SuiteFiles is a Saas business offering SMEs a specialist cloud-based document management system.

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SuiteFiles is a SaaS business based in Wellington, New Zealand. With a focus on the accounting industry, we offer SME’s an easy to use cloud-based document management solution that integrates seamlessly with Microsoft Office 365 and cloud applications (e.g. Xero). SuiteFiles provides SMEs with a file management solution on par with an enterprise grade solution for a fraction of the price.

SuiteFiles was started by the Provoke Group following a request from Xero HQ to create a simple cloud-based document management system to partner with their offering.

Having successfully proven the business model in the accounting vertical and built a solid platform to scale from, we are now raising $1m of growth capital to fund increased sales and marketing resource, with a focus on expanding our international partner program to drive subscription growth in overseas markets. This will free up operational cashflow to continue developing the industry leading SuiteFiles product offering.

Investment Highlights

  • Microsoft New Zealand Start-up Company of the Year in 2012 for expertise in cloud delivery using the Microsoft Office 365 platform and Microsoft Azure hosting stack.
  • Proven traction with 4,050 paying subscription users as at 31 May 2018.
  • FY18A Total Revenue of $735k (up 60%) at 81% Gross Margin growing to $9m in FY23F.
  • Annualised Recurring Revenue (ARR) (subscriptions only) of $830k at 31 May 2018.
  • Current Monthly Average Revenue Per User (ARPU) of $16.42 (subscriptions only), Customer Acquisition Cost (CAC) of $127, and Lifetime Value (LTV) of $1,720.
  • Current churn rate < 1% per month and LTV:CAC ratio of 13.5x.
  • The global Electronic Document Management System Market is forecast to reach $6.78 billion by 2023 from $3.59 billion in 2017 at a CAGR of 11.17% during 2017 - 2023.
  • Global sales reach with customers in NZ, Aus, UK, North America, and Asia.

“SuiteFiles has a strategic alignment with Xero. We simplify doing the books and they simplify getting into and operating in the cloud. We’ve been working alongside the Suite team for about 5 years and they have built a complementary set of products that both leverage and enhance what we offer with Xero. They are one of our top partners, and their file migration, management, and governance offerings ensure that their clients can leverage the benefits of being a fully cloud-based modern practice.”

- Rod Drury, founder and Non-Executive Director, Xero

The Problem We're Solving

Businesses have traditionally built their computing infrastructure around servers but the cloud computing revolution has rendered these useless.

Existing cloud storage solutions lack smart features - moving businesses away from their legacy file servers is a huge market, and there are a plethora of solutions that deal with storage issues but that don’t assist with the additional business challenges of file management, security controls and access in user-friendly ways for employees to collaborate.

Feature packed solutions price out SMEs and are complex to deploy - there are enterprise solutions at the top end that do tackle all of these issues, but these are far too expensive for the average SME and require complex deployment projects with existing infrastructure. A typical starting point for an enterprise solution is in the range of $150 to $180 per month per user, far in excess of what most SMEs would derive value from for their needs.

Professionals such as accountants rely on feature-rich cloud solutions - accountancy firms in particular have been highly engaged with the move to the cloud through the rapid uptake of practice platforms such as Xero & MYOB. They need a simple tool that allows document storage, collaboration, security, and app integrations at an affordable price point. Mainstream cloud providers focused only on synchronisation do not provide the specialist functionality this type of customer requires.

The SuiteFiles Solution

SuiteFiles is built around the Microsoft Office 365 cloud platform, Microsoft’s fastest growing product ever, and the Microsoft Azure infrastructure platform. The SuiteFiles application helps organisations securely migrate and manage files, collaborate on files, and integrates seamlessly with other cloud-based applications such as Xero.

Simple migration - when businesses join SuiteFiles, the initial challenge we solve is migrating their files across to the cloud, in a timely, cost effective manner, that replicates the existing business taxonomy.

Management - our software comprises a cloud-based file management application, that has an easy to use interface, mirrored from that of the legacy Microsoft servers our clients have typically been using.

Collaboration - our file management is fully cloud based, meaning users interact with files in the cloud and collaborate simultaneously on the same version.

The file management application seamlessly integrates across the various applications an accountant uses throughout their day, removing the significant pain point of having to work across multiple applications to execute simple tasks. For example, SuiteFiles integrates with Outlook so that accountants can quickly save emails to client folders, integrates with Xero for creating client documents from pre-set templates, and allows collaboration across the entire Microsoft Office Suite.


Our customers are SMEs who generally have between 10-250 employees. They are typically underserved in IT expertise and infrastructure, with high quality offerings priced out of their budget. We aim to offer services to a variety of industries but a lot of our early traction has been via Chartered Accountancy practices due to our partnership with Xero and their leadership in the cloud computing sector.

We have attracted a global client base from early on with subscription clients from 6 key regions – NZ (28%), Aus (70%), UK (1%), North America, Asia & ROW (1%).

Financial Overview

(31 Mar, '000s) FY18A FY19F FY20F FY21F FY22F FY23F
Revenue $735 $1,282 $2,168 $3,549 $5,741 $8,952
ARR (incl. migrations) $970 $1,593 $2,670 $4,378 $6,991 $10,757
Gross Profit $597 $1,037 $1,763 $2,881 $4,696 $7,326
EBIT $17 -$359 -$414 -$138 $526 $2,000

Key Metrics

Total Subscriptions 3,708 6,198 9,888 15,918 25,218 38,433
ARPU ($) 17 18 19 20 20 20
CAC ($) 135 278 336 313 301 282
LTV:CAC (x) 12.8 6.5 5.7 6.3 6.7 7.2

Next Steps

Please register your investment interest below if you would like to receive further information and gain early access to the offer when it launches.