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Epicor says it has surpassed $1 billion in annual recurring revenue.

The privately held software company also said this week it had 42-percent year-over-year growth in SaaS revenue and that 70 percent of new customers had opted for a subscription-based product. Additionally, Epicor said it has more than 23,000 customers. By comparison, for the year ended Sep. 30, 2023, the last complete year Epicor had as a publicly held company, revenue was slightly less than $995 million. At that point, subscription income was only 8.7 percent of revenue. CEO Steve Murphy said in a prepared statement the company has invested more than $1 billion in cloud-based improvements. Epicor says it is building a platform it calls cognitive ERP, described as a symbiosis between AI and ERP. The plan will be detailed at the Insights customer conference next month in Nashville, Tenn.  Epicor is on its third generation of private ownership. It was first acquired by Apax Partners, which sold it to KRR in 2016 for an undisclosed amount Clayton, Dubilier & Rice acquired Epicor from KKR in a transcription valued at $4.9 billion in October 2020.

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