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Kneat Kneat Achieves Record Revenues in Q3 2021 Driven by Customer Expansion Q3 revenues increase 91 % to $ 3.7 million SaaS revenues increase 276 % to $ 2.6 million Annual recurring revenue ( ARR ) increases 217 % to $ 12.0 million LIMERICK , Ireland , Nov. 9 , 2021 / CNW / - kneat.com , inc . ( TSXV : KSI ) ( " Kneat or the Company " ) a leader in digitizing and automating validation processes , today announced strong financial results for the three and nine - month periods ended September 30 , 2021. All dollar amounts are presented in Canadian dollars unless otherwise stated . " Our team delivered another quarter of high growth , with annual recurring revenue increasing to $ 12.0 million , up 217 % year - over - year . Our customer base is growing across all tiers and more than half of the top 20 global pharmaceutical companies have selected Kneat as their enterprise e- validation platform , " said Eddie Ryan , Chief Executive Officer of Kneat . " New customer acquisition and the expansion of existing customers continue to drive our growth . As customers scale their use of Kneat , our technology is becoming an integral part of their operations . While our growth trajectory continues upward , these large scaling events are somewhat unpredictable in their timing and given the early growth stage of the company , they can result in period - to - period variability in ARR growth rates , " continued Mr. Ryan . " During the quarter we added to our list of top - tier companies with another of the world's leading healthcare brands selecting Kneat as their enterprise e - validation platform . We are also experiencing significant success in the supply chain and in the mid - market . We expect these segments will be contributing drivers of future growth . Despite the challenges presented by the pandemic , we are experiencing no significant adverse effects on our business across customer acquisition , fulfilment , and operations . Our customers tell us that our technology : • is aiding their business continuity efforts during the pandemic because it allows them to manage a large proportion of their validation process remotely , and ⚫ is supporting their green goals because it can reduce travel and remove volumes of paper records and the associated printing , storage and management I'm very proud of our dedicated employees as they continue to execute across all functions , ensuring ongoing growth and value creation for our shareholders , " Mr. Ryan added . Q3 2021 Financial Highlights • Total revenue increased 91 % to $ 3.7 million , compared with $ 2.0 million for the third quarter of 2020. Revenue fluctuates quarter over quarter and its growth is driven by the addition of SaaS licenses from new and existing customers . Some revenue fluctuation is also due to the timing of professional services delivery and the sale of one - time , on - premise licenses to customers who I have not yet transitioned to SaaS . • SaaS revenues increased 276 % to $ 2.6 million , compared with $ 0.7 million for the third quarter of 2020 . • Gross margin increased 182 % to $ 2.0 million compared with $ 0.7 million for the third quarter of