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Digital Adoption Platform Leader Achieves 65% YoY ARR Growth by Improving Enterprise Software Experiences and Digital Transformation ROI
SAN JOSE, Calif. and BANGALORE, India, Feb. 9, 2023 /PRNewswire/ -- Whatfix, the global digital adoption platform (DAP) market leader, today announced its recently launched new product line Product Analytics, which enables organizations to track, visualize, and analyze user engagement and behavior data with seamless instrumentation ensuring no-code event tracking and data consistency. While previously, product analytics was built for software vendors, Whatfix extends this capability to software buyers as well. Since its launch, in the last two quarters, Product Analytics has seen approximately 200% quarter-on-quarter (QoQ) revenue growth and has been adopted by 100+ customers including large enterprises like Cisco and UPS.
Whatfix Product Analytics, empowers software owners to independently implement end-to-end analytics from tracking to insights, eliminating engineering dependency. This product caters to both customer- and employee-facing applications, including custom-built applications and third-party applications such as Salesforce, and Oracle, assisting software owners with feature prioritization, process optimization, UX improvement, growth, and identifying cohorts for real-time feedback.
"Enterprises are pressed from multiple directions, as the digital skills gap and pressures to show ROI on digital investments will be serious challenges they face in 2023. Whatfix developed Product Analytics to help enterprises gain competitive advantage by creating better software experiences, a more proficient workforce, and optimized digital operations," said Khadim Batti, Whatfix CEO and co-founder.
In 2022 Whatfix made several notable achievements:
Accelerated Growth and Expansion
Whatfix added ten new Fortune 500 customers in 2022, taking the count to 71, including Aramark, Autozone, Avnet, Becton Dickinson, Cardinal Health, Cisco, Genuine Parts Company, Microsoft, Sanofi and UPS Supply Chain Solutions. Several Global 2000 customers and large enterprises such as Arrow Electronics, British Telecom, Checkout.com, Dormakaba, Infosys BPM, Marks & Spencer, Olam, Sime Darby Berhad, and ZoomCar also chose Whatfix as their Digital Adoption platform.
"When we were looking to change our DAP vendor, we wanted to see if it could do everything our previous DAP did, and Whatfix could! On top of that, the support was the selling point. We really needed a closer partnership when we were looking to change our DAP platform. Whatfix over delivered. There's amazing feedback from the users, as well as the business" said Ben Kanspedos, Senior Instructional Designer at Intuit.
Whatfix registered a top decile year-on-year (YoY) Annual Recurring Revenue (ARR) growth rate of 65% for 2022. The company also maintained its best-in-class Net Revenue Retention (NRR) for Enterprise Customers at 127% for 2022, which means their existing customers expanded rapidly during the year. The average revenue per account increased by 32%, and 40% of accounts saw expansion. Whatfix also opened a new office in Sydney, Australia, extending its presence in the APAC region.
Cemented Industry Leadership
Whatfix was named a Leader in the first-ever Forrester New Wave™: Digital Adoption Platforms report, released in Q4 2022. The company received high scores in six criteria, including 1) product architecture, 2) analytics and insights, and 3) planned enhancements and innovation roadmap. Whatfix was also named a leader in the Everest Group DAP PEAK Matrix for the third consecutive year and was recognized in the Gartner DAP Market Guide. Finally, the organization was featured for the second consecutive year in the Deloitte Technology Fast 500™ list, ranking 56th among Bay Area companies, and received a Bronze Stevie Award in the Stevie® Awards for Great Employers.
User-focused Innovation
The latest Whatfix digital adoption survey found that 78% of software users lack the expertise needed to use the applications required in their jobs. To address this gap, the company re-emphasized its commitment to userization. "At the core of every Whatfix innovation is the concept of userization – creating personalized, inclusive and integrated software experiences – to extract real ROI in technology investments. This extends to our new services partner program that puts the unique user-persona at its center. Our focus on userization has been instrumental to the success of our customers and among the reasons 2022 was such a momentous year for the company," continued Khadim.
Whatfix was also granted two technology patents on automatic segmentation and element detection technologies by the U.S. Patent Office. Several additional patents are in development.
Certified DAP Experts
Whatfix's certification program, Whatfix University, has trained more than 1,700 certified DAP experts. Across the program's four available certifications, 1,004 cumulative customer and partner learners and 667 Whatfix learners have been certified since the program's inception in 2021.
Supercharged Partner Ecosystem
Whatfix launches Rise 2 Excellence, a new services partner program in 2023. In 2022 the company onboarded 40+ partners including Jacobs, Tietoevry, CloudMoyo, BIP, Right Management, and more. The company enhanced engagement with Strategic GSIs like Accenture, Wipro, TCS, and Infosys. Whatfix also expanded its ISV partnership ecosystem by 200%, adding partners that include Microsoft, SAP, and IBS Software.
Looking Ahead
Whatfix is now a multi-product company selling both, Digital Adoption Platform Solutions and Product Analytics, and has several innovative products underway, keeping the principles of userization at the core of product development. The company plans to maintain its industry leadership and continue its solid YoY revenue growth in the US, EMEA, and in the new market of APAC.
About Whatfix
Whatfix empowers anyone, anywhere to have scalable success with technology they use every day, achieving greater knowledge, expanding capability, and unlocking productivity for themselves and their organizations. Whatfix's Digital Adoption Platform (DAP) integrates seamlessly with applications to enable users, providing in-context information and guidance to immediately increase individual capability and collectively amplify productivity. The organization has six offices globally in the US, India, UK, Germany, and Australia, and works with Fortune 500 companies around the world. Whatfix has raised $140 million to date, and is backed by marquee investors including Softbank Vision Fund 2, Sequoia Capital India, and Cisco Investments. For more information, visit Whatfix's website.
Contact: whatfix@luminapr.com
