Documaster is a Norwegian digital information management company, with core competence on digitization, compliant information management and cloud-based archiving of valuable data.
The company offers solutions that enable organizations to capture, process, preserve and easily access data through a system agnostic archiving core, compliant with EU and local regulations. Documaster was founded in 2014 after several years of product development, together with the incubator Norselab.
Key developments in 2019
2019 saw continued strong topline growth, with year-on-year growth of 43%, ending at ~24 MNOK and contracted annual recurring revenue ("ARR") reaching 31 MNOK by year end (vs 17 MNOK in 2018).
Growth is driven by new customers, as well as strong increase in value per customer, achieved through new pricing strategy, up-sale of additional solutions and added customer data sources. The average subscription value per customer has grown by 52% year-on-year.
2019 also saw the first significant private sector closing of 5 MNOK ARR in Q4.
The challenges we face
Insufficient data management is a source of great loss for business and society. Unless information is properly digitally archived and processed, public and private organizations will suffer from data privacy issues, corruption, threats to democratic processes, and resource inefficiency. For example, between 2011 and 2016 the NHS lost 500,000 pieces of patient data (including blood tests and diagnoses) because they got stored in a warehouse.
The recovery effort has cost the UK taxpayers over GBP 2.2m, with potentially life endangering diagnosis errors and delays. The 2019 Verizon Data Breach Investigations Report found that of 17,310 data incidents, nearly 20% were related to data loss, the second highest category after Denial of Service attacks.
What is the outcome?
With Documaster, public and private organizations can ensure regulatory compliance, strengthen democracies, security and transparency, and minimize the very severe risks of data losses (see the healthcare example stated above). Furthermore, managing information in a modern manner will minimize loss of data and enable organizations as they change to work more remotely, collaborate across different teams and organizations, and career spans shorten.
Who are the stakeholders?
Over 80% of Documaster’s ARR base is currently public sector. Citizens in a municipality or state using Documaster will benefit from less risk of sensitive data loss, more efficient government functions, and increased security and transparency. Organizations, both public and private, will have the ability to operate more fluidly, spend less time and resources on archiving and ensuring continuity – while remaining compliant to regulations.
How big is the effect, and does it last?
Documaster has almost 250 customers which currently subscribe to ~2.2 data sources / customer. These subscribers can rest assured that even 1,000 years from now, researchers can understand what happened in the organizations of today and access public data. This is achieved in part by conversion of all files to PDF-A (ISO 19005-long term preservation format), and through compliant data extracts sent to central depos. In Norway, Documaster supports NOARK 5.5. compliant data transfer, in Sweden the same is achieved through the OAIS standard (Open Archival Information System - ISO 14721).
If Documaster didn’t exist…
Without Documaster, customers would have to turn to either using less secure, more labor intensive and opaque legacy systems – or as often is the case, paper archiving. Paper archiving not only drives increased deforestation, but is a huge liability in terms of data loss, privacy concerns, lack of compliance and security issues. Arguably privacy laws such as GDPR are much harder to comply with and enforce without digital information management. Finally, with Documaster customers are not only in control of their data during its storage and retrieval, but also during its eventual disposal. This makes obsolete secure disposal bins, landfills filled with old archives, and all the associated data loss risk.
Impact risk: what can go wrong?
Documaster manages sensitive data. As such, data privacy and security are of paramount importance and must be safeguarded. Also, if the company experiences superior competing solutions, the current product portfolio may not achieve its full impact. Documaster invests considerable amounts of capital and effort in R&D to counter these risks, and is the de-facto disruptor in an industry of legacy incumbents.