Surpasses revenue expectations for Pendo Feedback, record attendance for annual Pendomonium conference
RALEIGH, NC—NOVEMBER 7, 2019—Pendo.io, the product cloud company, today reported highlights from its third quarter, which ended October 31, 2019. Notable milestones include the addition of 130 new customers, a record crowd gathered for the company’s annual Pendomonium conference, and the close of a $100 million funding round led by Sapphire Ventures. Pendo also ranked #95 on the Forbes Cloud 100 and #26 on the Deloitte Technology Fast 500, announced today, with three-year revenue growth of 4,304 percent.
In its first year to qualify for the annual Deloitte awards, Pendo also ranked fastest-growing technology company headquartered in North Carolina.
Highlights of the third quarter include:
Revenue and customer growth: Bookings grew 96.1 percent in the third quarter over the same period of the prior fiscal year, and customer count topped 1300. Pendo exceeded expectations for its newest product, Pendo Feedback, adding 36 new customers and achieving 346% of its revenue goal.
New customers include: 365 Retail Markets, Advanced Software, African Leadership University, Aruba, a Hewlett Packard Enterprise company, CentralSquare Technologies, ClickUp, CloudBees, Curalate, Cvent, Flock, LaunchDarkly, LumApps, Macmillan Learning, University of California Davis, SEVENROOMS, Shopkeep, The Trade Desk, Vendavo, Wistia, and Wonderschool.
Series E funding: With $100 million in new funding, Pendo will continue aggressive expansion in Europe and beyond, growing its go-to-market teams and investing in product innovation. Alongside existing investors, new investors General Atlantic and Tiger Global Management joined the round. As part of the announcement, CEO and co-founder Todd Olson said he would begin a world customer tour, with plans to visit customers in 12 cities over the next six months.
Pendomonium: Pendo hosted more than 1,000 people at its annual customer conference September 10-11 in downtown Raleigh, where the company made four significant product announcements and featured noted business author and Duke professor Dan Ariely and American chef, restaurateur, author and television host Vivian Howard alongside 40+ presentations by leaders at Drift, Segment, Home Depot, Adobe, LabCorp, Citrix, G2, OpenView Partners and OpenTable. Eight customers were recognized during an annual customer awards event.
Product: Pendo added new capabilities and features, including:
- Pendo Feedback: The newest addition to the Pendo Product Cloud, Pendo Feedback helps product managers and customer success teams capture, prioritize, and report on customer feedback and feature requests, and communicate product roadmaps to multiple stakeholders. Pendo launched Feedback within four months of its acquisition of Sheffield, U.K.-based Receptive, revealing a unified platform and standalone rebranded product at Pendomonium.
- Pendo for Mobile: A new SDK includes Pendo’s powerful retroactive analytics and its new visual design studio, allowing product teams to understand user behavior and deliver guidance and messaging across platforms. The next generation mobile offering creates a connected digital experience across a mobile and web product portfolio.
- 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. Use those insights to take make iterative product improvements—without leaving Pendo.
- Product Benchmarks: Based on usage data from 1000 digital products, Pendo unveiled the first interactive benchmarking experience for product teams, enabling product managers to see how they stack up against their peers on five critical KPIs: product stickiness, feature adoption, feature retention, product engagement score and NPS.
- New Activate partners: A new webhooks engine and four additional platform partners help make Pendo a system of record for software organizations—enabling customers to easily bring third-party data into Pendo to make more informed decisions, and extract data out of Pendo to be combined with other business metrics. Partners Segment, FullStory, LaunchDarkly, and Fivetran shared their innovations on the main stage at Pendomonium.
- Product usage milestone: In a 12-month period, Pendo went from processing 100 billion user events annually to 100 billion events per month.
New HQ groundbreaking: Pendo joined developers in a groundbreaking for its new office tower in downtown Raleigh. Pendo will occupy the top five floors of the building after construction is complete in 2021, making room for 800 employees.
Headcount: 53 new hires during the quarter included a new executive: Harish Mohan, vice president of revenue operations. The company now employs nearly 400 people worldwide. Pendo was also named a Best Place to Work by the Triangle Business Journal for the third year in a row.
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