Enverus Inc., which in the past two decades has grown from a scrappy Austin startup selling data to oil and gas drillers into a global power in energy research, said July 12 it's surpassed $500 million in annual recurring revenue.
That's a huge milestone for any software-as-a-service company. While the company did not disclose its actual revenue level, ARR is widely used to forecast future sales based on subscriptions. It showcases the financial largesse and complexity of the company. For context, California-based cybersecurity software company Rubrik Inc. has around $600 million ARR and could be headed toward an initial public offering that raises $750 million-plus, Reuters reported.
While Enverus has given no hint that it's looking to go public, in 2018, SaaS companies going public had median ARR of $228 million, Silicon Valley venture capitalist Aman Verjee wrote on Medium.
New business in renewables and energy transition research helped boost recurring revenue to past half-a-billion dollars, Enverus said.
Enverus — which has created a platform with geographic data and maps for drillers, market data for investors and much more — said it now has more than 6,000 customers in 50 countries, and a spokesperson said it employs 1,596 globally and 242 in the Austin area.
The company was founded in 1999 as Drillinginfo. It is now backed by private equity firms including majority owner Hellman & Friedman and Genstar.
"Enverus will remain fuel-source agnostic and continue to take a long-term approach with our customers, looking ahead to address future challenges together," Enverus CEO Jeff Hughes stated.
