WorkWave Closes Out 2023 With Double-Digit Software Revenue Growth, Coupled with 98% Gross and 111% Net Software Retention, Positioning for Continued Success in 2024

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Feb 01, 2024, 09:00 ET

HOLMDEL, N.J., Feb. 1, 2024 /PRNewswire/ -- WorkWave®, a leading provider of SaaS software solutions that support every stage of a service business's life cycle, ends its FY 2023 with double-digit software revenue growth, and 98% gross retention and 111% net retention of software revenue. These metrics reflect the company's continued expansion and influence over key service verticals, as it delivers one of the highest years of ARR growth over the past five years.

"Empowering our business with unparalleled efficiency, WorkWave's CRM has proven to be invaluable to our success," said Blaine R. Young, Vice President of Franchise Sales and Business Development at NaturaLawn of America. "Its robust features seamlessly integrate into our daily operations, providing invaluable insights and enhancing customer relationships. In the dynamic landscape, WorkWave isn't just a solution; it is a driving force behind our growth, ensuring we stay ahead of the curve and deliver excellence to our franchisees and customers."

WorkWave's net new customer bookings were up 64% year-over-year, adding over 1,750 new customers, and these forward-looking growth indicators play a large role in setting the company up for an impressive 2024. This success combines with WorkWave's focus on stability and profitability, allowing it to deliver with a consistency that is lacking among many software providers during these turbulent times.

"WorkWave's success not just in revenue and net new customer growth, but also in our consistent focus on building a strong and stable company, is both important during these challenging times, and impactful. It gives WorkWave customers and new prospects confidence that WorkWave is not just a market leader, but also the best partner for their long-term success," said David F. Giannetto, CEO of WorkWave. "2023 was a challenging year for software companies, and I could not be more proud of the team. Like we have seen many times in the past, during tough times the best companies rise up to outpace the competition - and that's what this team has done."

WorkWave envisions a future where all of their dedicated customers - regardless of industry - find success through unified solutions that allow customers to perform any service, at any location and do it efficiently so that they can earn more revenue from the customers they worked so hard to get. Throughout WorkWave's 40+ years of experience in the industry, it's become evident that the commonalities amongst different field service industries far outweigh their differences and that many solutions work across multiple industries.

WorkWave has already started creating solutions with capabilities that are bridging these industry gaps, including:

Communications Center - a centralized, multichannel messaging hub to help users engage with customers through several platforms, helping to resolve their issues faster. Initially launched on PestPac, Communications Center's capabilities are universal and plan to expand to other products in the near future.
WorkWave Mobile - a modernized and enhanced mobile app with integrated workflows that empower technicians to do everything from generating quotes to processing payments.
Dynamic Routing - an advanced, AI-driven route optimization tool designed to drive significant ROI, dramatically increase field efficiency, and provide relief in tight labor markets.
WorkWave Payments - a payment tool that allows end-customers to have a superior customer experience when using any form of payment, including the newly released ACH. Now highly integrated into multiple WorkWave platforms, this integration expands existing functionality, adding the option for customers to pay with ACH as well as credit cards to make it easier for businesses to collect on unpaid invoices.
Business Analytics - a tool that uses performance dashboards and reports, Business Analytics provides insights into the KPIs that most impact businesses - including financial and operational metrics for all industries.

To help take WorkWave into its next year of success, WorkWave is excited to welcome its new Chairman of the Board, Jesper Andersen, to its board of directors. Andersen has held executive leadership positions for fast-paced, global enterprise software and infrastructure companies for more than the past two decades. Most recently, he was the CEO of Infoblox, a leading provider of DDI networking and cyber security solutions. Andersen has considerable experience in business application software from prior executive roles at Oracle Corp and Peoplesoft. Andersen has a Master of Computer Science from Aalborg University in his native Denmark.

To learn more about WorkWave products, please visit www.workwave.com.

About WorkWave
As a field service software industry leader for over 40 years, WorkWave delivers technology and services to help field service companies to 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