI modules are now certified to work with Rippe installations.
- Partnership with Leading Industry Groups: We are proud to be working closely with ILTA, ALA/P3, The Ark Group, The True Value Institute, Lexpo, Thomson Reuters, and the ADERANT Expert User Community. We have been attending all major Legal IT events in all regions, and this is providing us with excellent feedback on the pulse of Legal IT. We have also been sponsoring an ongoing ILTA “Roadshow”: we have already done five presentations in five cities, and we have five more roadshow presentations coming up before the end of the year.
- Matter Budgeting and Tracking: The Iridium BI Matter module provides a complete application for building matter plans and tracking on plan execution versus budget. The module supports analysis different pricing and staffing scenarios to assure that the most profitable budget can be proposed to the client. A complete alerting framework assures that the matter will stay on track versus the matter budget. The Matter module is selling at a brisk pace, and we are putting out a new release each quarter based on wish list items from the growing client base.
- Ten New Team Members: We have added ten team members since the beginning of the year: 1 in sales, 2 in operations, 5 in consulting, and 2 in development. Total Iridium team count is now at 42! We have been making so many new hire announcements, that I want to step back to provide an overview of where we are today and how we will grow the team going forward:
- Operations/Sales/Marketing: We consider this 5-member team to be complete: Tom Jones - CEO, Rod Wittenberg - VP of Sales, Ash Ladouceur - Director of Marketing and Data Analysis, Brendan Kinney - Controller, and Alex Jones - Operations Intern.
- Development: We can boast a nine-member full-time development team, including both Martin and Josef.
- Consulting: The remaining 27 employees are all in the consulting organization, led by our COO Joe Zoghbi. This emphasizes our intensive focus on implementations and client satisfaction.
- Going forward, the majority of new hires will be in Development and Consulting. We consider the Operations/Sales/Marketing team to be complete, and we do not anticipate any additional hires to that team for a long time.
- New VP of Sales: We are excited to have added Rod Wittenberg as our new VP of Sales - North America. Rod came from LexisNexis, and has 25 years of Legal IT experience. He is already making a big impact, and is largely responsible for the strong first half sales results.
- Build-out of the UK/EMEA Team: Since we now have 10 clients in the EMEA region, we are accelerating the growth of the dedicated team for clients in EMEA to continue to delivering a high quality service. Team Fraser now consists of 3 full-time and one part-time consultants, plus Fraser managing the region.
- Quarterly Releases: We continue to invest both in new product development and features and in constant enhancements to the existing products. We make a formal product release every quarter, confirming our commitment to be the leading vendor of BI for law firms.
- The Biggest Law Firm Profitability Best Practices Survey Ever!: In collaboration with our friends at LawVision, we launched a detailed survey on law firm profitability. The survey not only covered the high-level topics, but also went into the "nuts and bolts" of profitability allocations, multiple scenarios, handling rainmakers, etc. Over 100 firms completed the survey, and we put together a detailed write-up of the results. Your firm must complete the survey to get a copy of the write-up. If you want to take the survey, click here.
- Updated Website and New Blog: We continue to work on keeping our website content current and fresh. Click here to get to the Iridium Technology website and click here to get to the blog. The employee profile pages continue to generate a lot of positive feedback. We are incredibly proud of our team, and we are pleased to showcase their capabilities and quirky personalities on the Our Team page.
IRIDIUM TECHNOLOGY APPOINTS BRENDAN KINNEY AS CONTROLLER
Brendan Kinney has joined the operations team Iridium's new Controller. Brendan is based in Reno, and will be taking over the accounting, invoicing, and operational duties from Ash. We had to make up a special accounting/Quickbooks test for Brendan, and he killed it. Going forward, all invoices will come from Brendan. In a side benefit, Brendan is an avid golfer so Tom has now picked up a new golfing buddy.
IRIDIUM TECHNOLOGY WILL BE IN SAN DIEGO FOR ELITE VANTAGE 2019 WORLDWIDE
Iridium Technology is at the Elite VANTAGE 2019 Worldwide Conference! Stop by Booth 121 on the Pacific Ballroom Level to participate in our virtual slot machine for the chance to win Starbucks gift cards and stay to learn how we can help your firm achieve better reporting, mitigate risk, and improved realization and profitability. We are looking forward to seeing you!
FIND IRIDIUM TECHNOLOGY AT LMA P3 IN CHICAGO
Iridium Technology is at LMA P3! Stop by our session "Matter Budgeting and Management" on Thursday at 1:50 to find out about Iridium's latest release, or visit us at Booth A! We are excited to show you how Iridium's pricing and profitability solutions can benefit your firm.
BRIAN TAAFFE JOINS IRIDIUM TECHNOLOGY FROM PROSPEROWARE
Iridium Technology is pleased to announce the Brian Taaffe has joined the firm as a Principal BI Consultant/Developer. Brian was previously with Prosperoware in the role of Manager of BI. As a member of the Iridium team, Brian will be involved with BI implementations for leading law firms in all regions. He brings deep experience in SQL Server, Analysis Server, PowerBI, and other technologies.
Rippe & Kingston and Iridium Technology Announce Strategic Technology Partnership to Enhance Law Firm Financial Insights
Rippe & Kingston and Iridium Technology have announced a strategic partnership to provide advanced financial insights for firms running the Rippe & Kingston Legal Management System (LMS). As mid-size law firms go head to head with large global firms, they need to have a clear line of sight into pricing and profitability. Through this partnership, the Iridium BI platform will power these insights on top of the Rippe & Kingston legal management system. The companies will collaborate to deliver high-performance BI dashboards for Rippe & Kingston clients, allowing them to improve financial analysis capabilities and enabling their law firm professionals to measure and manage key performance indicators. All Iridium BI modules will be made available to Rippe & Kingston clients: Revenue, Profitability, GL+Expense, and Matter Budgeting/Tracking. Both cloud deployment and on-premise deployment will be fully supported.
“ By partnering with Iridium Technology, Rippe & Kingston is enabling our existing and future clients to raise the level of their firm’s performance,” said Tom Obermaier, CEO of Rippe & Kingston. “Combining Rippe & Kingston with Iridium BI gives Rippe & Kingston clients the best of both worlds: an industry standard finance platform combined with a complete BI stack that includes best-of-breed profitability analysis capabilities.”
“The Iridium team is extremely excited about our new partnership with Rippe & Kingston,” said Tom Jones, CEO of Iridium Technology. “Through this partnership Iridium Technology will provide world-class BI capabilities to Rippe & Kingston clients, enabling those clients to leverage their existing financial platform and raise firm performance. Rippe & Kingston clients will now have access to the entire Iridium BI suite of law firm BI products.”
About Rippe & Kingston
Rippe & Kingston is the fastest growing legal tech firm in the U.S. With over 30 years of delivering critical firsts, Rippe is a recognized Tier 1 provider of financial and practice management software to law firms nationwide. Its community now approaches 100,000 members as it continues on its vital mission to ease lawyers’ management burdens and maximize their firm’s performance.
IRIDIUM TECHNOLOGY AQUIRES DECISION PACE LEGAL INDUSTRY SOFTWARE DIVISION – MARCH 4TH
Iridium Technology announced today that they have completed the purchase of the legal industry division of Decision Pace Inc. Jay Moeller, the former CEO of Decision Pace, has already joined Iridium in the position of Director - Project Management Office. All Decision Pace clients will now be supported by Iridium staff, and have the option to migrate onto the Iridium BI products. All Iridium BI modules will be made available to the Decision Pace clients: Revenue, Profitability, GL+Expense, and Matter Budgeting/Tracking. Both cloud deployment and on-premise deployment will be fully supported. This is a private transaction, and financial terms have not been disclosed.
“This is a win/win scenario for both Iridium and the Decision Pace clients,” states Tom Jones, CEO of Iridium Technology. “We welcome the Decision Pace clients into the Iridium family, and we are pleased to make our entire BI suite available to them. We will work closely with these new clients to make sure that their legal BI requirements are fully supported going forward. Additionally, I am incredibly pleased to have Jay Moeller joining the Iridium team. Over the past 30 years Jay and I have been both partners and competitors, but more importantly, we have always been great friends. Moeller brings extensive legal BI and project management experience to his new role. He has been tasked with leading Iridium’s Project Management Office, and will be managing implementations of Iridium BI for our clients throughout North America. Jay will also continue in his project management role for all the Decision Pace clients.
“I am pleased to be joining the team at Iridium,” states Jay Moeller, former CEO of Decision Pace. “Tom and his team have built an incredible company with market-leading products. I am excited to bring my experience and enthusiasm for legal BI to the Iridium clients, and I am pleased that we can offer a vibrant BI future to the Decision Pace client base. Tom and I started our journey with legal BI when we launched Icon Technology together back in 1996. It is great to see that we have come full circle, and Jones and Moeller are back working together again.
About Decision Pace
Decision Pace Inc. makes an agile light footprint BI development platform businesses and software developers alike leverage to quickly and cost-effectively produce nearly any analytic deliverable. It comes with prebuilt integration to most leading legal industry applications and best practice dashboards to jumpstart BI development efforts.
About Iridium Technology
Iridium Technology is a global firm specifically focused on business intelligence (BI) for legal and professional services firms. More than 80 global law firms ranging from 40 to 3000+ timekeepers have signed up for our products. Your firm is making a significant investment in business intelligence applications; our mission is to make sure that you receive maximum value for your BI investment. We are “living and breathing” business intelligence and cube-based analytics for law firms every hour of every day. It is our passion and our mission. Our motto summarizes it clearly: Business Intelligence for Law Firms. Period.
Elite Vantage EMEA Conference – February 26-27th
Tom and Fraser will be in London for the annual Elite Vantage EMEA Conference on February 26-27th. Be sure to drop by the booth and attend our session, "The Future of BI for Law Firms," on February 27th at 11:30 a.m., Plaza Suite 6. See you there!
Come Say Hello in Philly – Thursday, 21 February 2019
Iridium will be hosting a "Lunch and Learn" with the Aderant Expert User Group in Philadelphia on Thursday, February 21st. If your firm is in Philly and running Elite Enterprise/3E, then don't worry. I am sure we can sneak you in. Rod and I will be presenting the Iridium product line and discussing the Future of Legal BI.
Iridium Appoints Rod Wittenberg as Vice President of Sales, North America
Iridium is proud to announce the appointment of Rod Wittenberg as Vice President of Sales, North America where he will lead Iridium’s direct and channel sales efforts. Rod is responsible for developing Iridium’s sales strategies to accelerate revenue growth as well as align company resources to deliver business and technology solutions that enable client success. Previously, he served as the Senior Director of Sales, LexisNexis IP.
“We are incredibly excited to have Rod join the Iridium team,” states Tom Jones, CEO/President of Iridium Technology. “Rod has a deep understanding of the business of law. He has spent the last twenty-five years focused on helping legal and professional services firms improve their profitability and processes. Rod is a consummate professional, and we are proud to have him represent Iridium in the marketplace. Welcome to the team Rod!”
Rod joined LexisNexis in law school and has more than twenty-five years of sales experience in the legal technology market. He is passionate about his clients’ success, especially as it relates to enabling technology that powers the business of law. Before joining Iridium, he led the sales and go-to-market strategy for various business units at Reed Tech and LexisNexis where he played an integral role in building the commercial sales organization. He conducted multiple product launches and scaled the organization from 0 to 30+ professionals in 7 years. Over his many years at LexisNexis, Rod developed relationships with professionals across all business functions in legal organizations around the globe.
“Iridium has a great entrepreneurial spirit and a strong commitment to customer success. They have been achieving 50%+ revenue growth year-over-year for the past five years," states Wittenberg. “I am excited to join an organization that is experiencing exceptional growth and is recognized as a market leader in BI for law firms. I look forward to combining my sales execution skills with the Iridium BI product capabilities to support the firm’s continuing growth.”
Iridium Receives Significant Investment from Polaris Growth Fund
We are proud to announce that Iridium has received a significant investment from Polaris Growth Fund, an affiliate of Polaris Partners, a Boston-based private investment firm with over two decades of technology investing experience.
Tom Jones, founder and CEO of Iridium, said “We are thrilled to partner with Polaris to help us to continue on our high growth path. We pride ourselves on leveraging our deep legal technology domain experience to deliver a highly configurable and best in class suite with superior customer service. Having the backing of Polaris is incredibly exciting for Iridium as well as our customers, because we now have the added resources to help us achieve our shared vision of creating a deep, best in class law firm management platform."
Polaris Partners invests in exceptional technology and healthcare companies across all stages of their life cycles. With offices in Boston, San Francisco, and Dublin, Polaris partners globally with an unparalleled network of entrepreneurs and emerging innovators who are improving how we live and work. For more information, visit www.polarispartners.com.
Matter Budgeting and Management: Check out the Latest Release from Iridium!
Iridium is known for creating disruptive products, and our Iridium BI Matter Budgeting module is no exception. We continue to innovate by adding major new features in each monthly release. We have listened to our clients to build in the advanced features that your firm demands. We have a great user interface, support multiple pricing scenarios, and offer the flexibility to handle your most sophisticated pricing/staffing scenarios. Attend this session to see the advanced features that have been included in our latest release.
Session Number: 2158
Date: Tue, May 15th, 2018
Time: 1:50 PM - 2:15 PM
We hope to see you there! For more information and conference details, check here:
Legal Marketing Association P3 Conference - Chicago
ALA Annual Conference: Come by to see Iridium BI in Booth #1014
If you are attending the ALA Annual Conference in Washington D.C. this week, please come by booth #1014 to see Iridium's complete Business Intelligence solution for law firms in action:
- 72 leading law firms ranging from 40 to 3000 timekeepers have signed up for Iridium BI
- We offer full support for Aderant Expert, Elite Enterprise, and Elite 3E
- Iridium BI was designed specifically for legal and professional firms. Our motto says it all: "Business Intelligence for Law Firms. Period"
- Each implementation is customized based on the client requirements. We modify the cubes to match your ADERANT/Elite implementation, including bringing in custom tables and columns. We also customize our dashboards to match firm requirements.
- Our profitability module capabilities are unmatched and are fully customized for each client
- We have 30 employees that are 100% focused on BI for law firms. Our support capabilities are unmatched. We are very close to 24/7/365 support
Please come by booth #1014 to see Iridium BI in action!
Iridium Technology Teams Up with SOLEX
Iridium Technology, a global provider of BI solutions for law firms, is proud to announce a new partnership with Solex, a consultancy and technology services company based in the Cayman Islands, to bring leading BI solutions to off-shore firms. Solex's mission is to help clients choose and master the business technology landscape that will enable them to achieve their competitive edge.
The Cayman Islands-based team of consultants for Solex have an average of 20 years’ experience in areas such as Finance, Information Technology, Compliance, Risk and Project Management. Their extensive knowledge and experience with a variety of organizations in multiple industries gives Solex a unique perspective of a global marketplace.
Iridium Technology is focused on "Business Intelligence for Law Firms. Period." The Iridium BI product line offers a complete business intelligence solution designed specifically for legal and professional services firms. 70 leading global law firms have signed up for Iridium BI, ranging from 40 timekeepers to over 3,000.
"We are incredibly excited about joining forces with Solex to offer BI implementations to offshore firms," states Tom Jones, CEO/Founder of Iridium Technology. "We have worked with the Solex founders on past BI implementations, and we are impressed with their capabilities. Iridium plus Solex will be a powerful combination for offshore BI projects!"
Dawn Thomas, Director/Founder of Solex, says “We are excited that Solex’s regional implementation team will be working together with Iridium to deliver BI projects to offshore law firms. Having worked with Tom and the Iridium team for a number of years, I have always been impressed with their high-caliber business intelligence solutions as well as their focus on customer service excellence."
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Iridium in London This Week!
Stellar Results for Iridium in 2017
Iridium Technology LLC, a global provider of BI Solutions for law firms, is proud to announce another year of record growth in 2017. Iridium signed up 21 new law firm clients globally in 2017, bringing their total client count to 66 at EOY, a 46% increase in customer count. Three more firms have already signed up in 2018. New Iridium clients in 2017 included five more AMLAW 100 firms, bringing the total to 15. All 21 new firms were signed up under Iridium’s subscription-based fee model. “We are incredibly pleased with these results” states Tom Jones, CEO of Iridium Technology, “Our continued focus on ‘Business Intelligence for Law Firms – Period’ has allowed us to develop the products and services that leading law firms are demanding.” New Iridium clients signed up in 2017 include Capsticks, LeClairRyan, McCarthy Tétrault, and Miller Thomson LLP. Iridium continues to provide fully customized BI solutions for each client, and most customizations are covered by the monthly subscription fee. 87% of Iridium clients did not pay a single billable dollar for customizations in 2017, and only 3% of Iridium’s revenue comes from billable fees. “We view our clients as our partners,” states Jones, “so we do not continually hand them SOW’s for customizations.”
To keep up with demand for the Iridium BI product line, Iridium added ten new team members in 2017, bringing the total to 30 team members. The worldwide consulting organization now boasts 18 full-time BI consultants that are working 100% on client implementations. Iridium now has implementation personnel in all regions where they do business: US, Canada, EMEA, and APAC. The dedicated product development team has also grown to five full-time members. Additionally, Iridium made two key management hires, bringing on COO Joe Zoghbi (formerly Managing Director of Minisoft/ARCS) and Programme Director UK/EMEA Fraser Mayfield (formerly Product Director for LexisOne). “We continue to be a technology-driven firm” states Jones. “25 of our 30 employees have degrees in Computer Science. Our deep technical capabilities and passion enable us to continue to extend our world-class legal BI solution and our excellent customer service. Iridium's average customer NPS score in Q4 2017 was 9.2/10. Please watch for some exciting announcements in the coming months.”
Iridium Technology is focused on "Business Intelligence for Law Firms. Period." The Iridium BI product line offers a complete business intelligence solution designed specifically for legal and professional services firms. Four modules are available: Revenue, Profit, GL+Expense, and Matter Budgeting. Each module consists of a full-featured cube and a complete set of high-performance dashboards. Iridium BI works with the Elite Enterprise, Elite 3E, and ADERANT Expert practice management systems. The solution was designed based on Iridium's 70,000+ hours of Legal BI experience. All content can be customized based on the firm's business practices, terminology, and financial calculations. Law firms deserve better BI than they are currently getting: better cubes, better dashboards, better value, and better service. 69 leading global law firms have signed up for Iridium BI, ranging from 40 timekeepers to over 3000.
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Iridium Celebrates Eight Years!
This week, Iridium Technology celebrates its eighth year of providing "Business Intelligence for Law Firms. Period." We thank our clients for their support in achieving this milestone!
Join Us for a Matter Budgeting, Pricing, and Tracking Module 2017.03 Webinar
Iridium will be hosting three 45-minute sessions this week to highlight the new features of the 2017.03 release. Click on the links below to register for a session. We'll see you there!
Joe Zoghbi Joins as COO
We are pleased to announce that Joe Zoghbi has joined the company as Chief Operating Officer. Joe will be responsible for global company operations. He will also be facilitating Iridium’s long-term business partnerships with clients and vendors and helping to extend the firm’s market presence in all regions.
Joe comes to Iridium with decades of experience working in the legal and professional services industry. Joe has an MBA, as well as extensive experience in helping law firms leverage the right technology to streamline efforts while maximizing returns. For the past seven years, Joe was the Managing Director of Minisoft, Inc., a global leader in collections software for law firms. Joe successfully managed Minisoft through major growth and the rollout of multiple new product lines, while continuing to maintain high levels of customer satisfaction.
7 Matter Module Wins Already!
Our new Matter budgeting and planning module is off to a strong start, with seven wins in the first month of product availability!
16 Wins in the First Half of 2017
The first half of 2017 was great for Iridium, with the signing of 16 new clients for our BI solution. The clients were in all regions, and ranged in size from 80 to 2000+ timekeepers. Wins were posted for firms running Aderant, Elite Enterprise, and Elite 3E.
The Big “SIX-OH”
The Big SIX-OH! Iridium has signed up 15 clients YTD, that brings us to the milestone of SIXTY Iridium BI clients! We have continued to scale our organization to support our growing client base. Thanks to all of our clients you for your support, and especially for taking reference calls!
Release Matter 1.0
Matter Module v1.0 has Shipped: The first version of the Matter module is now available, and focuses on the first major deliverable - creation of matter budgets. We are very proud of what our development team has accomplished with our v2017.1 release, but we are not giving them any rest; they have already started on the next release. v2017.2 will focus on adding enhancements from the first clients, and building a first cut of the LPM (Matter Tracker) capabilities.
Iridium Becomes Founding Member of Thomson Reuter’s “Elite BI Marketplace”
Iridium is excited to partner with Thomson Reuter and strengthen our existing Elite Alliance Partner Status. Available to 3E and Enterprise clients and clients upgrading from Enterprise or moving from competitor solutions, BI Marketplace is a collection of business intelligence products provided by a select group of partners. Designed as a central location to house each product, clients can pick and choose the offering that best fits their specific needs.
Iridium 2016 Year In Review
2016 was a great year for Iridium Technology – incredible actually. First and foremost, we want to thank all of our clients: it is a pleasure to work with them, and we are lucky to have such a fantastic group of client contacts
2016 Biggest Accomplishments (There are a lot!)
- Firm Growth: We had approximately 80% growth this year as reflected in our client count, subscription revenue, and company size. We signed up 21 new law firm clients, and increased our team member count to 20! Our total client base is now at 47, which includes 12 AMLAW 100 firms. The entire team at Iridium is extremely proud to have accomplished this in just two and a half years. The most exciting aspect is that Iridium is now generating more than 90% of our revenue from monthly subscription fees. With this very stable revenue stream, we can confidently invest back into the company through new hires, increased marketing, and additional R&D investments. We remain debt-free, profitable, and very well positioned to scale the firm to the next level.
- Elite Alliance Partner: We qualified as an Elite Alliance Partner in 2016. This has provided us with access to Elite technical resources to support our implementation and development efforts, and has also enabled us to attend all Elite events. We attended the UK Vantage conference in London last fall and have committed to attending both the US Vantage and APAC Vantage conferences in 2017.
- Iridium BI Capabilities: In 2016, we continued to extend the capabilities of all modules based on feedback from our clients. We have also furthered our record of having delivered over 2,000 customizations without ever having been stumped.
- Profit Module Capabilities: We remained committed to taking on “your toughest requirements” in 2016, and I have to say that some of our new clients really challenged us on that one! The Profit Module is continually evolving based on your feedback. We will release an updated version of the Profitability “Best Practices” white paper in February to showcase extended capabilities and to share additions to our best practices recommendations.
- Dedicated Development Team: We now have three full-time developers and one full-time tester on staff. They are making excellent progress on the Matter Module and building reproducible tests scripts that will be run before each release. Having a dedicated team is already having a major impact on our ability to build products more quickly and with higher quality.
- More Events: We have increased our marketing budget and will attend 8-10 events in 2017, starting with LegalTech NYC later this month. In addition to getting the word out on Iridium BI, this enables us to meet more of our client contacts in person.
- Director - APAC: We are very pleased to now have a permanent local presence in Sydney. Ali Zafar did a spectacular job during his two years of “overseas experience” in the US. His promotion to Director – APAC was well-deserved, and Ali will be able to improve our support and responsiveness for all APAC clients.
- 99% out of the ClearView Business: This is a big one – there are only a few ClearView implementations still in existence while we finish moving a few new clients to Iridium BI. Ongoing ClearView support has been a distraction for us, and we are now fully focused on Iridium BI.
- Iridium Technology 7-Year Anniversary: Over the past seven years, we have grown our staff, launched our own product line, and increased our client base. Even after seven years, Martin and I still really feel like we are just getting started, and we are looking forward to our ten-year anniversary and beyond.