Symphony RetailAI Announces 2020 Growth and Momentum, With SaaS Revenue Up 65% YOY
Company adds two veteran sales leaders to continue its growth trajectory
Symphony RetailAI, a leading global provider of integrated AI-powered marketing, merchandising and supply chain solutions for FMCG retailers and manufacturers, today announced significant SaaS revenue momentum in 2020 and that it is laying the groundwork for continued growth into 2021. Following considerable uplifts in both SaaS and perpetual license revenue from the prior year, Symphony RetailAI is focusing on acceleration of its go-to-market capabilities with the appointment of two new executive team members who will report into its newly named Chief Revenue Officer.
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Company Revenue and EBITDA Point to Record Growth
Symphony RetailAI realized total revenue growth of 19% in Q4 2020 compared to Q4 2019. The company’s growth for 2020 yielded a SaaS revenue increase of 65% and perpetual license revenue growth of 76% when compared to 2019. Further, the company expanded transformation initiatives with existing and new industry leaders including Intermarché, Smart & Final, Dagrofa, Buy-Low, Rossman, Magnum Cash & Carry, Globus and SPAR Saudi Arabia, as well as CPG manufacturers like Mars, PepsiCo and ABInBev in 2020. Increases in license revenue rounded out a year of profitable growth for the company during a challenging year for many software vendors.
“Retailers and CPGs were faced with significant and never-before-seen challenges in 2020. COVID-19 exposed troubling gaps and major weaknesses in the retail supply chain,” said Chris Koziol, CEO, Symphony RetailAI. “As we look closer at these issues, it’s becoming very clear that the traditional technologies and processes held by the FMCG community are incapable of keeping up with today’s challenges. By turning to providers with proven AI-powered solutions, retailers empower themselves with advanced tools to respond to customer behavior shifts with greater speed and agility. We are honored so many retailers, wholesalers and manufacturers selected Symphony RetailAI as their strategic partner last year. We are more committed than ever to delivering on our customer promise: To be the easiest to do business with, delivering the best-quality software and customer service, and using breakthrough AI-powered solutions to deliver significant value in the first year.”
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Two Retail Supply Chain Experts Named to the Leadership Team
To support Symphony RetailAI’s growing customer base, Bob Kyle has been named Senior Vice President of Sales, North America, and Ryan Chan has been named as Senior Vice President, Global Solutions & Value Consulting. Kyle and Chan both join Symphony RetailAI at an exciting time of investment, under the leadership of the company’s new Chief Revenue Officer, Dale Grant, who joined in November 2020.
Kyle most recently served as Vice President, North America Sales at Llamasoft (now part of Coupa Software), where he spent 11 years of his career. He brings with him extensive supply chain expertise, as well as a deep understanding of how solutions drive value for clients in the retail and grocery industry. Kyle will be responsible for developing long-term relationships with North American retailers for all of Symphony RetailAI’s software solutions, identifying new opportunities while increasing business within the existing customer base.
Similarly, Chan spent more than 11 years with Llamasoft, where he held the role of Vice President, Value Solutions Consulting. With his expertise in leading global solutions consulting organizations, Chan will support all sales efforts, leading Symphony RetailAI’s world-class team of consultants and championing the company’s value-based propositions for prospects and established customers.
“We are incredibly excited to welcome Bob and Ryan to the Symphony RetailAI family,” said Dale Grant, Chief Revenue Officer, Symphony RetailAI. “They are both exceptional leaders, and with their proven experience in the grocery and CPG sectors, we are confident they will have a meaningful impact on our continued growth and success in the market.”
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