Quarterly bookings jump 90% over prior Q2
Pendo, a startup that provides software that makes software better, today announced highlights from its second quarter, which ended July 31, 2021. Notable milestones include another record quarter for bookings and new customer logos, a significant revenue milestone, Series F funding with new investor participation, and a spot on the Forbes 2021 Cloud 100 list for the fourth year in a row. Pendo also hired 300 people in the first half of the fiscal year, bringing the global headcount to 700.
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“This was a really special quarter for Pendo,” said Todd Olson, CEO and co-founder of Pendo. “We set a goal early on to surpass $100 million in ARR, and we achieved that by building great products, hiring amazing people, focusing on customers, and anticipating a growing market need across industries for software that makes software better. We especially thank our customers for providing the feedback, ideas and support to help make Pendo a successful company.”
Highlights of the quarter include:
Revenue and customer growth: Pendo achieved $100 million in annual recurring revenue in a quarter of record growth. Driving the growth was an increase in revenue from existing customers, an influx of freemium-to-premium conversions, and a boost in international business, with strong momentum in Pendo’s newest market, Japan.
Pendo added 195 new customers in the quarter, including Greenway Health, Gett, Lendio, Bombora, Cardlytics, TaxBit, Photobucket, WatchGuard Technologies, MessageBird, Paylocity, PRO Unlimited, Duck Creek Technologies, and the United States Golf Association.
Series F funding: A new round of venture capital led by B Capital Group will fund aggressive global expansion, strategic acquisitions and continued product innovation. The round brings Pendo’s total funds raised to $356 million and valuation to $2.6 billion. Joining B Cap in the round is new investor Silver Lake Waterman, and most of Pendo’s existing investors.
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Pendomonium: Pendo’s marquee event will be a one-day, all outdoors, product festival on October 13 in Raleigh, NC. Pendomonium will gather forward-thinking leaders in product, IT, and digital transformation to learn and exchange ideas through edgy keynotes, thought leadership, and hands-on breakout sessions.
Digital adoption momentum: Pendo introduced a second product family, Adopt, designed to help companies drive adoption of the software they provide to employees. The company announced the new suite of solutions at its Guide: The Digital Adoption Summit, a first-time virtual event that drew more than 400 IT, human resources, and digital transformation leaders for a keynote by Wharton professor and bestselling author Adam Grant, and talks by executives from IDEO, Accenture and Essity.
Product:
- Product families: Pendo branded its offerings as two families of products: Engage is a suite of solutions for improving the product experience for customers and Adopt, mentioned above, is a suite of solutions for driving digital adoption with employees.
- Guide Experiments: This new capability offers customers a way to test, measure, and prove the impact of the in-app messages they create in Pendo. Customers can set and track goals for guides, test guide options to determine which is most effective, and view results of these experiments in a new dashboard.
- Portfolio Summary: A new executive summary feature enables large enterprise customers to visualize product usage data across a portfolio of products.
- Pendo Free: More than 1,500 companies have started using Pendo Free since its launch in November 2020, continuing to exceed expectations for the free version of Pendo.
Global headcount: Global headcount surpassed 700 during the quarter, with one new executive, Chad Holdorf, who joined as vice president of product, digital adoption. Pendo also improved the diversity of its workforce over the last year, with female representation climbing to 42% and racial/ethnic representation jumping to 21%.
Awards: Pendo ranked #59 on the Forbes 2021 Cloud 100, the definitive ranking of the top private cloud companies in the world. Comparably ranked Pendo to its Best CEOs for Diversity and Best CEOs for Women for 2021; the Triangle Business Journal awarded Pendo a Best Place to Work and Leader in Diversity; and G2 named Pendo a leader in digital adoption and product analytics for Summer 2021.
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