09:17 AM EDT, 10/17/2024 (MT Newswires) -- Dye & Durham Limited ( DYNDF ) , one of the world's largest providers of cloud-based legal practice management software, that saw its shares jump 5.5% and nearer to 52 week highs yesterday, announced Thursday it has surpassed $150 million in annual recurring revenue, describing it as a "key metric" which includes revenues from subscriptions and minimum spend contracts.

"Our strategy is clearly working, and we've built a remarkable SaaS legal tech business," said Matthew Proud, Dye & Durham's ( DYNDF ) CEO, in a statement.

"Growing our ARR from nearly zero to more than $150 million in under three years, is a major milestone for our company, one that underscores the strength of our business model. Today's results are a direct outcome of delivering an integrated product suite built through acquisition to our broader customer base to deliver organic growth.

According to Colleen Moorehead, Chair of the Board, the achievement is a direct result of the management team's "relentless focus on executing against our strategic plan and driving the business transition to a SaaS model."

Thursday's statement noted the update shows an increase of over $40 million in the company's ARR since September 30, 2023. It said the "consistently strong demand" for Dye & Durham's ( DYNDF ) premier legal practice management and financial solutions and the company's significant investments in organic product enhancements position it well for long-term growth.

The company added it "continues to track towards an ARR of more than 50% of total revenue by the end of fiscal 2026."