MapsPeople Announces Q2 Financial Momentum, Reaching DKK52.9M DKK ARR and Achieving 96% YOY Customer Growth

AUSTIN, Texas, Sept. 26, 2023 /PRNewswire/ -- MapsPeople, the leading indoor mapping provider, announced today significant financial achievements over the past quarter, including a 69% ARR increase, 90% customer growth and significant growth from existing MapsIndoors customers compared to 2022, while also achieving a Net Retention Rate (NRR) of 117%.

Of the organic growth in Q2, half is attributed to existing partners, and the other half was from new customers and new partners that signed contracts that also got delivered and invoiced in Q2.

"Today marks a pivotal moment for MapsPeople. The remarkable growth figures from this past quarter underscore our unwavering commitment to innovation and customer success," said Morten Brøgger, CEO of MapsPeople. "Over the past few months, as we all continued to battle uncertain economic conditions, the majority of SaaS companies missed their projections, but today, we aren't one of those companies. I am proud of our team's effort, tenacity and dedication to our customers to create such positive momentum as we close the first half of the year."

Throughout the past year, MapsPeople has recorded significant momentum, including the acquisition of Point Inside and new customer partnership with the Jacksonville Jaguars.

In Q2, MapsPeople also released new product features to introduce 3D maps to the MapsIndoors product through a strategic partnership with MapBox. MapsIndoors' 3D maps utilize real 3D models and vector graphics, providing a high-performing piece of design for both small- and large-scale enterprises. With MapsIndoors' advanced technology, detailed and customized 3D indoor maps are now available at scale.

"By establishing ourselves as leaders in the indoor mapping and location-based services space, we are proving our devotion to driving innovation in the industry," said Brøgger. "As we enter the second half of the year, we look forward to sustaining our positive momentum and continuing to provide best-in-class service to our customers."

For more information about MapsPeople and its recent achievements, please visit https://www.mapspeople.com/

About MapsPeople
MapsPeople is a SaaS company with HQ in Denmark and offices in Germany, US and Singapore. Specializing in developing and implementing the dynamic mapping platform, MapsIndoors, MapsPeople provides the solution for handling both basic wayfinding and navigation in large building complexes, as well as optimizing the utilization of indoor spaces through smart integrations. Founded in 1997, mapping was and continues to be the core of the business. MapsPeople's platform, MapsIndoors, consists of software development kits (SDKs) for any platform, APIs, and a powerful content management system (CMS). MapsIndoors is currently running in more than 40 different countries.

Media Contact:
Marisa Miller
BLASTmedia for MapsPeople
317-806-1900
[email protected]

SOURCE MapsPeople

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