Total revenues increased by $27.1 million, or 15.5%, from $174.5 million for the year ended December 31, 2023 to $201.6 million for the year ended December 31, 2024.
Platform subscriptions revenues increased by $26.0 million, or 16.1%, from $161.5 million for the year ended December 31, 2023 to $187.5 million for the year ended December 31, 2024. The increase was primarily comprised of $20.0 million related to upsell and increased users within existing contracts and $13.1 million reflecting the full-period impact of contracts signed in prior periods. In addition, new client revenue increased by $8.5 million. Increases and upsells were offset by client churn of $12.1 million and downgrades of $3.5 million. Price changes did not materially impact period-over-period growth.
Managed services revenues increased by $0.9 million, or 7.8%, from $11.8 million for the year ended December 31, 2023 to $12.7 million for the year ended December 31, 2024. The increase was driven by $1.6 million in new client revenue, including the full impact of contracts signed in prior periods, $1.0 million related to upsells to existing clients, and $0.2 million of favorability in credit memo reserves. This increase was offset by churn and downgrades of $1.9 million.
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