Glassbox Experienced Double Digit Growth in 2022, Carries Strong Foundation Into 2023
Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced its financial results for 2022, totaling revenues of $46 million, 20% growth (Non-GAAP) and 24% (GAAP) growth from the same period in the previous year, as well as $49 million in annual recurring revenue (ARR), growing 11.3% from 2021. The company continues to be in a strong position with a gross retention record of 96% for large enterprise customers that are renewing their contracts with Glassbox. Glassbox has also continued to reduce operating cash burn from $17.8 million in 2021 to $16.3 million in 2022 while continuing to grow, and believes this trend will continue in 2023.
"Glassbox is in a strong position during turbulent times thanks to serving customers cost savings needs while also ensuring exceptional customer experiences that drive engagement, loyalty and revenue," said Yaron Morgenstern, Glassbox CEO. "Our focus as always is on growth, while building positive cashflow and the continued progress towards profitability. Our target is to continue improving our gross margins, bring on a substantial number of new customers and deepening relationships with existing customers to engage them with new products. All of these things are with the goal of exceeding $100 million ARR in the next two years."
Glassbox unveiled multiple new product offerings to its award winning Digital Experience Intelligence (DXI) platform at the company's annual conference, Digital Wrld, in 2022. Voice-of-Customer (VoC) and User Timelines are aimed at humanizing the customer journey and providing deeper insights to help Glassbox customers meet their users' needs. The new capabilities were the latest updates to the broadest digital experience intelligence platform on the market. Further strengthening the company was the announcement of an advisory board consisting of executives from leading technology companies including Dell, Vimeo, HubSpot and SimilarWeb.
"Our customers are seeing a significant return from every dollar invested in our solutions," continued Morgenstern. "This value is critical to companies during uncertain economic times. We are focused on constantly improving our existing products as well as innovating to bring new ones that provide even more value to our customers. The ability to continue driving a valuable return on investment for our customers will help us reach our near, mid and long term goals of profitability and efficiency."
Glassbox also received several accolades reaffirming customers' sentiment towards the company. The notoriety includes seven global awards from G2, including being named a top 100 software company in the world, being ranked number one on Gartner Peer Insights for Customer Experience Intelligence and three best of awards from TrustRadius for relationship, value and feature set.
Glassbox empowers organizations to create frictionless digital journeys for their customers. Our leading digital experience analytics platform works in real-time across mobile apps and the web to accelerate loyalty, growth and revenue. Through easy to use AI-driven visualization and analytics tools, Glassbox enables teams to prioritize customer experience and digital product enhancements. Utilized by companies of all sizes around the globe including Marriott, Discover, Danone, SoFi and iHeartMedia to understand user struggles, visualize customer journeys and optimize every step, hundreds of enterprises have chosen Glassbox for easy, secure and private cloud-based deployments.
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