“We anticipate that this could start contributing to our business in 2022, but it will be a gradual, multi-year process.”

In context

“Cam McMartin (Interim CFO): Yes. We have a large base of IdentityIQ customers and at the end of the period, our annual recurring revenue maintenance was about $145 million, which significantly contributes to our overall business. As I mentioned in my prepared remarks, we are retaining over 95% of these customers, reflecting their satisfaction with IdentityIQ. Recently, we've started initial discussions with some customers about transitioning from IdentityIQ to IdentityNow, moving to the cloud. We are collaborating with these customers to determine the best way and timeline for this transition. We anticipate that this could start contributing to our business in 2022, but it will be a gradual, multi-year process. There won't be a mass shift in any single year; instead, we expect a steady and healthy migration over several years. We believe many of our customers will continue as IdentityIQ users for some time, and we're committed to investing in the IdentityIQ product to enhance its value. This transition is just beginning, and we want to highlight that it may become a growth driver for our total annual recurring revenue in the long run. We'll provide more updates as we progress through 2022, but for now, we wanted to inform you about this early movement.”