Enfusion, Inc.

I would now like to turn the call over to Ignatius Njoku, Head of Investor Relations, to begin.

Thank you. Before we begin, I'd like to remind you that today's call may contain forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC and are available in the Investor Relations section in our website. Actual results may differ materially from any forward-looking statements we make today. These forward-looking statements speak only as of today, and the company does not assume any obligation or intent to update them following today's call, except as required by law. In addition, today's call may include non-GAAP measures. These measures should be considered as a supplement to and not as a substitute for GAAP financial measures. Reconciliation to the nearest GAAP measure can be found in today's earnings press release, which is available on the company's website. Hosting today's call are Thomas Kim, Infusion's Chief Executive Officer, and Steve Dorton, Infusion's Chief Financial Officer. With that, I'd like to turn the call over to Thomas to begin.

Thank you for joining us today for our fourth quarter earnings call. I'm pleased to announce that we delivered a strong quarter. We exceeded our revenue growth expectations and continue to build on a sustainable foundation of high growth, quality profitability, and high yielding investments that support our growing market opportunity. Equally, we closed out the year with an accelerating performance that validates the resiliency of our business model. Before I go over results, I would like to take a quick moment to highlight some of our key achievements in 2021. First, we successfully transitioned to a public company which allowed us to raise capital to fuel future growth, as well as improving our visibility with large institutional asset managers. Second, We reported annual recurring revenue growth of 36% and added 229 new clients, exiting the year with a total of 734 clients globally. Next, we continued to successfully unlock additional TAM, especially with institutional asset managers, where we saw 47% year-over-year growth and a growing pipeline. And given this growth in demand we're seeing in the market, we expanded our global reach with new offices in Australia, India, and China. Finally, from a governance perspective, we strengthened our board by adding two talented and experienced independent directors. I'm honored that they are part of the team and I'm excited to work with them. In addition to these key achievements, we want a number of prestigious awards and accolades that corroborate the progress we're making towards our vision. For example, fintech breakthrough awards recognized infusion for the best institutional investment solution i'm also thrilled that infusion was included in idc's financial insights top 100 fintech rankings for the first time and lastly i'm honored that infusion was named by builtin as one of chicago's best large companies to work for which is a testament to our people and culture as you can see Based on our achievements in 2021, we are doing what we said we would do, and the results are proof points for us to continue. I'm immensely proud of the hard work from our team globally and all that they have accomplished. In 2022, we intend to build upon our momentum to position Infusion for continued quality growth as well as profitability for years to come. To that end, we will continue to focus on transforming the global investment management landscape with our mission-critical cloud-native SaaS software and technology-powered services. Now let's turn to our results. In the fourth quarter, we generated a record $127 million in ARR, representing a strong year-over-year growth of 36%. Total revenue exceeded our expectations, growing 41% to $31.9 million with stellar growth across all our products. For the full year, we accelerated our revenue growth to 40% in 2021 from 35% in 2020, which supports the durability of our global subscription-based model. Given our solutions are mission critical, we continue to see momentum with hedge funds and meaningful growth across various client types, particularly demand and growth related to institutional asset managers, and certain adjacencies that I'll share more about momentarily. Our product demand generation and sales team delivered an outstanding quarter across the board, and as a result, we are seeing ongoing strength in our global sales pipeline. We added another 64 new clients during the fourth quarter, including notable wins across the board in APAC, EMEA, and Americas. This truly demonstrates the differentiated value we bring to investment managers by working with them to solve their evolving business needs and operational challenges with our proven cloud-native end-to-end solution. New wins were broad-based with healthy demand from fund conversions across institutional and alternative asset managers, as well as new fund launches. Of the new client wins this quarter, over 60% were conversions from legacy systems, which continues to clearly show our progress in taking share from incumbents and moving the industry toward cloud native solutions. Our powerful land and expand model has also enabled us to grab more client wallet share. Excluding involuntary churn, net dollar retention remains strong at 115% as existing clients continue to adopt more of our front, middle, back office solutions. Based on the growth we are seeing, we seized the opportunity to make profitable investments in hiring additional headcount in the fourth quarter to support onboarding and client services, expand our global footprint, as well as new product launches. Given these impressive results, I couldn't be more proud of the Infusion's team's continued success and execution, and I expect this momentum to continue through 2022. Now let me discuss a few exciting client wins that not only showcase why clients are selecting Infusion to be their partner of choice, but also highlight our ability to further penetrate our existing market, as well as unlocking new untapped adjacent ones. First, in the US, I'm particularly pleased with the increasing demand for our solution across all client types. I'm excited to announce that we signed another large multi-billion dollar distressed debt alternative investment manager. They selected Infusion because of our robust front office analytics, enhanced controls for front, middle, and back office, and efficient automation that improves speed to market for new fund launches. This represents a strategic win for Infusion for several reasons. First, it's a significant proof point on our ability to win business outside of the traditional equity markets. This win also highlights our approach in partnering with each client to build solutions that can also be delivered to the broader client community. In other words, we're delivering technology at scale. A large California-based $30 billion institutional asset manager is partnering with Infusion to replace their long-time legacy incumbent provider. They will utilize Infusion's order management system to streamline and improve workflows. They selected Infusion because of the white glove service we deliver, as well as our robust one-stop shop platform. In EMEA, We signed a leading long-only institutional fund manager with a long-term investment horizon in both private and public markets. This is another marquee win that further validates the flexibility of our solution suite to support investment managers that operate hybrid models. In this instance, the client is replacing their patchwork of disparate in-house legacy solutions with Infusion's platform to drive higher productivity through automation as well as realizing significant total ownership cost savings. In APAC, the investments that we continue to make are yielding meaningful results as evidenced by the following key wins. For example, we entered into an agreement with a Singapore-based long-only institutional fund with a 25-year track record in emerging markets. In this competitive displacement, The client chose Infusion to transform their technology infrastructure and improve productivity. With Infusion, they were able to materially reduce their technology footprint and add more functionality at a considerable lower cost. I'm also pleased to announce that a large institutional asset management arm of a leading Hong Kong listed brokerage firm is partnering with Infusion to modernize their various outdated in-house solutions, streamline workflows, and reduce their cumbersome and manual processes. The firm will be employing a full range of Infusion suite of products, including order management and accounting. Finally, a well-known Hong Kong-based global institutional asset manager with $10 billion in assets under management selected Infusion to upgrade their incumbent technology provider. We won this business through a highly competitive five-party bake-off process, yet again demonstrating the increasing customer demand for our best-in-class solutions. These exciting global wins are significant for us because they demonstrate our ability to further penetrate our current market, continue to move upstream by winning institutional asset managers, and win share in adjacent markets like private markets. Let's briefly discuss the progress we're making with our partnerships, products, and the Infusion Global client experience. We're broadening our partner ecosystem to drive meaningful improvement in the way clients interact with our software. In December, we announced a strategic partnership with Coinbase that allows investment managers on Infusion's platform to monitor their crypto assets and seamlessly trade cryptocurrency at Coinbase alongside their traditional accounts in a single unified view. I'm particularly proud of this partnership because it marks Coinbase's first connectivity with an order execution management system provider that establishes both financial information exchange and API connectivity. This relationship not only serves as another example of the breadth and depth of our product offering, but also demonstrates the openness of our technology and strategy to become the hub for investment managers across asset classes. Shifting to functionality, innovation has always been and we expect it always will be the hallmark of our value proposition for existing and prospective clients. Infusion has a track record of innovation that sets us apart from our competitors and allows us to maintain our technological advantage. For example, we introduced a new mobile platform in February of last year and recently made substantial enhancements, including more robust order and execution management functionality and full mobile access to all personalized client configured reports. As a result, we believe this gives investment managers a whole new level of unfettered access to markets and as such, are more empowered to make investment decisions regardless of physical location. Moving to market dynamics, we continue to believe the investment management industry is in the early innings of a digital transformation, and Infusion is leading this technological shift. Outdated systems and on-premise point solutions have created inefficient workflows for investment managers. This has resulted in investment managers spending considerable time and resources patching and maintaining these cumbersome and legacy workflows instead of focusing on generating alpha for their clients. Our cutting edge cloud native SaaS platform addresses these challenges through our end-to-end solution, unified under one dataset, enabling our clients to focus on what matters most, investment performance. The industry recognizes our capabilities as evidenced by accelerating conversions in our customer pipeline, as well as our increasing penetration of our 19 billion plus dollar total addressable market. We believe we are winning share in the market because of our state-of-the-art technology, cloud-native end-to-end platform, high-touch services, and partnership approach. We're seeing a lot of demand for our solution, and we feel we are still in the early stages of the market opportunity. Now I want to review our priorities for 2022. We plan to continue to focus on delivering high growth while maintaining attractive profitability. We plan to build on the success that we achieved last year and continue to create value for our clients, partners, and shareholders. First, we will focus on winning more market share within our current markets and further expand our global footprint in new addressable markets as well as unlocking new adjacencies, particularly with institutional asset managers and private markets. Based on our results, we are convinced the market is ripe for us to win market share with these managers which comes with meaningful benefits for us as well as our clients. For example, our global reach helps our multinational asset managers who are looking to enter into new countries and regions, and our deep knowledge from new verticals and adjacencies support institutional funds that offer multiple strategies. As a result, Infusion further expands its product portfolio and functionality, fortifying internal knowledge base and expertise, widens the competitive moat, and increases the TAM opportunities. Our second priority is to continue profitably investing in our product portfolio to accelerate innovation and launch new capabilities to the market that extend our technological competitive advantage. We are already seeing substantial return on investments that we've made in the past several years, supported by our healthy net dollar retention and ramping customer adoption. Investments in product and delivery will allow us to offer new products, services, functionalities, to our clients, but also drive more upsell opportunities. We're also focused on building out our best in class client experience across onboarding and customer service. Excellent customer service is a critical component that underpins our overall strategy to win and maintain clients. The market recognizes this capability, particularly with our high touch experience and infusion specific vertical expertise with traditional asset managers. Clients have signaled to us that they want more of this exceptional high-touch interaction, and we look forward to delivering new experiences to them. Finally, we plan to selectively pursue strategic acquisitions that add new TAM, accelerate our strategy and adoption, and support our ability to dominate in current and new markets. So to conclude, we are optimistic on our position in the market based on the tremendous opportunities we are seeing now and ahead, We feel that now is the opportune time to focus on accelerating our growth. Our healthy year-over-year expansion of net dollar retention and strong ARR growth supports our belief in the durability and resiliency of the market opportunity. This is evidenced by the quality of wins and conversions that we generated. At this moment, I believe Infusion is in a unique position in the market. We are investing for growth. We are one of the few SaaS software companies that has both strong growth rates and healthy profitability. Finally, I want to reiterate my gratitude to my colleagues for your hard work and perseverance and to our partners and clients who have supported us since our inception. As you can tell, we feel great about Infusion's position in the market, and this momentum and success gives us confidence for an even stronger 2022. I will now turn the call over to Steve Dorton to discuss our financials.