Pendo Exceeds Goals for New Adopt Solution in Latest Quarter of Rapid Growth

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RALEIGH, N.C. , May 23, 2022 /PRNewswire/ -- Pendo, the most comprehensive product-led platform, today announced highlights from its first quarter, which ended April 30, 2022. Notable milestones include a successful annual digital adoption summit and higher-than-expected revenue for Pendo Adopt in its first quarter since launch. Pendo now counts more than 2,500 paying customers and 3,300 companies with Pendo Free accounts.

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Monday, May 23, 2022
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Product, Software, Engineering, OpenTable, Morgan Stanley, Forbes, Spark Capital, Woman, Optical comparator, Verizon Communications, Zendesk, ARR, Sapphire Ventures, Capital Group Companies, LabCorp, Silicon Valley Bank, Linksys, Salesforce, Roche Diagnostics, Okta, Battery Ventures, Meritech Capital Partners, RPP, Adoption, Harvard Business School, Growth, Mailchimp, PES, Hemostasis, CEO, Video game, Management, Checkmarx, Hootsuite, Pendo
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NORTH CAROLINA, EUROPE, ASANA, JAPAN, FRANCE
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PENDO
Summary
Key Points: 
  • "The future of work is here, and it's happening in software," said Todd Olson, CEO and co-founder of Pendo.
  • Highlights of the quarter include:
    Revenue and customer growth: Pendo grew ARR 60% year-over-year in the first quarter, with growth driven by record-breaking customer expansion and early momentum for Pendo Adopt.
  • Pendo Adopt: The company released Pendo Adopt a new suite of products that helps transform the way employees work in the digital workplace.
  • Headcount: Pendo saw headcount growth company-wide, adding more than 100 new employees during the quarter.


Pendo Exceeds Goals for New Adopt Solution in Latest Quarter of Rapid Growth

Reports 60% ARR growth over the first quarter of prior fiscal year

RALEIGH, N.C. , May 23, 2022 /PRNewswire/ -- Pendo, the most comprehensive product-led platform, today announced highlights from its first quarter, which ended April 30, 2022. Notable milestones include a successful annual digital adoption summit and higher-than-expected revenue for Pendo Adopt in its first quarter since launch. Pendo now counts more than 2,500 paying customers and 3,300 companies with Pendo Free accounts.

"The future of work is here, and it's happening in software," said Todd Olson, CEO and co-founder of Pendo. "We're excited about the early demand for Pendo Adopt and the tremendous feedback we've received from companies across industries who now understand how their employees are using software at work and are taking action to drive adoption of those apps and increase employee productivity."

Highlights of the quarter include:

Revenue and customer growth: Pendo grew ARR 60% year-over-year in the first quarter, with growth driven by record-breaking customer expansion and early momentum for Pendo Adopt. Pendo added new customers including Roche Diagnostics, Checkmarx, Hootsuite, symplr, American Thrombosis and Hemostasis Network, XLM Inc., Guesty, France-based 360Learning, and Kokopelli Inc. of Japan. Customers like Okta and Mailchimp expanded their relationships with Pendo.

Product: Over the last quarter, Pendo shipped new products, features and capabilities, including:

  • Pendo Adopt: The company released Pendo Adopt – a new suite of products that helps transform the way employees work in the digital workplace. Pendo Adopt can be deployed across an entire portfolio of software, from proprietary tools built by internal teams to customized off-the-shelf products, helping companies understand how employees use software at work and personalize the in-app experience across apps. Adopt includes behavioral analytics, in-app messaging and guides, and actionable feedback.
  • Product Engagement Score 2.0: An enhanced Product Engagement Score (PES) feature provides customers a more actionable, meaningful, and stable metric for measuring how users engage with their products.
  • Accessible in-app guides: Pendo released a new capability that enables every Pendo customer to deliver in-app messages that meet industry guidelines for accessible design.

Community: Pendo hosted its annual Guide: The Digital Adoption Summit, bringing together nearly 1,500 forward-thinking IT and business technology leaders to learn about driving transformation in the digital workplace. Headliners included IT leaders from Asana, Silicon Valley Bank, Linksys, and E.L.F. Beauty, along with bestselling author and Harvard Business School professor Tsedal Neeley, who explained why a digital mindset, and a baseline of technical knowledge, will be critical for business leaders and their employees to thrive in the digital workplace.

Partners: Pendo now counts 20+ partners in its Reseller Partner Program (RPP). Reseller partners enable their customers to create in-app guidance to support unique internal workflows, and to view analytics on how their teams use the partner's product. By reselling Pendo to their customers, RPP partners accelerate customer onboarding and drive product adoption.

Global momentum: The company published its fourth annual State of Product Leadership Report in Europe, which explores trends impacting product management and the evolution of the product manager role. The report found France leading the way in digital product leadership in Europe. While product managers across Europe are turning to data insights to shape their product roadmap, French product managers are the most progressive in this area. The report also included a series of recommendations for European product teams to drive product-led digital transformation.

Headcount: Pendo saw headcount growth company-wide, adding more than 100 new employees during the quarter. New executives include: Stan Zlotsky, head of strategic finance and investor relations; Jason McKerr, vice president of engineering; Peter Dunlap, vice president, channel; and Brian Walsh, general manager, Pendo Engage. Additionally, Clay Miner was promoted to global vice president, sales and value engineering. The company ended the quarter with more than 950 employees, and 100+ job openings. 

Awards: Pendo made the Inc. Best Workplaces' list for the fifth year in a row, along with America's Best Startup Employers by Forbes and Best Company Outlook by Comparably. In recognition of its diversity, equity, and inclusion initiatives, Pendo earned a spot on Women Impact Tech's list of progressive companies empowering women in tech. Lastly, the company won the 2022 Products That Count Award for Delightful User Journey and was named a leader in product analytics, digital adoption, and enterprise software in G2's spring report.

About Pendo
Pendo's mission is to elevate the world's experience with software. Pendo customers include the world's leading software companies and digital enterprises, including Verizon, Morgan Stanley, LabCorp, OpenTable, Okta, Salesforce, and Zendesk. Founded in 2013 in the heart of Raleigh, North Carolina, Pendo is backed by Battery Ventures, Spark Capital, Meritech Capital, Sapphire Ventures and B Capital Group. Through its Mind the Product and customer communities, sponsored events and podcast, Pendo aims to support the success of product and digital leaders everywhere. For more information, visit: www.pendo.io.

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