Research Solutions Provides FIZ Karlsruhe Customer Update
Research Solutions, Inc. (NASDAQ: RSSS) reports significant onboarding progress with former AutoDoc customers, securing contracts for 70% of associated fee revenue. Effective January 1, 2023, these contracts have contributed to promising initial results, driving year-over-year transaction growth rates into the low teens, based on only two months of data. The company aims to convert these clients to its Article Galaxy platform, which offers enhanced document delivery services. This transition aligns with previous agreements in September 2022 to transfer document delivery customers, enhancing full-text delivery reliability and compliance.
- Onboarded former AutoDoc customers account for 70% of fee revenue, boosting overall transactions.
- Transaction growth rates have increased year-over-year into the low teens.
- Potential conversion of AutoDoc customers to the Article Galaxy platform, enhancing service offerings.
- None.
Approximately 70 Percent of Previous AutoDoc Customers Onboarded
HENDERSON, Nev., March 9, 2023 /PRNewswire/ -- Research Solutions, Inc. (NASDAQ: RSSS), a pioneer in providing cloud-based workflow solutions for R&D driven organizations, today reports that through the end of February, it has successfully transferred and assumed contracts for customers accounting for approximately 70 percent of the fee revenue associated with Fiz Karlsruhe's ("FIZ") AutoDoc service. These contracts became effective with Research Solutions on January 1, 2023.
"We are in the early days of onboarding these customers; however, results from the initial two months of service have been promising," said Roy W. Olivier, Chief Executive Officer of Research Solutions. "The contribution from the former AutoDoc customers has driven our overall year-over-year transaction growth rates above double digits and into the low teens. This is based on only two months of data, but we are encouraged by the activity we are seeing from these customers. Additionally, we remain optimistic about our ability to convert some of these transaction customers to our Article Galaxy software platform."
In September 2022, FIZ reached agreement with Research Solutions to transfer its document delivery customers to the Company. Onboarded customers will experience fast, reliable, and copyright compliant full-text delivery of documents. In addition, customers will have the option to upgrade to the Company's Article Galaxy platform which will provide users with easy and fast document delivery service, as well as subscription and token integration, administrator reporting and metrics, and authentication options.
About Research Solutions
Research Solutions, Inc. (NASDAQ: RSSS) provides cloud-based technologies to streamline the process of obtaining, managing, and creating intellectual property. Founded in 2006 as Reprints Desk, the company was a pioneer in developing solutions to serve researchers. Today, more than 70 percent of the top pharmaceutical companies, prestigious universities, and emerging businesses rely on Article Galaxy, the company's SaaS research platform, to streamline access to the latest scientific research and data with 24/7 customer support. For more information and details, please visit www.researchsolutions.com.
Important Cautions Regarding Forward-Looking Statements
Certain statements in this press release may contain "forward-looking statements" regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects", "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company's most recent annual report on Form 10-K, as such may be amended or supplemented by subsequent quarterly reports on Form 10-Q, or other reports filed with the Securities and Exchange Commission. Examples of forward-looking statements in this release include statements regarding additional customers, potential acquisitions and the Company's prospects for growth, profitability, and cash flow. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.
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SOURCE Research Solutions, Inc.
FAQ
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