60 percent year-over-year revenue growth contributed to exceptional fiscal year
Pendo, a company that provides software that makes software better, announced highlights from its fiscal year, which ended January 31, 2022. Notable milestones include substantial growth in revenue and customers, as well as a new corporate headquarters, its third international acquisition, and several new offerings, including its new product family — Pendo Adopt. Through its 2,300 customers and 2,700 Pendo Free accounts, Pendo provides better software experiences to more than 500 million people every month.
“We believe that the future is product led. The companies that are putting their products at the center of everything they do are positioned for unprecedented innovation, growth and success,” said Todd Olson, CEO and co-founder of Pendo. “Our team has worked hard to create the one platform that provides companies with all the tools needed to successfully make this organizational shift. We’re excited to build off our momentum, and help more companies become product led in 2022.”
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Highlights of the fiscal year include:
Revenue and customer growth: Pendo exceeded growth expectations this year with 60 percent year-over-year revenue growth driven by faster than expected revenue increases in EMEA, Pendo Adopt bookings, free to paid conversions and existing customer expansion. Pendo also added over 600 new customers, bringing its total to over 2,300 customers. Fourth quarter bookings grew 102 percent year over year, and new customers in the fourth quarter include Motorola, AccuWeather, Calendly, Emburse, Tezza, Codecademy, American Cancer Society, and international companies such as Australia-based Timely, and Japan-based Yappli.
New investors: To fund continued growth, Pendo closed a $150 million Series F round led by B Capital Group, with participation from Silver Lake Waterman and additional existing investors, as well as a $110 million secondary investment led by Thoma Bravo, bringing its total raised to $356 million and its valuation to $2.6 billion.
Acquisition: Pendo acquired Mind the Product, its third international acquisition in five years. Based in London, Mind the Product is a product management community which provides content, training, and conferences that serve a global audience of more than 300,000 product managers, designers, and developers. With this acquisition, Pendo is able to offer more education and resources to the global product management community.
Community: Pendo hosted its fifth annual Pendomonium event in Raleigh, bringing together more than 600 product managers for a fully outdoor software festival; Pendo also brought Pendomonium to Europe. Pendo customers led 16 regional Pendo User Groups (PUGs) across North America, attracting nearly 2,000 attendees. To provide inspiration and support for companies becoming product led, Pendo announced the Pendo Neighborhood – a hub for Pendo customers to connect with other users on the front lines of product adoption – and How I Pendo – a curated collection of the most creative, impactful, and innovative ways people are using Pendo today.
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Product: Over the fiscal year, Pendo shipped new products, features and capabilities, including:
- Reimagined Pendo Adopt: A new product family that helps companies better understand how employees are using workplace software and then take action to increase employee productivity. Pendo Adopt’s features include Behavioral Analytics, In-App Messaging and Guides, and Actionable Feedback.
- New features for Pendo Engage: Enhancements to Pendo’s family of product experience solutions include Guide Experiments, Portfolio Summary, Product Engagement Score, and Pendo Free for Mobile.
- Pendo Simon: A new machine learning capability, which will be applied across the Pendo platform, enables customers to identify patterns in and derive insights from massive data sets.
Partners: Pendo became the first product adoption platform to launch on the Google Cloud Marketplace, a procurement and fulfillment platform where enterprises can quickly find and deploy software that runs on the Google platform. Additionally, the company formed strategic partnerships with Grant Thornton to bring Pendo’s solutions and thought leadership to enterprises and government agencies that work with the top tier advisory firm, as well as Macnica in Japan, the leader in technology product distribution, high-touch support, and complex design services. Pendo also built several new technology integrations, including with G2 and Calendly.
Headcount: Pendo saw headcount growth across every function, adding 507 new employees in the most recent fiscal year. New executives hired in the fourth quarter include: Betty Mok, vice president of growth marketing; Frank Kyler, vice president of total rewards and operations, and Nichole Mace, vice president of product growth. The company ended the year with nearly 900 employees. Pendo grew its international operations to more than 175 employees, adding nearly 100 people in the United Kingdom, Israel, Japan and Australia.
Awards: Pendo won 20 awards over the course of 2021. In its fourth quarter, Pendo earned a Best Company Culture award from Comparably. Pendo was also named a Best Enterprise Product and Best Development Product for 2022 by G2, and the company’s analytics solution was included in the Forrester Now Tech: Customer Analytics Technologies, Q1 2022 report.
New headquarters: A new downtown Raleigh headquarters adds Pendo’s name to the city skyline. Designed to provide a unique office experience to workers as the pandemic subsides, the office includes a mix of quiet, collaboration, and entertainment spaces, an in-house coffee shop, two stories of bleachers for Town Hall meetings, a commercial pizza oven, and outdoor terrace with sweeping views of the city.