Pendo Ranks #73 on 2019 Inc. 500 List, More Than Doubles Revenue in Second Quarter
Surpasses revenue expectations in first full quarter of operation in EMEA
RALEIGH, N.C., Aug. 14, 2019 /PRNewswire/ -- Pendo.io, the product cloud company, today reported highlights from its second quarter, which ended July 31, 2019. Notable milestones include the addition of 176 new customers, including the largest contract in Pendo history, continued global expansion, and plans to draw 1,000 people to downtown Raleigh for its largest Pendomonium conference to date. Pendo also ranked #73 on the 2019 Inc. 500 list, announced today, with three-year revenue growth of 4,267 percent.
In its first year to qualify for the annual Inc. awards, Pendo also ranked third fastest-growing company headquartered in North Carolina and 11th fastest-growing software company in the United States.
"We're honored to be named among this impressive list of fast-growing companies," said Todd Olson, co-founder and CEO of Pendo. "It's incredibly difficult to grow as quickly as we have at Pendo. It all comes down to the commitment of our team to proving value to customers and keeping them happy. I'm grateful to each and every employee for the role they've played in that."
Highlights of the second quarter include:
Revenue and customer growth: Bookings grew 108 percent in the second quarter over the same period of the prior fiscal year, and customer count surpassed 1200. Pendo exceeded expectations in its first full quarter of operation in EMEA, adding 16 new customers and achieving 130% of its revenue goal.
New customers include: Change Healthcare (McKesson), GitLab, IQVIA, Blackboard, Varsity Tutors, OneLogin, Hive HR, Lulu, Medidata Solutions, Mitel, Plantronics, RedBubble, Upland Software, and WineDirect.
Pendomonium: Pendo unveiled details of its third annual Pendomonium conference coming September 10-11 to downtown Raleigh. Joining keynote speakers include noted business author and Duke professor Dan Ariely and American chef, restaurateur, author and television host Vivian Howard are presenters from companies like Drift, Segment, Home Depot, Adobe, LabCorp, Citrix, G2, OpenView Partners and OpenTable. Pendo expects to host 1000 attendees at the event, which also includes a Customer Awards Gala, a live band karaoke party, and the return of "Big Pank," a Pendomonium Pale Ale brewed in partnership with Raleigh's Trophy Brewing. Registration is still open.
Product: Pendo added new capabilities and features, including:
- Integration of Receptive: After acquiring Sheffield, U.K.-based Receptive at the end of the first quarter, Pendo spent the second quarter integrating both product and team, in prep to launch a unified platform at Pendomonium. Receptive adds feedback and roadmapping capabilities to the Pendo Product Cloud, helping product managers and customer success teams capture, prioritize, and report on customer feedback and feature requests, and communicate product roadmaps to multiple stakeholders.
- Stickiness measurement: Customers can now measure the "stickiness" of their products with a feature that helps them understand differences in usage patterns between user segments or personas, and monitor changes in user behavior over time.
- Resource Center updates: Key changes to the information hub widget that Pendo powers in the bottom-right corner of a customer's web or mobile application includes new styling and localization options to help customers tailor and personalize guides and messaging inside their app. A new announcements module helps customers release and promote new features to targeted sets of users.
- Retention analytics: Added feature-level retention analytics for understanding whether users continue to engage with specific features over time as a way to determine the overall usefulness of these features to end users. This capability augments Pendo's user level retention analytics, which measures trends in continued usage by user cohort.
- Partners: Pendo and Drift announced plans to build an integration that lets joint customers use Pendo product usage data to target sales conversations inside their products, and deploy Drift chat in product to help end users get support. UserVoice, Fivetran and Moesif also announced integrations with Pendo.
- Recognition: Pendo was named a leader in product analytics and digital adoption categories by G2 and a top customer experience management software by TrustRadius.
ProductCraft: After hosting a sold-out crowd at its first ProductCraft conference in May 2019 in San Francisco, the destination editorial site for product managers hit a pair of milestones in the quarter: 350 published articles, debates and community polls, and 50+ episodes of its Product Love podcast, which interviews noted product leaders.
New offices: Pendo moved its development centers in Sheffield, U.K. and Herzliya, Israel into new facilities to make room for additional headcount and growth. Pendo also signed a lease to occupy nearly half of a new office tower in downtown Raleigh after construction is complete in 2021. The new space will accommodate up to 800 employees.
Headcount: 60 new hires during the quarter included the Receptive team in Sheffield and two new executives, Jennifer Dearman, chief customer officer; and Dean Patton, vice president of revenue operations. The company now employs 362 people worldwide.
"Q2 was a quarter of preparation for Pendo—to integrate and relaunch Receptive, plan our largest user conference to date, and set up our global offices for future growth," Olson said. "I'm proud of our revenue and team growth amidst that focused work, and excited to see the fruits of our labor unfold in quarters to come."
About Pendo
Pendo is a product cloud that helps digital product teams and application owners deliver software experiences that users love. Pendo customers include the world's leading software companies and digital enterprises, including BMC, Coupa, Okta, Salesforce, Sprinklr and Zendesk. Founded by product people in 2013 in the heart of Raleigh, North Carolina, Pendo is backed by Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures. Through its editorial site and community ProductCraft, sponsored events and podcast, Pendo aims to support the success of product people everywhere. For more information, visit: www.pendo.io
SOURCE Pendo
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