Consensus Cloud Solutions, Inc., together with its subsidiaries (“Consensus Cloud Solutions”, “Consensus”, the “Company”, “our”, “us” or “we” ), is a provider of secure information delivery services with a scalable Software-as-a-Service (“SaaS”) platform.
−Removed: Consensus serves approximately 1 million customers of all sizes, from enterprises to individuals, across approximately 50 countries and multiple industry verticals including healthcare, government, financial services, law and education.
+Added: Consensus serves approximately 900 thousand customers of all sizes, from enterprises to individuals, across approximately 47 countries and multiple industry verticals including healthcare, government, financial services, law and education.
+Added: Our top 10 customers represent approximately $25 million or 7% of total revenues.
Beginning as an online fax company over two decades ago, Consensus has evolved into a leading global provider of enterprise secure communication solutions.
−Removed: Our communication and digital signature solutions enable our customers to securely and cooperatively access, exchange and use information across organizational, regional and national boundaries.
+Added: Our communication, extraction and digital signature solutions enable our customers to securely and cooperatively access, exchange and use information across organizational, regional and national boundaries.
Our mission is to democratize secure information interchange across technologies and industries and solve the healthcare interoperability challenge.
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Our Corporate business has grown from $192 million of revenue in 2022 to approximately $200 million of revenue in 2023, representing a 3.9% annual growth rate.
−Removed: We currently serve approximately 52,000 Corporate customers, generally small/medium businesses or large enterprises, to whom sales are made through direct interaction with a sales person and involve specific pricing, multiple line subscriptions, API connections and/or commercial grade security.
−Removed: We currently serve approximately 942,000 small office/home office (“SoHo”) online fax customers, generally consumers and SoHo users, who acquire a pre-defined subscription through an e-commerce website without direct interaction with a sales person.
+Added: We currently serve approximately 54 thousand Corporate customers, generally small/medium businesses or large enterprises, to whom sales are made through e-commerce, but primarily still direct interaction with a sales person and involve specific pricing, multiple line subscriptions, API connections and/or commercial grade security.
+Added: We currently serve approximately 831 thousand small office/home office (“SoHo”) online fax customers, generally consumers and SoHo users, but also single corporate users who acquire a pre-defined subscription through an e-commerce website without direct interaction with a sales person.
+Added: Approximately 70% of our SoHo base have been customers for more than two years.
Our SoHo brands include eFax®, jSign®, MyFax®, Sfax®, Metrofax®, and SRfax®.
−Removed: In 2020, we launched the Consensus Unite healthcare interoperability platform, a comprehensive workflow collaboration and data exchange solutions suite.
Healthcare represents Consensus’ largest industry vertical and has information, secure communication, management and interoperability needs.
−Removed: In early 2022, we acquired Summit Healthcare Services, Inc.
−Removed: (“Summit”), a leading provider of digital Health Level Seven (“HL7”) and Fast Healthcare Interoperability Resources (“FHIR”) technology which are complementary to our existing product set for healthcare interoperability.
−Removed: The sector is undergoing a large-scale digitization effort, with the objective to streamline workflows, increase efficiency for operators, and increase transparency for patients.
−Removed: We believe our leadership in digital cloud fax, HL7, FHIR and our deep domain knowledge and experience in the healthcare industry positions Consensus well to help healthcare providers accomplish their broader digitization and interoperability objectives.
+Added: In addition to the offerings discussed above, Consensus has several product offerings that are specific to the healthcare industry.
+Added: Our Consensus Unite healthcare interoperability platform, a comprehensive workflow collaboration and data exchange solutions suite, now services thousands of healthcare organizations ranging from single-provider offices to care settings with hundreds of beds in use.
+Added: Our Conductor platform delivers a flexible and performant solution to healthcare organizations’ pervasive interoperability challenges, delivering support for digital Health Level Seven (“HL7”), Fast Healthcare Interoperability Resources (“FHIR”), and Direct Secure Messaging (“DSM”) technology that has been fully integrated with our enterprise cloud services offerings.
+Added: The sector continues to undergo a large-scale digitization effort, with the objective to streamline workflows, increase efficiency for operators, and increase transparency for patients.
+Added: In 2022, Consensus launched Clarity, an intelligent data extraction technology which uses artificial intelligence and machine learning to extract and, combined with other Consensus offerings, transform unstructured information in documents such as faxes into structured data such as HL7, FHIR, and DSM formats.
+Added: In 2023, we launched pre-packaged applications of Clarity – Clarity Clinical Documentation™ and Clarity Prior Authorization™ – to tackle specific data extraction challenges in the healthcare industry.
+Added: We believe our leadership in digital cloud fax, intelligent data extraction, HL7, FHIR and our deep domain knowledge and experience in the healthcare industry positions Consensus well to help healthcare providers accomplish their broader digitization and interoperability objectives.
Secure Information Communication
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eFax Corporate®:
−Removed: eFax Corporate® provides digital cloud fax technology.
+Added: eFax Corporate® provides digital cloud fax technology enabling users to send, receive and manage faxes digitally through multiple user interfaces or seamlessly integrated in their application through a robust API.
+Added: ECFax is comparable to eFax Corporate in its features and use cases, but specifically developed for use by public sector customers with extremely high security demands.
+Added: ECFax is operated and only accessible in a FedRAMP government cloud environment to meet those standards.
Unite is a single platform that allows the user to choose between several protocols to send and receive healthcare information in an environment that can integrate into an existing electronic health record (“EHR”) system or stand-alone if no EHR is present.
jSign® provides electronic signature and digital signature solutions to businesses, offering document markup and end-user signing services via mobile-aware web application and enterprise API.
−Removed: Conductor is a r obust interface engine and complete interoperability platform that provides seamless integration technology that supports all the latest standards for connectivity and data formats (API/FHIR, Web Service), addressing a wide range of interoperability challenges from the simple to the extremely complex.
−Removed: Using Natural Language Processing and Artificial Intelligence (NLP/AI) Clarity’s valuable insightful information can transform unstructured documents into structured actionable data.
+Added: Conductor is a r obust interface engine and complete interoperability platform that provides seamless integration technology supporting all the latest standards for connectivity and data formats (API/FHIR, HL7, Direct Secure Messaging, web services, message queues, etc.), addressing a wide range of interoperability challenges from the simple to the extremely complex.
+Added: Using Natural Language Processing and Artificial Intelligence (NLP/AI), the Clarity platform can transform unstructured documents into structured actionable data.
Clarity’s intelligent data extraction allows data to be sent to the right person, at the right place, at the right time - to accelerate patient treatment across the continuum of care.
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• Solving healthcare interoperability challenges;
−Removed: • Optimize eCommerce (SoHo) revenue;
−Removed: • Leveraging our technology to enter new markets (e.g.
+Added: • Optimizing eCommerce (SoHo) revenue streams;
+Added: • Leveraging our technology to enter new markets (e.g., government);
• Positioning the business for sustained growth through continued focus on profitability and cash flow generation;
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Human Capital Resources
−Removed: As of December 31, 2022, we had 581 employees, with about one-third of the employees located outside of the United States.
+Added: As of December 31, 2023, we had 559 employees, with slightly more than one-quarter of the employees located outside of the United States.
Our ability to continue to attract, retain and motivate our highly qualified workforce is very important to our continued success.
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We recognize that each employee’s unique experiences, perspectives and viewpoints add value to our ability to create and deliver the most innovative work environment for our employees and the best possible service to our diverse customers.
−Removed: To this effect, we created a Diversity, Equity and Inclusion (“DEI”) Council to promote thoughtful discussion, implement training and events to foster respectful awareness of diversity, equity, and inclusion in our workplace environment and create a community where each employee feels they belong and where they can contribute to the overall success of the Company.
−Removed: We reinforce our culture and our values by seeking out diverse candidates, and looking for candidates that fit well with our organizational priorities, values, mission and vision.
+Added: To this effect, we have employees throughout the organization who form our Diversity, Equity and Inclusion (“DEI”) Council to promote thoughtful discussion, implement product and onboarding training to create community and events.
+Added: The aim of the DEI Council is to foster respectful awareness of diversity, equity, and inclusion in our workplace environment and create a community where each employee feels they belong and can contribute to the overall success of the Company.
+Added: We reinforce our culture and our values by seeking out candidates, that align well with our organizational priorities, values, mission and vision.
Employee Compensation & Benefits
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We provide our employees with benefits we believe are effective at attracting and retaining the talent critical for our success and, more importantly, promoting their day to day well-being.
−Removed: Those benefits include comprehensive health insurance coverage and covering 84% of health insurance premiums for covered U.S.
−Removed: employees and their families, an employee stock purchase program, share based compensation, flexible time off, up to 16 weeks of paid parental leave for birth parents and 24 hours annually of fully paid Volunteer Time Off.
+Added: Those benefits include comprehensive health insurance
+Added: coverage and covering 85% of health insurance premiums for covered U.S.
+Added: employees and their families, an employee stock purchase program, share based compensation, flexible time off, sick time, up to 16 weeks of paid parental leave for birth parents, up to 10 weeks of paid parental leave for secondary caregivers and 24 hours annually of fully paid volunteer time off.
Health and Wellness
Creating a culture where all colleagues feel supported and valued is paramount to our corporate mission.
−Removed: We expect to evolve our programs to meet our colleagues’ health and wellness needs, which we believe are essential to attract and retain employees of the highest caliber, and we offer a competitive benefits package focused on fostering work/life integration.
+Added: We continue to evolve our programs to meet our colleagues’ health (physical, mental and financial) and wellness needs, which we believe are essential to attract and retain employees of the highest caliber, and we offer a competitive benefits package focused on fostering work/life integration.
We face competition from, among others, online fax-providers, traditional fax machine or multifunction printer companies, electronic signature companies, healthcare interface companies, health information service providers and robotic process automation companies.
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The Code is posted on the corporate governance page of Consensus’ website, and can be accessed at http://investor.consensus.com .
−Removed: Any changes to or waiver of our Code of Business Conduct and Ethics for senior financial officers, executive officers or directors will be posted on that website.
+Added: Any changes to or waiver of our Code of Business Conduct and Ethics for senior financial officers, executive officers or directors will be posted on that website, to the extent required under Nasdaq or SEC rules.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.