Neat: 2012 revenue over $110 million; 57% growth

Tom Paine

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Philadelphia-based Neat (FKA NeatReceipts), a pioneer in providing tools for scanning and digitizing paper-based information such as business cards and expense receipts, crossed the $100 million revenue threshold for the first time in 2012, according to a press release from the company today.

Neat said its revenue surpassed $110 million in 2012, growing 57% over the prior year. The company said it also achieved its third consecutive year of profitability, and grew its customer base by 30% to 1.3 million.

Neat introduced its NeatCloud and NeatMobile services in the third quarter of 2012, and while the company said that 70% of those who signed up for a free 30 day trial subscription became paid subscribers, it doesn't indicate how many customers that involves or how much revenue they generated. Among other benefits, Neat's new offerings enable greater integration of paper-based and digital-based information sources.

Neat also opened a new call center facility in Center City Philadelphia, and said it added new retail distribution partners and strengthened its relationship with other existing retailers.

Neat is expected to make some announcements from CES '13 in Vegas this week. I plan to follow up with more details.

Neat's principal investors have been Ben Franklin Technology Partners SEP, MentorTech Ventures and Edison Ventures. Its CEO is Jim Foster.



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