It has been a good week for monday.com. It announced a strategic alliance with KPMG and published Q4 and full-year figures. Other news in the sector was slow this week, with Avaza and TASKRAY announcing product updates, but little else hit the inbox.
Avaza
Avaza released a Bills module, available to customers on both the Free and Paid plans. The Bills module lets firms record business costs such as rent, power bills, internet, software subscriptions, hardware purchases, or other business costs. The feature enables the creation of bills and associates them with projects. Suppliers can now track their time, and contractors can create customised bills based on unpaid time tracked in Avaza.
It will enable contractors to track time in one location, reducing efforts and streamlining their payment process. For Avaza users, it means a quicker understanding of third party costs and the ability to recharge customers faster and before the end of any milestone or project completion.
monday.com
monday.com announced its Q4 and full-year 2021 results. Revenues for the full year grew 91% year over year to $308.2 million. Importantly net dollar retention for customers with more than 10 users was over 135%. That indicated that it is winning customers through its huge marketing spend and retaining them. It now has 152,048 customers, up 34% from 113,888 as of December 31, 2020. Also, customers spending more than $50,000 now number 793, up 200% year over year.
Eran Zinman, co-founder and co-CEO of monday.com, commented: “We had another great quarter at monday.com and finished the fiscal year 2021 exceptionally strong. Compared to last year, we delivered 91% revenue growth and 200% enterprise customer growth while generating record free cash flow in Q4.”
Q4 also saw increased growth with ARR from larger customers up 72%, compared to 63% a year ago. Revenue was $95.5 million, an increase of 91% year-over-year. GAAP net loss per basic and diluted share was $0.73 compared to GAAP net loss per basic and diluted share of $5.48 in Q4 2020. Indicating that despite the marketing spend, monday.com is heading quickly towards profitability.
Roy Mann, monday.com founder and co-CEO, said: “During the past quarter, we took our product innovation to new heights, introducing several new capabilities to give customers more robust ways of creating software to run the core of their business.”
TASKRAY
TASKRAY brings new features for external stakeholders with its March release and an update to resource management.
With the new release in sandboxes on March 19th, Public Dashboards are now available to standard and premium clients. They enable external stakeholders, such as customers and business partners, to view details of projects, including project hierarchy and Gantt charts. It will also be possible to make external stakeholders owners of tasks, this will enable project managers to send emails to them, and they can even mark the task as complete.
The update to resource management includes a new consolidated side panel that will include redesigned filters and the ability to configure any/all filters. It has also been optimised to handle more data, which has also improved performance.
