WorkWave Continues Positive Momentum With 112% Revenue Growth YTD Through Q3

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Oct 26, 2022, 10:00 ET

Strong quarter was driven by customer retention and software growth; WorkWave expected to exceed $300M in revenue for 2022

HOLMDEL, N.J., Oct. 26, 2022 /PRNewswire/ -- WorkWave®, a leading provider of SaaS software solutions that supports every stage of a service business's life cycle, continued to show strong financial performance for 2022 with 112% revenue growth year-to-date (YTD) through Q3, and 141% total software growth YTD. As a result of its continued growth and financial success, WorkWave is expected to exceed $300M in revenue for 2022.

"Our continuous focus on driving our customers' success, in every area of their business, is resonating with the industries we lead — our performance shows that. This, combined with our focus on building a strong, healthy company that can lead these industries through times of continued uncertainty, continues to give confidence to customers that WorkWave is the strongest partner they could have," said David F. Giannetto, CEO of WorkWave.

Annual Recurring Revenue (ARR) improved 47% YTD, with total bookings growth up 111% in Q3 2022 vs. Q3 2021. Other notable financial milestones include:

122% net retention YTD
15% employee growth YTD; and
100% total recurring revenue growth YTD

"As economic uncertainty continues, and the job market continues to put pressure on our customers, software will play an increasingly pivotal role in helping field service business owners sort through the challenges they may face," said Giannetto. "With the consolidations of our acquisitions from last year behind us, we are now seeing how the power of this new, larger WorkWave is moving our solutions ahead in ways that competitors are clearly having trouble keeping up with — and we will continue to apply that pressure to them."

Major initiatives from this past quarter include:

The launch of TEAM by WorkWave, the enterprise solution for cleaning, security and facilities management providers that connects field-based operations with back-office resources.
The launch of ServiceBot by WorkWave, a highly successful sales automation tool which makes e-commerce easy via an artificial intelligence (AI)-enabled chatbot that lives on a company's website.
Increased innovation within Real Green, including the launch of newly enhanced lawn maintenance features — crew and equipment setup, price and labor-hour estimation, property inventory, and sitemaps — all built for lawn maintenance professionals and made possible by using WorkWave's portfolio of solutions to move this platform forward.
An increased investment in the modernization of ServMan, WorkWave's core ERP software solution for the HVAC, plumbing and electrical industries. This investment will allow ServMan to continue to be at the forefront of these industries with a multi-phased modernization approach as well as integration with Slingshot by WorkWave, a 24/7 sales contact center for service companies.

WorkWave CEO David F. Giannetto was also recognized by The Software Report as a Top 50 SaaS CEO for the third time in a row, supporting WorkWave's expertise and focus on building out its SaaS features and functionalities to continue to be on the forefront of innovation in the SaaS software space.

WorkWave continues to focus on scaling, expanding into new verticals and exploring acquisition options to support consistent growth, customer retention and YOY profitability.

To learn more about WorkWave and its product offerings, please visit https://www.workwave.com/.

About WorkWave

For nearly 40 years, WorkWave has been building best practices into its market-leading field service and last mile software solutions to allow best-in-class companies to grow their business, service their customers and maximize their money. Its solutions empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions that 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's award-winning culture and solutions have been recognized in the SaaS Awards, the Cloud Awards, the American Business Awards, the NJBIZ Best Places to Work Awards, and the Stevie Awards for Great Employers. For more information, visit https://www.workwave.com.

SOURCE WorkWave