Basically “Create” primarily includes IRIS Carbon which is their core SaaS offering which works on a subscription model meaning clients pay on a periodic basis.
I might have been wrong here as I think this actually should be looked at from a QoQ basis considering the recurring nature of revenue. Ideally, this segment should be driving growth and not just the collect segment where there’s limited addressable market (by my rough estimates, company already holds >20% of world’s XBRL market share amongst regulatory bodies).
From their Nov con-call: Recurring revenue declined to 64% from 79% in FY24 H1 (on track for 54 Cr in FY-24) because of Collect implementation which has a one-time implementation fee. It should hover around 75%
If you compare it to the global leading player like Workiva, there’s still a ways to go considering Workiva’s subscription revenue is ~88% and gross dollar retention is ~98%
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