DFIN’s second quarter earnings, released this week, demonstrate the strength of our business strategy to become the leader in deal-making, regulatory and compliance software.
We achieved record quarterly software solutions net sales of $85.6 million, an increase of 13.1%, or 14.4% on an organic basis from the second quarter of 2023. Software solutions net sales accounted for 35.3% of total net sales, up from 31.3% in the year-ago quarter.
This success was led by the performance of Venue, our virtual data room product, which recorded sales growth of approximately 38%. Clients choose Venue because it provides a centralized point of access for all authorized parties to view and share digital documents. Continually optimized for security, productivity, and usability, Venue offers instant setup, an intuitive interface, and 24/7/365 support, which streamline a complicated due diligence process and help drive the deal across the finish line faster.
As a result, clients are rewarding Venue with increased market share, especially at large, Tier 1 banks. We expect Venue to grow in the second half of the year, albeit given the strong second half 2023 performance, at a more moderate pace.
ActiveDisclosure, our SEC filing and ESG reporting software, also grew in the quarter. In fact, it was our fourth consecutive quarter of new client count growth — even as we have transitioned from our old platform to the new one. We are building capabilities into ActiveDisclosure that solve our clients’ business challenges. For example, we included presentation and design elements to speed the creation of attractive board presentations, internal management reports, ESG fact sheets, and other documents. In addition, we added a market-leading Section 16 filing platform to ActiveDisclosure, enabling beneficial owners to publicly disclose their relationship with a company.
With thanks to our worldwide employees who show up every day to create the best products and services for our clients, we look forward to the second half of this year and 2025.
