News
Despite the challenges, 2020 was an exceptionally good year for Eton Solutions. Our team added 33 new staff members, concluding the year with 144 professionals. Looking ahead, we plan to double our professional resources in 2021. We also brought several seasoned veterans into our top management team who will allow us to build our teams and effectively grow the business. Kevin Hayes (Chief Administrative Officer), Murali Nadarajah (Chief Technology Officer) and Bharath Kumar (Chief Implementation Officer) joined our senior leadership team and quickly integrated themselves into the culture of our company while making substantial contributions to our success.
Due to our rapidly growing number of professionals, we also upgraded our office space in the US as well as our Global Tech Center. Our US headquarters now resides in the Research Triangle Park which is near the airport and makes client and prospect visits to our office even easier.
Lastly, while we were completing the development of the core functionality of the platform and building our senior management infrastructure, our company has intentionally kept a low profile. With much of that work behind us, Eton Solutions will be more visible, primarily in the arena of thought leadership, as we share insights about how the family office industry will evolve over the next several years and how our platform and services will be front and center in that evolution.
AtlasFive Update
Next quarter, we will devote a significant portion of this newsletter to specific upgrades to our AtlasFive platform functionality. As we pivot towards more thought leadership, we will share a trend that we are seeing with our clients and prospects. At the highest level this trend is not new. It is how to minimize the time and resources spent on the recording and storing of historical information so that key family office personnel or advisors have effective access to accurate information, allowing them to make better data-driven decisions. Clients who have licensed AtlasFive are increasingly seeing the benefit of outsourcing this back-office work so that they can spend more time doing the value-added analytical work with complete and accurate data.
In addition to realizing the inefficiencies of their current systems, family offices often have employees who are not experienced in accurately processing the increasingly complex information. They are realizing that hiring experienced Eton Solutions professionals who are trained in AtlasFive will make better use of the power of the platform by providing better reports or insights. This concept of outsourcing the back and middle office work is particularly appealing to startup or small family offices who constantly face challenges hiring and training their staff. In the future, the family office can concentrate on areas where it adds value and outsource other tasks to organizations who can do those jobs effectively and with cost efficiency.
Family Office as a Service. You will hear more about that emerging trend from Eton Solutions in 2021.
We mentioned in our Q3 newsletter that we had more than doubled our client count from the start of the year. Notably, we continued that pace in Q4 and had a 144% increase in our client count for the year. Equally impressive was that the clients we added in 2020 had a 150% increase in our annual recurring revenue. This is always good news when your strategic plan calls for making substantial investments with the product development team in the future. When all our clients that signed in 2020 are onboarded, we will have over $400B of assets tracked on our platform.
In closing, while we are thrilled with our 2020 results and progress, we are even more excited about 2021. Our product roadmap for 2021 lays out a short-term focus on making the current functionality more user friendly, with a longer-term focus on adding additional functionality. We will also be upgrading our client services teams and expanding those offerings into areas such as fund accounting. Enhanced usability, increased functionality and expanded service offerings are key components that will allow us to deliver on our promise of helping you create the Family Office of the Future.