Honeycomb Closes Best Quarter in Company History Fueled by Rapid Adoption Among Engineering Teams

To replicate and scale this success, leading observability solution brings on four new executives including CMO Reet Mand, SVP of Global Revenue Jason Robinson, Director of Open Source Austin Parker, and Senior Director of Product Marketing Josh Pederson

SAN FRANCISCO, Oct. 16, 2023 /PRNewswire/ -- Honeycomb, the observability platform that enables engineering teams to solve problems they couldn't before, today announced several growth milestones, signaling strong product fit and market demand despite shrinking IT budgets amid a down economy. Adding to record momentum in 2022 where it achieved 2X YoY revenue growth, Honeycomb closed a record number of bookings in Q3 2023 while making four key executive hires across revenue, marketing, and developer community.

Observability has never been more critical to engineering teams that are under intense pressure to effectively deliver and maintain software while navigating an increasingly complex tech landscape on tightening budgets. With the right observability solutions and framework, engineering teams maximize their tech investments, resolve incidents faster, and retain top talent, ultimately leading to end-user satisfaction.

"In our industry, it is imperative that we proactively identify and address potential issues to prevent any disruptions," said Blake Irvin, Observability Engineering Lead at SumUp. "Failures can lead to financial losses for our merchants and erode trust in our brand. Through our partnership, Honeycomb has not only bolstered the reliability of our systems but also enhanced the confidence of our customer base."

Companies like Vanguard, Slack, and HelloFresh recognize the advantages of observability and are continuing to invest in Honeycomb. This is evidenced by an impressive Net Revenue Retention Rate of 138% through September 2023 across Honeycomb's base of 600+ customers in finance, e-commerce, gaming, healthcare, and more, with the company's ARR expected to increase by 50 percent in 2023. This momentum is more than just financial data, it's proof that the industry is shifting away from traditional, more limited APM tools and methodologies toward modern observability.

Honeycomb continues to build strong momentum by adding several strategic hires focused on scaling the organization and growing revenue. Reet Mand joins as Chief Marketing Officer, bringing deep expertise in scaling SaaS platforms and driving transformative growth for industry-leading organizations such as Okta and Google Cloud. Jason Robinson is the company's new SVP of Global Revenue and brings deep go-to-market experience from Collibra and Gartner to build on Honeycomb's growth trajectory. With Honeycomb's leadership in the OpenTelemetry project, Austin Parker joins the team from ServiceNow (LightStep) to serve as Director of Open Source, signaling Honeycomb's vision for widespread industry adoption and confidence in the future of the project. And lastly, Josh Pederson, formerly Sentry.io, joins Honeycomb as its new Senior Director of Product Marketing, bringing over a decade of experience leading go-to-market teams in the developer tools and DevOps markets.

"We've built a strong foundation with enormous potential, and it's critical to have the right leadership team in place to capitalize on our momentum," said Christine Yen, CEO and co-founder of Honeycomb. "By bringing their exceptional talents and expertise to our team, Reet, Jason, Austin, and Josh will be instrumental in Honeycomb's continued success."

To learn more about Honeycomb visit honeycomb.io.

About Honeycomb
Honeycomb is the observability platform that enables engineering teams to find and solve problems they couldn't before. Honeycomb's approach is fundamentally different from other tools that claim observability, and is built to help teams answer novel questions about their ever-evolving cloud applications. HelloFresh, Stripe, Slack, Fender, Vanguard, LaunchDarkly, and many others rely on Honeycomb to deploy confidently, resolve incidents faster and focus on high-value work that drives innovation. Learn more at www.honeycomb.io and follow us on Twitter and LinkedIn.

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SOURCE Honeycomb