Pendo Exits Fiscal Year With 550 New Customers, 409 Employees, Two New Products, and Six Global Offices
RALEIGH, NC—FEBRUARY 20, 2020—Pendo.io, the product cloud company, today reported highlights from its fiscal year, which ended January 31, 2020. Notable milestones include substantial growth in bookings, new customers, fundraising, and headcount, along with new product capabilities and an acquisition.
Pendo also announced plans to hire 130 people during the current fiscal year. Fifty-six positions are currently open at www.pendo.io/careers/.
“2019 was a breakout year for Pendo, as we added some of the world’s largest companies as customers, expanded into Europe and grew our product portfolio with an exciting acquisition,” said Todd Olson, CEO and co-founder of Pendo. “We’ve set the stage for a big 2020, as we look to double down on all of these efforts.”
Highlights of the fiscal year include:
Revenue and customer growth: Annual bookings continue strong growth at a three-year annual growth rate of 133%. An 80 percent increase in net new logos tipped the customer count above 1400, including 170 new customers in the fourth quarter. 50% of Pendo revenue now comes from traditional (non-SaaS) enterprises.
New customers in the fourth quarter include companies like: Mindbody, Gigamon, Paysafe, Performance Horizon Group Ltd, Pistor AG, R1 RCM, Raven Industries, Remedy Partners, UserTesting, and Wrench Inc.
Fundraising: Pendo closed a $100 million Series E round led by Sapphire Ventures, bringing its total equity funding to $206 million. Along with existing investors, Tiger Global Management and General Atlantic Partners also joined the latest round.
Acquisition: Its second acquisition in two years, Pendo added customer feedback and feature planning and prioritization to the product cloud with the purchase of Sheffield, U.K.-based Receptive. In its first two quarters of general availability, Pendo Feedback beat all of its revenue targets, adding 70 paying customers for this new offering. Pendo subsequently added Sheffield as another R&D center for EMEA, nearly doubling the size of that team.
Community: Pendo’s annual user conference Pendomonium doubled registration with 1200 attendees this year, and Pendo customers led 11 regional Pendo User Groups (PUGs) across North America, attracting over 400 attendees. Pendo’s destination editorial site, ProductCraft, celebrated its second year of operation, with 40% growth in traffic and users over the prior fiscal year, and 343 original articles published to date. ProductCraft also hosted a sold-out crowd of 600+ for its first San Francisco conference in May 2019, and announced an early 2020 conference series stopping in San Francisco, London and Boston.
Product: Over the fiscal year, Pendo shipped 57 product releases, leading to new products, features and capabilities, including:
- Pendo Feedback–Relaunched as part of the Pendo product cloud, the former Receptive product helps product managers and customer success teams capture, prioritize, and report on customer feedback and feature requests, and communicate product roadmaps to multiple stakeholders.
- Mobile 2.0–A new mobile SDK includes Pendo’s powerful retroactive analytics and its visual design studio, allowing product teams to understand user behavior and deliver guidance and messaging across a mobile and web product portfolio.
- Pendo Adopt--Pendo’s first OEM product helps companies deliver customized in-app training to get employees up-to-speed quickly on new systems.
- Data Explorer–This powerful new product analytics capability centralizes data analysis in Pendo, and gives product teams a virtual sandbox for discovering new insights from user behavior and creating visualizations and reports from the data.
- Resource Center redesign: Updates to the information hub widget that appears in the bottom-right corner of a web or mobile application let customers tailor, personalize and localize guides and messaging inside their applications.
- Localization–Users can now dynamically create and manage individual guides or launch a Pendo Resource Center in multiple languages.
- Compliance–The company maintained its SOC 2 Type 2 certification, meeting the standard for all five trust principles: security, availability, processing integrity, confidentiality, and privacy. Pendo also opened a data center in the European Union for customers who need to store data in the EU to comply with applicable data protection regulations or business requirements.
Partners/Integrations: A new webhooks engine enables customers to easily bring third-party data into Pendo to make more informed decisions, and to extract data out of Pendo to be combined with other business metrics, making Pendo a system of record for software organizations. Pendo now integrates with nearly two dozen technology partners and counts 10 solutions partners as part of its Activate partner program.
Headcount: Pendo saw headcount growth across every function, adding 186 new employees in the most recent fiscal year, including 10 new executives. In the fourth quarter, Pendo hired Matt Wise as vice president of sales in EMEA and promoted Chas Scarantino to managing director of EMEA. The company ended the year with 409 employees.
Awards: Pendo ranked #73 on the Inc. 5000 and #26 on the Deloitte Technology Fast 500 in its first year qualifying for both programs. It was also named to the Forbes Cloud 100 list for the second year in a row. The company won three significant workplace awards: No. 1 private cloud company to work for by Battery Ventures and Glassdoor, an Inc. Best Workplace, and a Best Place to Work by the Triangle Business Journal.
Offices: Alongside office moves in Herzliya, Israel, and Sheffield, UK, Pendo broke ground on a new headquarters in downtown Raleigh, set to open in early 2022. Pendo will occupy the top five floors of the building and have room for 1,000 employees.
Pendo is a product cloud that helps digital product teams and application owners deliver software experiences that users love. Pendo customers include the world’s leading software companies and digital enterprises, including Verizon, LabCorp, BMC, Coupa, Okta, Salesforce, and Zendesk.. Founded by product people in 2013 in the heart of Raleigh, North Carolina, Pendo is backed by Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures. Through its editorial site and community ProductCraft, sponsored events and podcast, Pendo aims to support the success of product people everywhere. For more information, visit: www.pendo.io