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Kenexa reports 59% increase in revenue

Kenexa, a global provider of business solutions for human resources, said today that in the first quarter of this year, revenue increased 59% compared to the same time last year.

Kenexa reported total revenue of $60.0 million compared to $39.7 million for the first quarter of 2010.

The company attributed the growth to a strengthening economy.

“The first quarter was a strong start to 2011, with all major areas of our business performing at or above our expectations,” said Rudy Karsan, Chief Executive Officer of Kenexa. “With the economy improving and hiring beginning to increase, we are seeing a growing number of organizations looking for a strategic HR solutions provider that can help them transform their recruiting and overall talent management business processes. Our unique combination of software, proprietary content and services is a key driver to Kenexa’s growing market share and success with global organizations.”

Subscription revenue also increased to $49.2 million, an increase of 48% compared with $33.3 million in the first quarter of 2010.

Kenexa also reported a big jump in clients, with more than 50 “preferred partner” customers added during the quarter, an increase from the over 30 preferred partner customer additions in the year ago period.

Karsan added, “For the second quarter in a row, we are materially increasing our FY11 revenue guidance reflecting what we see as Kenexa’s growing momentum. In addition, we are increasingly optimistic about Kenexa’s long-term market position and believe the company is at the early stages of realizing the benefits from our increased investments in sales and marketing as well as R&D.”

The business outlook for 2011 was also reported on, with Kenexa stating it forecasts total revenue to be $259 million to $265 million.

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