WorkWave Achieved Strong Growth Across Its Portfolio With a Focus on Internationalization and Modernization as It Closes Q1 2024

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May 02, 2024, 09:00 ET

WorkWave's first quarter results in double-digit recurring software revenue growth, impressive international bookings and continued industry-leading retention rate

HOLMDEL, N.J., May 2, 2024 /PRNewswire/ -- WorkWave®, a leading provider of SaaS software solutions that support every stage of a service business's life cycle, announces its strong Q1 2024 financial results and strategic priorities for the remainder of the year.

WorkWave entered 2024 with strong momentum driven by nearly 40% year-over-year bookings growth in 2023, driven primarily by substantial deals with the largest service providers in all core WorkWave industries, setting the stage for strong revenue growth in 2024. Enterprise bookings continued to show WorkWave's leadership amongst these large service providers, with bookings growing 29% YOY outside of previous large enterprise deals.

While WorkWave's enterprise-level customers have a significant impact on the business, WorkWave continues to diversify its business down-market, internationally and into additional verticals. As additional signs of WorkWave's strong performance, the mid-to-small business segments grew bookings nearly 80% YOY and international markets grew bookings at 26% YOY for Q1. This growth continues to be bolstered by company-wide, industry-leading retention of 113%.

"Across the entire company, our goal is to deliver strong, profitable growth that allows us to meet the needs of the largest, most complex service providers, and then share those industry-leading solutions down-market, internationally and into other service verticals," said David F. Giannetto, CEO of WorkWave. "While this was a complex approach to build into the business, it is now showing that WorkWave can operate with an efficiency that no other FSM software provider can match. As we continue to grow both the company and our technology, we are gaining momentum at a time when many of our competitors are still being challenged."

"Partnering with TEAM Software by WorkWave has been critical in enabling us to grow and manage our global security business," said Mateusz Kieżel, Systems & Projects Manager at Interr. "The ability to be able to use one unified solution across multiple regions globally, and use it effectively no matter the location, has been instrumental in helping us grow our business and operate on a daily basis." The rest of the year will see accelerated R&D initiatives across the UK region for TEAM Software products, including TEAM by WorkWave, and in North America, WinTeam.

Other significant areas of modernization and enhancements across WorkWave solutions from Q1 and planned for the rest of 2024 include:

Accelerated modernization for TEAM Software's WinTeam through the rest of 2024 and into 2025, adding significant field functionality unified by a single comprehensive mobile experience in a fully web-enabled back office
Several enhancements have been made to the RealGreen by WorkWave platform to help perfect enterprise financial reporting and reconciliation functionality for more seamless financial processes
A full upgrade of PestPac's core application was completed in Q1, with 200+ enhancements delivering a modern, intuitive user interface combined with behind-the-scenes changes that allow PestPac to handle the entire footprint of any pest control provider in one instance, across all of North America

WorkWave also recently hired Peter Simmonds, Regional VP of EMEA, to spearhead international initiatives across EMEA, and Adam Guenther, Senior Vice President and General Manager of TaskEasy by WorkWave, the company's fast-growing property maintenance services brand. Robert Coop has been brought on as Senior Director of Artificial Intelligence, responsible for rapidly integrating artificial intelligence into WorkWave's product features, ensuring that WorkWave customers are using the most up-to-date technology and intelligence features.

About WorkWave

As a field service software industry leader for over 40 years, WorkWave delivers technology and services to help field service companies grow their business, service their customers, and maximize their money. Its solutions support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction, and financial transactions. WorkWave is a trusted partner for thousands of customers across a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last-mile delivery. WorkWave has been recognized as an Inc. Power Partner, a Top 100 Software Company, and a Cloud Award winner. For more information, visit workwave.com.

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SOURCE WorkWave