Inspection planning is a tedious, yet necessary process in today’s world. In certain industries, seemingly minute details can mean life or death and ensuring that all specifications are readily met can prevent a broad range of problems.
InspectionXpert is a software tool designed to streamline and automate the inspection planning process. Their platform replaces unorganized spreadsheets, prevents time wastage on tedious article creation, and creates multiple reports from one source of truth.
How much is InspectionXpert doing in ARR?
InspectionXpert is a pure-play SaaS product that charges its customers on annual contracts, charged monthly. Pricing begins at $1,500 per year, per seat and scales up based on features. Today, the average customer pays InspectionXpert around $130 each month.
According to CEO Jeff Cope, the company is now serving 2,000 total customers and is doing $3.1M in ARR. The company has grown 25% year over year and is up from approximately $2.5M in ARR twelve months ago.
What is InspectionXpert’s churn?
One year ago, InspectionXpert was exhibiting around 10% gross revenue churn per year. However, with the addition of a full-time customer success lead, the business has reduced gross revenue churn to just 8% annually today.
While the company is comfortable taking an aggressive position on customer acquisition, they are currently in the process of scaling up their digital marketing efforts. InspectionXpert hired its first marketing employee less than one year ago and will target payback within 12 months done the road.
How much has InspectionXpert raised?
Founded by CEO Jeff Cope back in 2004, the business has grown to scale solely by bootstrapping. Cope recently sold the company to Ideagen for a 3x multiple and is starting to think about leaving to launch a new business.
InspectionXpert’s team of 20 full-time employees is based in North Carolina.
