St. Louis Software Firm KnowledgeLake Boosts Revenue Nearly 90%, Thanks to Work From Home
By Nathan Rubbelke – Reporter, St. Louis Business Journal
Feb 16, 2021
The widespread adoption of work from home helped drive significant revenue growth in 2020 for St. Louis-based software firm KnowledgeLake.
KnowledgeLake said this month its 2020 revenue skyrocketed nearly 90% year over year, growth the firm attributed to companies seeking out new software to improve efficiency during the Covid-19 pandemic. The company did not disclose specific revenue figures.
Founded in 1999, KnowledgeLake has developed a cloud-based software platform for document processing and content management. The software is designed to help companies curate and manage their content in a single platform.
KnowledgeLake CEO Ron Cameron said the pandemic led several companies to seek out cloud software platforms to allow employees access documents from their homes.
“Everybody’s working from home. Everybody needs to get these types of systems. They need to (do) a move from the data centers inside the companies into the cloud,” Cameron said.
KnowledgeLake, which is based in Creve Coeur, also said a new sales strategy contributed to its 2020 growth. The firm last year implemented a sales process entirely focused on channel sales, which it said helped create a network of channel partners in several industries.
Moving forward, Cameron said he expects the company to continue to see its revenue increase significantly. KnowledgeLake is anticipated to more than 100% revenue growth in 2021, Cameron said.
“It’s going to be driven by the same market conditions that are happening right now. The market, from our perspective, is growing for what we do. The impetus of work from home is huge for us. Companies are still wrestling with these hard problems of ‘I got these thousands of employees who are going to work home and all my systems are located in the data center,’” Cameron said.
KnowledgeLake has more than 70 employees. It expects to add about 15 new employees in 2021, according to Cameron.
Cameron is an original founder of KnowledgeLake. He reacquired the company and became its CEO in June 2018.