Business software giant SAS posted revenue growth of 1.3 percent in 2016 – or 4 percent after adjusting for currency fluctuations – extending its streak of posting annual revenue growth every year since it was founded more than 40 years ago.
However, SAS’ revenue growth was lower than last year, when revenue climbed 2.3 percent, or 6.4 percent after adjusting for fluctuations in currency.
The Cary-based company reported that revenue totaled $3.2 billion, up from $3.16 billion the year before, driven in part by an 8 percent increase in new software sales. New software sales reflects revenue from new customers or from existing customers who expanded their use of SAS software.
Randy Guard, the company’s chief marketing officer, wrote in an e-mail that the rise in new sales “reiterates that we are in high demand as customers’ needs evolve. And, we’re poised for momentum in 2017.”
SAS is privately owned but discloses its annual revenue. The company doesn’t disclose profits, but Guard did say that SAS was profitable in 2016.
SAS, which has offices in 58 countries around the globe, reported that revenue grew across all geographic regions, with Asia Pacific and Latin America showing the most growth.
The company said it added nearly 3,000 new customers in 2016, boosting its worldwide customer base to 83,000.
Corporations, government agencies and others use SAS business intelligence and analytics software to analyze their operations and predict trends.
SAS reinvested 26 percent of last year’s revenue in research and development, up from 25 percent in 2015 and roughly double the average of large technology companies, according to the company.
Co-founder and CEO Jim Goodnight said in a prepared statement that SAS’ strategy includes “adapting to changing markets, working with disruptive technologies and remaining relentlessly committed to innovation.”
Last year, market research firm IDC ranked SAS No. 1 in advanced and predictive analytics software with a 31.6 percent market share, more than double the market share of No. 2 IBM. IDC ranked SAS fifth in overall business analytics software.
Revenue from SAS’ cloud offerings rose 9 percent in 2016, down from 24 percent growth in 2015.
SAS added 101 employees in Cary and 208 employees worldwide in 2016, giving it a total of 5,572 employees locally and an overall total of 14,052. The company is in the process of erecting a new office tower at its sprawling campus in Cary that will include educational classrooms and customer meeting spaces.