ON24 Closes Record 2016 With Significant Revenue Growth and Investment from Goldman Sachs
Leading marketing platform pushed into new industries, opened offices around the world, and drove significant customer acquisition
SAN FRANCISCO, Jan. 25, 2017 /PRNewswire/ -- ON24, the world's leading webinar platform, today announced a banner year for 2016, as the company increased year-over-year SaaS revenues by 43%.
The rapid growth comes as the company continues to work to meet the massive demand in the industry. ON24, which helps companies generate quality leads with engagement driven video content and webinars, acquired 464 new clients in 2016. The company also strengthened and broadened its current business relationships -- ON24 was able to upsell 534 new contracts into its existing customer base.
This market demand has increased in recent years as more brands, including ON24 customers like Microsoft, SAP, and Salesforce, are seeing the tangible value in gathering data through marketing and content platforms, including their webinar campaigns.
"2016 was a banner year for ON24, as we saw record engagement through our platform and reached over 1,000 commercial agreements with new and existing clients representing a range of industries and companies of all stages," says Sharat Sharan, ON24's co-founder and CEO. "We're looking forward to building on this momentum in 2017, as we work to offer the most customer-centric solution that provides the best platform and intelligence for marketers and sales teams, no matter their audience."
In addition to the unprecedented customer growth, ON24 saw numerous company milestones in 2016:
- ON24 received $25 million in funding from Goldman Sachs Private Capital Investing Group, which it used to accelerate both domestic and international expansion as well as enhance the capabilities of its leading multimedia marketing platform.
- In order to meet its international demand, ON24 opened its Asia-Pacific headquarters in Sydney, Australia, to better serve the market in that region.
- The company released ON24 Intelligence, which provides the latest data and analytics insights that allows marketers to better drive success to prove ROI, get leads to sales, and impact their company's bottom line revenue. ON24 also debuted its Opportunity Prospect Profile, which enables sales team to engage with prospects with unparalleled personalized content.
- ON24 launched its Where Is Your ROI? Campaign, aimed to educate marketers on the best use of resources, time, and money to generate high-quality leads and garner the greatest ROI.
- At the end of 2016, ON24 unveiled its Benchmarking Analytics tool, a new feature enabling customers to view and compare their programming engagement statistics against other companies in their specific industry. The tool gives marketing teams a more segmented and in-depth look at their engagement score, conversion rate, average live attendees and more, helping brands sift through data that is actionable and can be mapped back to rejiggering strategies for maximum success.
Looking ahead to 2017, ON24 expects to evolve its business to keep up with customer demand and continue at the forefront of growing marketing trends.
"We're constantly looking to provide our customers with the most insightful and cost-efficient platform. Everything we do in 2017 will be based on what we hear from our customers, and the larger trends taking hold in marketing," says Sharan. "Video is one of the rare channels that consumers constantly engage with while providing unprecedented data on engagement for marketers, so we think there's unlimited potential."
About ON24, Inc.
ON24 is the leading webinar marketing platform for demand generation, lead qualification and customer engagement. Its award-winning, patented, cloud-based platform enables companies of all sizes to deliver engaging live and on-demand webinars. Providing industry-leading analytics that can be integrated with all leading marketing automation and CRM platforms, ON24 enables marketers to optimize demand generation, enhance lead qualification and accelerate sales pipeline opportunities.
Additional applications for the ON24 product portfolio include virtual training, talent development and town hall meetings. More than 1,500 companies and organizations rely on ON24, including IBM, CA Technologies, Merck, JPMorgan Chase, Credit Suisse and SAP. The company is headquartered in San Francisco, with offices throughout the world. For more information, visit http://www.on24.com.
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SOURCE ON24
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