ActiveDisclosure’s Transformation is Winning New Clients for DFIN

DFIN’s fourth quarter and full-year 2024 earnings, out February 18, 2025, illustrate that our transition to the new ActiveDisclosure platform is driving success in the marketplace.

2024 represented the first full year of DFIN’s operating New ActiveDisclosure only, after sunsetting the previous solution. The market registered its approval, with the platform achieving net client growth in each quarter last year, as well as in the third and fourth quarters of 2023. In addition, ActiveDisclosure’s revenue increased 12% in the fourth quarter, with subscription revenue increasing 6% year-over-year and services revenue up 36%, driven by growing interest in our service packages.

DFIN’s reinvention of ActiveDisclosure is a big reason that clients rely on it for their critical compliance reporting requirements. Moreover, it’s a major contributor to our transformation into a software solutions company. Software solutions net sales accounted for 42% of total full-year net sales in 2024 — up from 22% in 2019.

This ongoing success is founded on DFIN’s decades of experience serving SEC clients, addressing their pain points, and making it easier for them to do their work. We continually enhance ActiveDisclosure — most recently with an improved editor — including design elements, all within the solution. ActiveDisclosure now enables beneficial owner reporting and includes support binders / audit binders. It offers a “single source of truth,” which helps reporting teams create accurate, comprehensive presentations for boards and investors.

ActiveDisclosure wasn’t the only software standout in our report. Venue, our dataroom offering, grew 26% year over year. Together, ActiveDisclosure and Venue create a strong foundation for our sustained growth in 2025. I want to thank our clients for placing their trust in DFIN and our employees for their hard work, their client focus, and their commitment to innovation.