Digital Business momentum continues with bookings growth of 15 percent, Digital Business product revenue growth of 8 percent and margin expansion of 4.6 percentage points year-on-year.
Transformation delivering revenue and profit expansion with 10 percent total product revenue growth and an operating margin (EBITA, non-IFRS) of 19.9 percent in the first quarter.
Increasing quality and predictability of revenue with 10 percent recurring revenue growth. Recurring revenue accounted for 89 percent of product revenue.
2022 and 2023 organic guidance unchanged supported by solid first-quarter momentum in revenue and profit.
StreamSets acquisition now closed with clear value creation plan initiated to complement continued strong double digit standalone growth.
Strategic Highlights
Key growth drivers all delivering, with 57 new logo wins, strong retention underpinning Digital Business net retention rate (NRR) above 100, and migration multiplier of 1.5x in the first quarter.
Product innovation in API Management with cloud-native vendor-agnostic developer portal, improved user experience and new partnerships with Cequence Security, Salt Security and Noname Security driving differentiation.
New Digital Business innovation driving cross-sell from Adabas & Natural (A&N) with 8 out of top 10 A&N deals in the quarter including Digital Business cross-sell success.
Salesforce specialization driving success with sales teams now aligned to key growth product areas. Digital Business conversion rate continued to improve year-on-year.