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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.
−Removed: Our mission is to democratize secure information interchange across technologies and industries and solve the healthcare interoperability challenge.
+Added: Our mission is to democratize secure information interchange across technologies and industries and provide healthcare interoperability solutions.
Substantially all of Consensus’ revenue is recurring in nature and is generated either via fixed subscription plans or usage-based contracts.
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As enterprise data communication shifted toward digitization and cloud-based solutions, Consensus entered industry verticals such as healthcare, government, financial services, law and education.
−Removed: 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 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.
−Removed: 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: Our Corporate business has grown from $149 million of revenue in 2020 to approximately $209 million of revenue in 2024, representing a 7.0% five-year compound annual growth rate.
+Added: We currently serve approximately 59 thousand Corporate customers, ranging from small/medium businesses to large enterprises and government agencies.
+Added: Our sales are primarily made through direct interaction with a salesperson and involve specific pricing and customer features such as but not limited to multiple line subscriptions, API connections and enhanced security features.
+Added: We currently serve approximately 747 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 salesperson.
Approximately 74% of our SoHo base have been customers for more than two years.
−Removed: Our SoHo brands include eFax®, jSign®, MyFax®, Sfax®, Metrofax®, and SRfax®.
Healthcare represents Consensus’ largest industry vertical and has information, secure communication, management and interoperability needs.
In addition to the offerings discussed above, Consensus has several product offerings that are specific to the healthcare industry.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
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.
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The use of fax is particularly high in industries subject to data protection laws such as the Health Insurance Portability and Accountability Act (“HIPAA”), as fax offers safety of transmission and nearly universal legal acceptance.
−Removed: Cloud adoption has grown quickly in secure transmission, taking share from on-premises solutions over the past decade.
+Added: According to market research “Global Fax Services Market – Focused Insights 2024-2029” conducted by Arizton Advisory & Intelligence, industry analysts expect the global fax services market to grow at a compound annual growth rate of 11.06% from 2023 to 2029.
+Added: Additionally, cloud adoption has grown quickly in secure transmission, taking share from on-premises solutions over the past decade.
Key drivers to cloud adoption include:
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• Regulatory tailwinds:
−Removed: Because of its security, eFax® meets regulatory requirements for data security and remains ubiquitous in highly regulated industries, such as healthcare and sectors where large volumes of sensitive information is exchanged.
+Added: eFax® meets or exceeds the requirements of various regulations for data security and remains ubiquitous in highly regulated industries, such as healthcare and other sectors where large volumes of sensitive or regulated information is exchanged.
• Cost efficiency :
−Removed: Cloud-based solutions often have minimal installation costs and are highly efficient to scale as the needs of the organization fluctuate.
+Added: Cloud-based solutions have minimal installation costs and are highly efficient to scale as the needs of the organization fluctuate.
• Green initiatives:
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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.
−Removed: 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.
−Removed: ECFax is operated and only accessible in a FedRAMP government cloud environment to meet those standards.
+Added: ECFax is comparable to eFax Corporate in its features and use cases but is specifically developed for use by public sector customers with extremely high security demands.
+Added: As such, 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.
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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.
+Added: Additionally, our pre-packaged applications of Clarity – Clarity Clinical Documentation™ and Clarity Prior Authorization™ – tackle specific data extraction challenges in the healthcare industry.
SoHo Fax Solutions
eFax® is a global online faxing service with customers worldwide.
−Removed: In addition to eFax®, we offer a variety of brands for subscription.
+Added: In addition to eFax®, we offer a variety of brands for subscription, including but not limited to MyFax®, Sfax®, Metrofax®, and SRfax®.
We have a diverse set of customers globally, using cloud fax, electronic signature and interoperability products.
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• Continuing to grow in Corporate secure information exchange;
−Removed: • Solving healthcare interoperability challenges;
+Added: • Providing healthcare interoperability solutions;
• Optimizing eCommerce (SoHo) revenue streams;
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Human Capital Resources
−Removed: As of December 31, 2023, we had 559 employees, with slightly more than one-quarter of the employees located outside of the United States.
+Added: As of December 31, 2024, we had 518 employees, with just less 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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Our vision is to deliver life’s essential data when, where and how you need it.
−Removed: Diversity, Equity & Inclusion
−Removed: Our cloud fax users and employees are diverse – gender, race, ethnicity, age, orientation, geography, education, background, interests, and more.
+Added: Our cloud fax users and employees are diverse.
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 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.
−Removed: 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.
−Removed: We reinforce our culture and our values by seeking out candidates, that align well with our organizational priorities, values, mission and vision.
+Added: To this effect, we promote and implement trainings and events to foster a respectful, collaborative, and professional workplace environment where each employee feels they can contribute to the overall success of the Company.
+Added: We reinforce our culture and our values by seeking out qualified candidates who align well with our organizational priorities and values.
+Added: We continue 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.
Employee Compensation & Benefits
Compensation is an important consideration for all of our employees and we strive to pay competitive compensation packages that reflect the success of the business and the individual contributions of each colleague.
−Removed: We are committed to fair pay practices;
−Removed: roles are periodically benchmarked to help inform where adjustments may be needed.
−Removed: 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
−Removed: coverage and covering 85% of health insurance premiums for covered U.S.
−Removed: 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.
−Removed: Health and Wellness
−Removed: Creating a culture where all colleagues feel supported and valued is paramount to our corporate mission.
−Removed: 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.
+Added: We are committed to fair pay practices and roles are periodically benchmarked to help inform where adjustments may be needed.
+Added: We provide our employees with benefits we believe will optimize the talent critical for our success and promote day to day well-being.
+Added: Our benefits include comprehensive health insurance coverage 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 off, up to 6 weeks of paid pregnancy leave, up to 10 weeks of paid parental leave and 24 hours annually of fully paid volunteer time off.
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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As we pursue our expansion into expanded secure information delivery services and healthcare interoperability services, we compete against other providers of secure information delivery services, including providers of electronic signature solutions.
−Removed: We believe that the primary competitive factors determining our success in the market for our services include financial strength and stability;
+Added: We believe that the primary competitive factors determining our success in the market for our services include:
+Added: financial strength and stability;
reputation for reliability and security of service;
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For more information regarding the competition that we face, see “Risk Factors—Risks Related to Our Business—The markets in which we operate are highly competitive, and our competitors may have greater resources to commit to growth, superior technologies, cheaper pricing or more effective marketing strategies.
+Added: Also, we face significant competition for users, developers and distributors”.
Consensus Cloud Solutions, Inc.
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We refer to the transactions that resulted in the separation of Consensus and Ziff Davis into two separate publicly traded companies as the “Spin-Off” or “separation and distribution”.
+Added: Ziff Davis has sold, or otherwise disposed of, its shares of Consensus capital stock, reducing its beneficial ownership in the Company to zero as of December 31, 2024.
Available Information
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The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding our filings we file electronically with the SEC at www.sec.gov .
−Removed: Our Board has adopted a Code of Business Conduct and Ethics that applies to all of our directors and employees.
+Added: Our Board of Directors has adopted a Code of Business Conduct and Ethics that applies to all of our directors and employees.
The Code is posted on the corporate governance page of Consensus’ website and can be accessed at http://investor.consensus.com .
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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.