Company exceeds revenue target for the second straight quarter, led by growth in enterprise business
Pendo, a platform that helps companies accelerate digital product adoption among customers and internal employees, today reported highlights from its third quarter, which ended October 31, 2020. Notable milestones include a second consecutive quarter of higher-than-expected bookings, the addition of 118 new customers, a record crowd gathered for the company’s first virtual Pendomonium conference, and a slew of executive hires.
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“The need for Pendo has never been greater as traditional enterprises push to increase adoption of the software products their customers and employees use every day,” said Todd Olson, CEO and co-founder of Pendo. “This need has become especially intense as workforces become increasingly distributed.”
Pendo also appointed former MuleSoft CEO and Chairman Greg Schott to its board of directors.
“Greg has an incredible background leading MuleSoft through a successful IPO and an acquisition by Salesforce. I look forward to his mentorship over these next pivotal years of growth at Pendo,” Olson said.
Highlights of the quarter include:
Revenue and customer growth: Pendo exceeded revenue expectations for the second quarter in a row, with revenue from traditional businesses now surpassing SaaS bookings. The customer count tipped above 1600, with new customers including: Guidewire, Legalinc, Podium, Lattice, 1E, A Cloud Guru, Calabrio, CalAmp, DealerSocket, ExpertVoice, iBooking, Hatch Early Learning, Home Instead Inc., Kaseya, Linkfluence, Signifyd, Urgent Care for Kids, Wahoo Fitness, and Workspace 365.
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New board member: Joining the Pendo board of advisors as an independent board member is former MuleSoft Chairman and CEO Greg Schott, who led the company through its 2017 IPO and subsequent $6.5B acquisition by Salesforce in 2018. Schott, who left Salesforce earlier this year, grew MuleSoft from $2M in revenue when he joined the company in 2009 to over $800M, and from 20 employees to over 1,700.
Executive hires and promotions: Pendo hired the following executives during fiscal year 2021: Jim Harvey, vice president of corporate sales; Kimberly Seabrook, vice president of commercial sales; Jason Gatoff, vice president of product marketing; Cameron Moll, vice president of product design; Melinda Gonzalez, vice president of customer success; and Stephanie Sall Bailey, vice president of revenue marketing. Joe Chernov was promoted to chief marketing officer, Ben Carey to chief customer officer, and Justin Nuzum to vice president of services and support.
Pendo Free: A new, free version of Pendo gives companies access to Pendo’s analytics and in-app guidance capabilities, giving product managers the answer to the common question: Are my customers using my product the way we envisioned they would?
The Product-Led Organization: Olson’s first book, “The Product-Led Organization: Drive Growth by Putting Product at the Center of Your Customer Experience,” was named a hot new release in several categories on Amazon. Released on September 23, 2020 by the global publisher Wiley & Sons, the book challenges product leaders to consider what aspects of the customer journey they can automate inside their products to increase adoption and customer satisfaction, and drive growth for their companies.
Pendomonium: More than 3,000 people from the fields of product management, customer success, user experience and marketing attended the company’s first virtual user conference. With keynotes by NBA legend Kareem Abdul-Jabbar and Blue Apron CEO Linda Kozlowski as well as two dozen sessions led by Pendo customers, executives and product experts, the conference explored the idea of “rewriting our 2020 playbooks.”
Awards: Pendo ranked #54 on Forbes’ Cloud 100 list, moving up from #95 on last year’s list. Comparably also ranked the company among top small to medium sized businesses for compensation and happiness, and the Triangle Business Journal named Pendo a Best Place to Work for the fourth consecutive year. Pendo also won the 2020 Proddy Award for Best User Adoption Product, and landed #74 on the Deloitte 2020 Technology Fast 500.
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