New Era For Wrike Commences With Notable Customer Milestones And Platform Adoption
Wrike, the most powerful work management platform, reports strong growth metrics and major milestones in the areas of year-over-year revenue, customer support, platform feature adoption, and customer deployments and expansions from the likes of Mindbody, Lyft, and Intuit. Most notably, Wrike has seen 60% year-over-year growth in $250K+ accounts, the largest known collaborative work management (CWM) deployment with 140,000 users on one account, a 9.40 CSAT score for support satisfaction, and a 67% increase in adoption of automation features. As a newly independent company under Vista Equity Partners and Evergreen Coast Capital, Wrike is well positioned to take on leadership status in the work management space with a renewed focus on platform innovations and professional services designed to accelerate time to value for companies looking to move fast in today's economy.
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Meet Wrike, the most powerful work management platform. (Graphic: Business Wire)
"Our transition back to the private sector and partnership with two of the software industry's biggest investors could not have come at a better time," says Andrew Filev, Founder and CEO, Wrike. "Every organization is laser focused on moving quickly and efficiently, and we now have the power to not only do that at Wrike but enable our customers to do so, as well. The benefits of this are evident in the growth we're seeing across customer accounts and satisfaction, as well as feature adoption. Historically, we have seen year-over-year growth, but recent events have bolstered the need for work management solutions that bring all teams and departments across an organization together in one digital workspace. The time for a single source of truth is now."
According to market research firm Forrester, software spending worldwide is expected to grow at a compound annua growth rate (CAGR) of 10.3% from 2021 to 2023 - more than two times faster than the rate of spending in other segments of IT. This is primarily driven by deployment of cloud and enterprise applications, which has resulted in a rise in work complexities and the need for businesses to address the financial and human impact of inefficiencies, alongside decreases in productivity. To illustrate, labor productivity in the non-farm business sector decreased 4.1% in the second quarter of 2022, with output decreasing 1.4% while hours worked increased 2.7%. This is the largest decline in quarterly productivity since the third quarter of 1948 (U.S. Bureau of Labor Statistics). Additionally, a recent report from Wrike shows that 55% of the work that takes place within an organization is not visible to key stakeholders, costing organizations up to $60 million a year in wasted time, delayed or canceled projects, and employee churn.
The demand has never been greater for a single work management platform that can meet the needs and job styles of individuals while also giving an entire organization the collaboration, measurement, and visibility it needs in order to drive the business forward effectively.
"As the demand for 360-degree visibility and accountability across an organization has accelerated, Wrike has mirrored this trajectory with positive growth year on year," continues Filev. "Our customer base has welcomed teams from Sony Pictures, L'Oréal, Mindbody, Sitecore, Seaworld Parks and Entertainment, Lyft, and Intuit, which have deployed or expanded with us in the past year. One of our largest customers started with a small team and organically expanded to 140,000 users on a single platform where they collaborate and manage diverse workflows. We are also proud to serve thousands of small businesses that are building innovative products and services and will be the leaders of tomorrow. We see a strong correlation between a company's success and their ability to prioritize, collaborate on, and accomplish their most important goals. These customer stories demonstrate the depth and breadth of our platform, including its intuitiveness, versatility, and scalability."
Wrike enables approximately 20,000 organizations and two million users to manage complex work in a simple, automated, and united way. Wrike has seen 20% year-over-year revenue growth, 60% year-over-year growth in $250K+ accounts, and a 60% win rate against major competitors due to its strengths in the areas of customer support and platform robustness. Customer satisfaction, in particular, was up in the areas of professional services, support, the help center, and the ease of finding information. Wrike offers award-winning support that scales with an organization, as well as in-depth guides and resources on the latest product features for better productivity and efficiency. Additionally, Wrike saw a 100%+ net customer retention rate with more than 20% of customers expanding their accounts to usher in more teams and departments to tackle modern work challenges together.
"Project management is an essential part of Leaf Home's success," says Krystal Burwell, Director of Project Management, Leaf Home. "With oversight into our entire organization's projects and goals, our project management team has been key in connecting and integrating the entire enterprise throughout marketing, supply chain, IT, legal, call center, and creative. The company leans on project management as a strategic partner to create thorough and cohesive project plans, calculate ROI, and identify risks to reach our larger organizational goals."
As product innovation continues to be top of mind at Wrike, with 200 new product features and updates in the past year alone, it shows in platform feature adoption. Wrike has seen a 67% increase in automated items, such as tasks and projects, 57% increase in monthly active users of Resource Management, 30% increase in the number of API syncs, and 215% increase in the number of active accounts using Wrike Analyze.
"These platform metrics are indicative of the challenges organizations face today," says Alexey Korotich, VP of Product, Wrike. "A number of companies are outgrowing simplistic apps and online spreadsheets and need a more powerful platform that supports the complexity of their digital work. They need a single source of truth where all apps, work, and people can come together for complete visibility; they need a no-code platform that automates mundane work and frees them up to focus on impactful work; they need more control over resources for increased efficiency; and they need real-time insights that guide future decisions. Wrike is a purpose-built platform for organizations seeking to overcome the work complexities of today and tomorrow, and it's getting even better. Since a lot of work management deployments start very small and simple, we wanted to meet our future customers where they are and launched a brand new entry-level Team plan. It is extremely user friendly, and a great option for organizations seeking a best-in-class work management platform that will grow with their business."
Wrike has been included on Deloitte's Technology Fast™ 500 list for six consecutive years and was named a Leader in the Forrester Wave on Collaborative Work Management Enterprise Tools for the third time in 2020.
For more information about Wrike's award-winning platform and customer service, visit www.wrike.com.
Wrike is the most powerful work management platform. Built for teams and organizations looking to collaborate, create, and exceed every day, Wrike brings everyone and all work into a single place to remove complexity, increase productivity, and free people up to focus on their most purposeful work. With unmatched power, versatility, and intuitiveness, Wrike is the only work management solution an organization will ever need to scale, optimize, and move fast in a competitive world. More than 20,000 happy customers power their future and come together in Wrike, including Estée Lauder, Hootsuite, Nielsen, Ogilvy, Siemens, and Tiffany & Co. For more information, visit www.wrike.com.
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