The company continues to show impressive growth and customer retention despite challenging economy
WorkWave, a leading provider of SaaS software solutions that support every stage of a field service business’s life cycle, closed out an exceptional Fiscal Year 2022 with 84% revenue growth year-over-year (YoY) and a net retention rate of 119%.
“In 2022 we showed that WorkWave is able to grow even in the most challenging economic times, bringing our customers a stable and long-lasting relationship they can count on now and into the future — which isn’t the case for many software companies,” said David F. Giannetto, CEO of WorkWave. “What’s even more important, however, is how we have been able to continually experience extremely strong net customer retention rates, a testament to how we’ve helped our customers thrive in spite of today’s challenging economy.”
WorkWave is committed to being a partner to its customers, helping them grow their businesses, service their customers and maximize their money. This year’s strong retention numbers reflect this critical partnership as customers lean on WorkWave’s leading expertise and innovative solutions and services to help keep them confident in their growth and stability, especially through unstable times.
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From 2021 to 2022, software revenue alone grew 85% YoY, primarily driven by bookings growth of 66%. Key milestones for 2022 overall include:
- WorkWave’s acquisition of TaskEasy, a leading automated field service marketplace
- WorkWave was named an Inc. Power Partner, an exclusive designation for companies going the extra mile to provide game-changing support for their customers
- WorkWave launched WorkWave Financial Services, a collection of unprecedented financial offerings to power the field service industry
- WorkWave launched ServiceBot™ by WorkWave, delivering powerful sales technology to a variety of service industries
- WorkWave announced the modernization of ServMan by WorkWave
- WorkWave launched TEAM by WorkWave, its new, modernized and global workforce management platform, as well as TEAM Lite, an easy-to-use, all-in-one software platform that empowers small and early-stage companies across the cleaning industry to grow and operate
- RealGreen launched RealGreen Lite, a powerful and simple-to-use software solution designed specifically for small, early-stage green industry businesses, as well as RealGreen Forms, Mobile Live and AMA 2.0
This past year, Hg Capital also became a significant minority investor in WorkWave, joining EQT, TA Associates and Serent Capital.
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“We continue to be impressed by the consistent growth we’ve seen across WorkWave’s verticals as they establish themselves as true innovators,” said Darren Roos, chairperson of the board at WorkWave and CEO of IFS. “Even in the current economic climate, WorkWave has proven its value, continually differentiating itself from other industry competitors and forging a path forward for the field service software industry.”
WorkWave continues to focus on providing exceptional customer service and ensuring customer retention to support overall growth and profitability as they move into 2023.