SAN FRANCISCO, March 10, 2021 /PRNewswire/ -- MindTickle, the leader in Sales Readiness technology, today announced it achieved tremendous growth, customer acquisition and engagement, and technological milestones in 2020. These achievements prove that readiness has become a strategic priority for enterprise organizations focused on driving revenue growth in 2021 and beyond. MindTickle doubled the number of Fortune 500 and Forbes Global 2000 organizations it counts as customers while also expanding its global workforce throughout the year. In addition, customers dramatically increased their usage of the platform. Most notably, MindTickle's raise of $100 million in funding led by Softbank Vision Fund 2 along with being ranked the #1 for Enterprise Software Product by G2 for the second year in a row underlined the strategic importance of sales readiness and our category leadership.
"Enterprises across sectors are trying to adapt to a buyer's world where it's more complicated than ever to make a sale," said Krishna Depura, co-founder and CEO of MindTickle. "As the global leader in Sales Readiness, we help customers succeed in this new world by building the winning capabilities and behaviors across their customer-facing teams. Over the last 12 months, we have been encouraged to see more and more enterprises achieve measurable revenue impact by leveraging our platform. While we continue to grow fast, we remain steadfastly focused on helping our current and future customers achieve more with Readiness."
In 2020, MindTickle doubled the number of Fortune 500 and Forbes Global 2000 it counts as customers. MindTickle now counts six of the top 20 health and life sciences companies, six of the top 20 technology companies globally and three of the top 20 US insurance companies as customers. In addition, 9 out of every 10 enterprise customers across industries expanded the scope and scale of their workforce readiness programs in MindTickle including onboarding, remote upskilling, ongoing learning, coaching and reinforcement. This resulted in an industry-leading net retention rate of 155%.
"A platform with robust analytics and the features to support sales readiness in the field has been at the heart of our entire sales learning and development transformation," said Dr. Somnath Datta, MD, MBA, Commercial Excellence Head at Janssen Pharmaceuticals. "We've been able to ensure that sales reps acquire crucial knowledge and have practiced key concepts before going out in the field. With MindTickle, we've seen significant improvements in learning performance and tangible business results because we have a better understanding of our sales team, have the ability to fine-tune our content and programs, and can make corrective changes over time to achieve our learning and sales objectives."
To further support our customers' success, MindTickle raised $100 million in funding in November of 2020 with new investor Softbank Vision Fund 2 leading the round with Norwest Venture Partners, Canaan, NewView Capital and Qualcomm Ventures also participating. The funding coupled with MindTickle's continued focus on acquiring top talent to support product innovation and customer readiness initiatives has propelled the business forward. Over the last two years, the new hires contributed to a 63% growth rate in the employee base.
Continued Innovation In Supporting Remote Readiness Drove Adoption and Engagement
In 2020, organizations used MindTickle to ensure that all customer-facing employees had the right capabilities and behaviors needed to drive revenue growth. MindTickle released numerous innovations to maximize seller and customer-facing performance in virtual environments. This led to unprecedented adoption and engagement on the platform with MindTickle's remote and ready programs engaging more than 360,000 users. The platform delivered a 150% increase in micro-learning assignments, 20 million knowledge check questions, 560,000 hours of video consumed, 641,000 certifications granted, and 353,000 role-play exercises.
MindTickle announced a number of product capabilities, services offerings and ecosystem partnerships:
- New Readiness Dashboard that boosts sales rep adoption, engagement and improvement with role and industry-specific content seamlessly integrated with skill developing exercises and coaching opportunities.
- Model Pitch and other AI-enhancements to Missions virtual role-play for remote skills development.
- Content Authoring Collaboration that allows MindTickle admins to facilitate and streamline collaboration with subject-matter experts (SMEs) to create engaging content for sales enablement and readiness programs.
- Comprehensive global services offering and content partnerships that help customers succeed in the remote environment.
- Strategic partnerships with leading providers of sales training and methodology including SalesSparx, the Menemsha Group, Sandler Training, the Ken Blanchard Companies, Performance Solutions International (PSI), and Halifax Consulting.
"Revenue leaders are focused on low ramp-time and high productivity. The readiness of every quota carrying rep is mission-critical," said Nishant Mungali, chief product officer and co-founder of MindTickle. "Our focus in 2020 was to deliver personalized experiences for every new or tenured rep that boosts adoption, engagement and measurable improvement. For enablement professionals, we've worked to create workflows, templates and best practices to power successful programs. New AI-enhancements help sellers become more effective by identifying knowledge and skill gaps critical to effective customer interaction while reducing manager workload to identify opportunities for coaching and skills development."
2020 was a stand-out year for recognition of MindTickle's business and solutions from customers, industry associations and experts. For the second consecutive year, MindTickle was ranked as the #1 Enterprise Software Product and the 5th ranked software product for sales on G2's Best Software lists. MindTickle was also ranked #5 of the Highest Satisfaction Products (up from #32 in 2020) and #9 of the Top 100 Software Products (up from #17 last year). Gartner's 2020 Market Guide for Sales Enablement Platforms included MindTickle as a representative vendor in meeting all eight top use cases¹. Also for the second consecutive year, MindTickle was included on the Deloitte Technology Fast 500 list by demonstrating continued rapid growth with enterprises across industries. In addition, Battery Ventures listed MindTickle as #2 on their Highest-Rated Cloud Companies to Work for During the COVID Crisis list using Glassdoor data. Also, Forrester Research included MindTickle in their annual Now Tech Sales Enablement Automation Q2, 2020 report and Aragon Research positioned MindTickle as a Leader in their Globe™ for Sales Coaching and Learning.
"On a daily basis, our incredible roster of customers are highlighting the importance of making every customer interaction a revenue moment. With MindTickle they enable and ready their reps with the right knowledge, right skills and right behavior for every occasion," said Gopkiran Rao, chief strategy and marketing officer at MindTickle. "Glowing customer reviews, expanding coverage across partners and research from the analyst community are all evidence of the adoption MindTickle is driving in this fast-growing market. Our momentum in 2021 will be driven by our technology focus on personalizing readiness for customers across geographies and verticals while working with top-tier solutions providers and experts to serve the revenue and enablement community."
¹ Gartner "Market Guide for Sales Enablement Platforms" by Melissa Hilbert, Mark Paine, Alastair Woolcock, Theodore (Tad) Travis, August 5, 2020.
MindTickle provides a comprehensive, data-driven solution for sales readiness and enablement that fuels revenue growth and brand value for dozens of Fortune 500 and Global 2000 companies, and hundreds of the world's most recognized companies across technology, life sciences, financial services, manufacturing and service sectors. With purpose-built applications, proven methodologies, and best practices designed to drive effective sales onboarding and ongoing readiness, MindTickle enables company leaders and sellers to continually assess, diagnose and develop the knowledge, skills, and behaviors required to effectively engage customers and drive growth. MindTickle has been recognized by leading industry analyst and research firms and has been ranked on G2's Best Software 2021 lists as the #1 Enterprise Software Product and the 5th ranked software product for sales. For more information visit www.MindTickle.com or find us on LinkedIn, Facebook and Twitter.