Pendo Exits Fiscal Year With 130% Annual Bookings Growth, Nearly 400 New Customers and New London Office
We’re proud to share the results of our 2019 fiscal year, which ended January 31. It was a busy year of building, both product and team. Check out the highlights in the news release below, and enjoy this British slang video series we produced in celebration of our London office opening.
LONDON, U.K. and RALEIGH, NC—MARCH 5, 2019 — Pendo.io, creator of the leading product cloud for digital products and data-driven product teams, today reported highlights from its fiscal year, which ended January 31, 2019. Notable milestones include substantial growth in bookings, new customers, fundraising, and headcount, along with new product capabilities.
Pendo also announced its first European office, opening this week in London (Read the announcement here), and plans to hire 175 people during the current fiscal year. Fifty positions are open now at www.pendo.io/careers/.
“Pendo experienced incredible growth in 2018, but it was also a foundational year,” said Todd Olson, co-founder and CEO of Pendo. “As software product management comes of age and companies increasingly recognize the need to invest in the product experience, we made huge investments in our own product, team and real estate to continue leading the industry for years to come.”
Revenue: Annual bookings growth grew 130 percent, bringing the company’s three-year growth rate to 226 percent.
Customers: An 80 percent increase in net new logos tipped the customer count above 850, including 173 new customers in the fourth quarter. The number of enterprise customers grew 125 percent and included top 10 retailers, a global market research firm, major financial institutions and insurance companies, and a worldwide healthcare diagnostics provider. More than 153 million end users engaged with Pendo through its collective customer base.
Fundraising: A $50 million Series D round led by Sapphire Ventures in September 2018 brought total equity funding to date to $106 million. Along with existing investors, Geodesic Capital and FirstMark Capital also joined the round.
ProductCraft: In the year since Pendo launched its destination editorial site by and for product leaders, the site has published 175 original articles and 45 debates. ProductCraft also hosted five live debates and announced its first conference, to be held in San Francisco in May 2019.
Product: Over the fiscal year, Pendo shipped new code 1050 times, leading to new products, capabilities and features, including:
- The industry’s first product cloud–Bringing together product analytics, user feedback and guided user engagement as part of one integrated platform, Pendo announced a new integration hub that lets product teams easily connect with other parts of the product creation lifecycle, including design, engineering, marketing, and customer success tools.
- New visual design studio–Using Pendo’s new guide authoring system, any stakeholder can play a role in creating in-app guides and messages. Using drag-and-drop “building blocks,” authors of any technical skill level can easily design and deploy sophisticated and custom in-app messages and requests for feedback without writing any code.
- Mobile–Delivering on the promise of Pendo’s acquisition of Israel-based mobile messaging platform Insert in 2017, Pendo released a single analytics dashboard that integrates mobile and web data.
- Multi-app analytics–Pendo customers can now track user behavior, usage trends and sentiment across a portfolio of multiple Web and mobile applications, a particularly relevant offering for large companies hoping to increase adoption, accelerate cross-sell/up-sell, and improve multi-product retention.
- Retention analytics–This new feature makes it easy to see whether users return to a product and engage with it after their first use.
- Compliance–Pendo hired its first data protection and chief information security officers and put measures in place to comply with the European Union’s new GDPR data privacy regulations. The company also completed SOC 2 Type 2 certification, meeting the standard for all five trust principles: security, availability, processing integrity, confidentiality, and privacy.
Partners/Integrations: Pendo users can now export product data into Confluence, share NPS survey results to Slack and Zendesk Timeline in real-time, and deliver NPS surveys via email. Pendo also announced the Product Cloud Alliance, the first coalition of technology vendors serving digital product teams. Founding members include InVision, UserVoice, FullStory, Split, ProductPlan and Pendo.
Headcount: Pendo saw headcount growth across every function, adding nearly 125 new employees in the most recent fiscal year. New executives include Ashley Brucker-Stepien, vice president of revenue marketing; Ben Carey, vice president of professional services; Perry Gale, managing director, UK; and Chuck Kesler, chief information security officer. The company ended the year at 285 employees.
Awards: Pendo was named to Forbes’ Cloud 100 and Next-Billion Dollar Startups lists, and among Inc.’s Best Workplaces for 2019. The company was also recognized as a Cool Vendor for Application Development by Gartner, Inc. Locally, Pendo took home Software Company of the Year from the North Carolina Technology Association, as well as recognition as a Best Place to Work by the Triangle Business Journal.
Offices: Alongside office moves in San Francisco, New York City, and Herzliya, Israel, and a new office in Shoreditch, London, Pendo began a search for a new headquarters in downtown Raleigh with room for 800 employees over the next several years.
Pendo is a product cloud that provides user insight, user guidance and user communication for digital product teams. With Pendo, these product teams can understand product usage, collect feedback, measure NPS, onboard users, and announce new features in app—all without requiring engineering resources. Founded in 2013 in the heart of Raleigh and backed by Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures, Pendo has raised $106 million and counts 850 customers, including Zendesk, Salesforce, Coupa, OpenTable, Marketo, BMC, and Sprinklr. Pendo is also the producer of ProductCraft, a destination editorial site with insights by and for product leaders; and Pendomonium, a premier product conference. For more information, visit: www.pendo.io