Pendo Exits FY18 With Tripled Bookings, Nearly 300 New Customers and New Downtown Raleigh Address
Pendo reports substantial annual revenue and customer growth as it opens a new downtown Raleigh headquarters and preps to add more than 100 new jobs
Pendo.io, creator of the leading SaaS-based Product Experience Platform, today reported highlights from its fiscal year, which ended January 31, 2018. Notable milestones include substantial growth in bookings, new customers, fundraising and headcount, along with new product capabilities, an acquisition, and a new downtown Raleigh headquarters.
“2017 was a breakout year for Pendo,” said Todd Olson, co-founder and CEO. “I’m incredibly proud of what our team has accomplished in such a short period of time. We’ve built a best-in-class product and team to accelerate growth into larger enterprises, new industries, verticals and time zones.”
Highlights of the fiscal year include:
Revenue: Annual bookings growth tripled in conjunction with the addition of 24 new sales reps and the appointment of Bill Binch as chief revenue officer.
Customers: A 240 percent increase in net new logos tipped the customer count above 500. New customers welcomed in the fiscal year include Zendesk, Red Hat, Marketo, Workfront, Gainsight, Realtor.com, Venafi, and Elsevier.
Fundraising: A $25 million Series C round led by Meritech Capital Partners in July 2017, brought total equity funding to date to $56 million.
Board of directors: New board members include Rob Ward, founder and managing partner at Meritech; and Brett Queener, former EVP of Salesforce, seed-stage investor in Pendo, and its first independent board member.
Acquisition: In September 2017, Pendo made its first acquisition, adding Israel-based Insert.io to its portfolio. This acquisition brought engineering talent, new product capabilities and the company’s first international office.
Product: Over the fiscal year, Pendo shipped new code every week, culminating in new capabilities and product enhancements, including:
- NPS–breakthrough feature allows product teams to capture and analyze Net Promoter score (NPS) in-app, combining rich product analytics with qualitative user feedback to understand how the product experience drives delight or frustration.
- Trends–deepens insight by allowing product teams to compare feature usage and user segments side-by-side to visualize trends across multiple product and user dimensions.
- Goals–lets product teams set product goals such as product and feature usage rates or NPS score in-app, measure progress, and take action based on these observations.
- Compliance–Pendo successfully completed a Service Organization Controls (SOC) 2 audit. SOC reports are an internationally recognized framework related to compliance or operations including how sensitive data is stored, handled, and transmitted. Pendo’s audit included all five SOC 2 trust principles.
Headcount: Pendo saw headcount growth across every function, adding nearly 100 new employees–including nine new executives–in the most recent fiscal year. This brings total headcount to 170 employees.
Awards: In November, Pendo won a spot on the LinkedIn Top 50 U.S. Startups list drawn from a pool of 25,000 eligible venture-backed companies. In addition to Pendo, the list included Silicon Valley unicorns Slack, Stripe and Uber. Locally, Pendo took home two awards from the North Carolina Technology Association, as well as recognition as a Best Place to Work by the Triangle Business Journal.
Offices: Pendo added new offices in San Francisco, New York City and Yakum, Israel (via the Insert acquisition), and ended the fiscal year by moving into a 43,000-square-foot headquarters at the Wells Fargo Capitol Center in downtown Raleigh. Its fourth move since founding in 2013, the new headquarters offers room to grow to 400 employees over the next several years. Pendo expects to hire over 100 people in 2018—22 positions are open now at www.pendo.io/careers/.
Pendo is a product experience platform that helps product teams deliver software users love. With Pendo, product teams can understand product usage, collect feedback, measure NPS, onboard users, and announce new features in app—all without requiring engineering resources. Founded in 2013 in the heart of Raleigh and backed by Battery Ventures, Spark Capital and Meritech Capital, Pendo has raised $56 million and has over 500 customers, including Zendesk, LexisNexis, Coupa, Gainsight, BMC, and Sprinklr. In 2017, it was named a Top 50 Startup by LinkedIn. Pendo tracks 27 billion user actions, and improves the product experience for 56 million users every month. For more information, visit: www.pendo.io