Pendo Ends Fiscal Year with Record Growth in Enterprise Customers as the Product-Led Movement Expands Beyond Software
RALEIGH, N.C., Feb. 28, 2023 /PRNewswire/ -- Pendo, the most comprehensive product experience platform, today announced highlights from its fiscal year, which ended January 31, 2023. Notable milestones include 40% growth in customers paying over $100,000 annually, double the number of $1 million or more contracts, the addition of 17 new Fortune 500 customers, and a 118% increase in Pendo Free subscribers. Pendo also shipped a more powerful Pendo Engage platform, and exceeded goals for its new Pendo Adopt solution, earning recognition as a leader in the Forrester New Wave™: Digital Adoption Platforms, Q4 2022.
More than 8,700 companies now use Pendo to provide better software experiences to 700 million people every month.
"Despite uncertain economic conditions, companies continue to invest in their digital products to meet rising user expectations for better digital experiences and to drive future growth for their businesses," said Todd Olson, CEO and co-founder of Pendo. "Many of the world's largest companies—both software and in traditional industries—are leveraging product-led tactics to drive efficiency, productivity, and sustainable growth. We are proud to partner with these companies on their journey to become product led."
Highlights of the fiscal year include:
Revenue and customer growth: Driving Pendo's growth during the fiscal year were existing customer expansion, free-to-paid conversions, and larger than expected sales of Pendo Adopt. Pendo also added more than 500 new customers, growing its base of customers with a total contract value over $100,000 by 40 percent. New customers added during the fourth quarter include Circle, ParentSquare, Sorenson Communications, WellnessLiving, and OneSpan North America. New international customers include Oliver James, based in the United Kingdom, and Novasell of Japan.
Customers that expanded their relationships with Pendo in the fourth quarter include Morgan Stanley at Work, Red Hat, Inc., WP Engine, VESTAPLUS™, Vertiv, Net Health, Coterie Insurance, and Constant Contact.
Product: Over the fiscal year, Pendo announced new products, features and capabilities, including:
Product-led leadership: Pendo continues to drive the product-led movement forward with its Product-Led Certification course that teaches product managers and business leaders how to apply product-led strategies to drive growth and elevate their careers and organizations. To date, the course has received more than 26,000 registrants. A second certification course, covering product analytics, will launch in March 2023. Pendo also honed its own product-led growth strategy, adding a free trial, a self-serve Starter package, and enhancing the experience of using Pendo Free. Nearly 6,000 companies are Pendo Free subscribers.
Global expansion: To support more than 500 international customers, Pendo opened a new EMEA headquarters in central London, expanded its Asia-Pacific presence to Australia and New Zealand, and grew its international headcount to over 200 employees. Pendo Japan hosted its first flagship event, the Digital Adoption Forum, drawing more than 1,200 people from the country's top enterprise and startup companies.
Awards: Pendo won 25 awards over the course of its fiscal year. In its fourth quarter, Pendo was named to the Deloitte Technology Fast 500 list for the fourth year in a row and earned recognition for Best Company Culture and as a Best Company for Women by Comparably. During the annual statewide NC Tech Awards, Olson earned CEO of the Year, and Chuck Kesler, the company's chief information security officer, was named CISO of the Year. Pendo also took home the NC Tech HQ of the Year award.
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