Pendo Surpasses $200 Million in ARR, Releases Record Number of New Products During Fiscal Year

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Mar 05, 2024, 12:01 ET

Drives industry's AI transformation with new products, training, and thought leadership to help product teams leverage AI

RALEIGH, N.C., March 5, 2024 /PRNewswire/ -- Pendo, the all-in-one product experience platform, today announced highlights from its fiscal year, which ended January 31, 2024. Notable milestones include achieving $200 million in annual recurring revenue (ARR) and its first quarter of positive cash generation, launching a record number of new products, and adding more than 400 new customers. Pendo now counts as customers 75 of the Fortune 500 and nearly half of the top 100 public software companies by market cap.

Nearly 12,000 companies use the Pendo One platform to provide better software experiences to 800 million people every month.

"Anything that can go digital has gone digital, and soon, every application will leverage AI. Pendo is helping today's product leaders and application owners navigate this massive technological shift, providing a full platform of products to help them deliver the best digital experiences to their users," said Todd Olson, CEO and co-founder of Pendo. "It was an incredible year of innovation as we began to enhance every part of our platform with AI and automation designed to drive business impact for our customers."

Highlights of the fiscal year include:

Revenue and customer growth: Driving Pendo's growth during the fiscal year were existing customer expansion, new international business, and sales of a trio of new products leading to platform upgrades. Pendo also grew its base of customers with an annual contract value over $100,000 by 20 percent and nearly doubled the number of customers paying $1 million or more.

New customers added during the second half of the year include Robert Bosch LLC and Matillion. Customers that expanded their relationships with Pendo in the second half include Brightly, a Siemens company, Motive, JobAdder, Penn Foster Group, and Yayoi.

Product innovation: Pendo announced its unified product experience platform called Pendo One, designed to help companies deliver better experiences for any user—both customers and employees. New products that build on the Pendo One platform, include:

Session Replay: a privacy-first video playback solution that enables product teams to understand how their users interact with and navigate an application.
Data Sync: an easy way to export product usage data from Pendo into a cloud storage destination of choice, enabling teams to analyze product data along with other business data to make more confident, data-informed decisions.
Pendo AI: a suite of AI-powered products and features that helps 10x what companies can do, whether that's accelerating product discovery, driving product-led growth, or automating personalized in-app experiences at scale. New features include one-click in-app guides, instant summaries of qualitative user feedback, recommendations for how to improve workflows, and automated feature tagging, helping users get a fast start with Pendo.
HubSpot integration: a holistic view of product usage and customer engagement inside both Pendo and HubSpot, allowing joint customers to act on insights from across their tech stack to improve customer engagement, satisfaction, and retention.

Community engagement: A record 1,300 product and digital leaders attended Pendo's seventh annual Pendomonium product festival in Raleigh, which explored the role of product in the age of AI. Another 3,000 product people attended Mind the Product's flagship events in San Francisco and London. Mind the Product's network of 150+ ProductTank meetups collectively gathered more than 100,000 product people for product inspiration and networking over the course of the year. Pendo and Mind the Product also launched an AI Knowledge Hub, compiling insights, perspectives, and how-tos on AI to help product leaders and application builders understand and leverage this groundbreaking technology.

Product-led leadership: Drawing on the success of its product-led certification course, Pendo launched three additional courses covering product analytics, product management basics, and AI for product management. More than 145,000 people have registered for the courses. Pendo also enhanced its own product-led growth initiative, adding to Pendo Free the ability to create roadmaps and deliver in-app NPS (Net Promoter Score) surveys, along with a simplified user experience. 9,000 companies are Pendo Free users.

International growth: Revenue in Pendo's EMEA region is quickly approaching 15% of the company's total ARR. Meanwhile, revenue in Japan grew ~80% over the prior year. To accelerate growth in the region, Pendo named Kazunari Hanao as senior vice president and country manager in its Tokyo office, and added a new datacenter to enable local customers to store data in Japan.

Awards: Pendo won 13 awards over the course of its fiscal year. In its fourth quarter, Pendo was named to the Deloitte Technology Fast 500 list for the fifth year in a row, ranked #3 in the Triangle Business Journal's Fast 50, and earned recognition as a Great Tech Place to Work at the annual NC Tech Awards.

About Pendo:
Pendo's mission is to elevate the world's experience with software. Employees spend most of their time and customers find moments of delight (or frustration) inside the applications they use every day. Pendo's product experience platform equips companies of all sizes with the ability to become product-led to drive revenue, create more efficient processes, and empower employees. Pendo customers include the world's leading companies, including Verizon, Morgan Stanley, LabCorp, OpenTable, Salesforce, and Zendesk. Pendo is headquartered in Raleigh, North Carolina and has offices around the world. For more information, visit: www.pendo.io .

SOURCE Pendo