M-Files announces it has reached Centaur status, recording $100M in annual recurring revenue

M-Files, an information management firm, has announced a milestone of $100m (£80m) in annual recurring revenue (ARR). Bessemer Ventures estimates that only 50 new software-as-a-service (SaaS) businesses reached Centaur status last year. Serving knowledge workers across all industries, M-Files’ growth is fueled by the demand to manage information in a frictionless manner regardless of dependencies, systems, repositories, applications, or the number of collaborators.

Founded in Finland by CEO Antti Nivala, M-Files is an independent, privately owned organisation that has expanded its footprint globally and across North America by enabling knowledge workers to work smarter.

M-Files is the only pure-play modern platform in its space, delivering innovative capabilities and winning customers across multiple industries against legacy providers.

First introduced by Bessemer Ventures, the designation of Centaur goes to privately held SaaS companies that have hit $100m in annual recurring revenue (ARR). An “elite subset of the growing unicorn herd,” Centaur status is widely accepted to be an accurate measure of an organisation’s success, denoting strong product-market fit, a scalable go-to-market strategy, and a growing customer base, according to Bessemer’s 2023 State of the Cloud report.

M-Files founder and CEO, Antti Nivala, said: “M-Files is a rarefied business, not just for the fact it has exceeded $100M in ARR – something rarer than unicorn status.

“Our company is cash-flow positive, hyper-focused on profitable growth, and, as an independent company, we’ve never been forced to integrate with a larger, multi-product organisation. This sustainable growth approach is combined with our strong Finnish roots and culture. Our values based on equality, trust, and honesty allow us to focus on providing the best products, service, and support on the market. I’m proud of this achievement and look forward to continued success and growth to come.”