Growth (Image Credit Pixabay/OpenClipart-VectorsJitterbit published a business update for the first half of its fiscal year. The company is one of the leaders in the iPaaS market and positions itself as a crucial enabler of hyperautomation. What was missing from the announcement was any sense of where the firm’s actual revenues are and the real progress it has made over the last six months. What it did share were the positives.

That includes its retention figures, which many companies do not divulge. Retention was nearly 90%, and net retention was 105%. It means that its existing customers are adding to their investment. Nearly 90% would infer high 80’s; the big question, and not answered in the release, is why did it lose the 10%. That could be of key concern, or it might be a natural churn due to acquisitions amongst the customer base.

There are fewer numbers about revenues. However, it stated that its deal business ARR grew by 94% and its new and expanded partner indirect sales annual recurring revenue (ARR) grew by 94%. While it cites that it had substantial growth, it is unclear what the total growth in revenue is. The partner referral business grew by 117%, which is impressive, but it is unclear how big it was at the start of the quarter.

What is significant is the preparation for further growth, with its customer support teams growing by 18% year over year. It also added 50 new partners to its ecosystem. It is targeting SI’s but did not share any new partner names. New or expanding customers include CancerLinQ, FedEx, Fujifilm, Nestlé, Pfizer, University of Pittsburgh, WEX, and Wiley.

Acquisitions help power further growth

Over the first six months, the company has also made three significant acquisitions Wevo in Brazil, eBridge Connections in Canada, and PrimeApps in Turkey. These have extended its technology and also geographic reach.

In Brazil, Wevo brought 130 enterprise customers and 20 regional technology partners. This is earlier than most companies breaking into Latin America, but it could prove an inspired decision. The acquisition of eBridge Connections adds e-commerce and business-to-business (B2B) integration capabilities enabling Jitterbit to provide seamless integration with a portfolio of retail partners, including Best Buy, Costco, Kroger, Lowe’s, Target, The Home Depot, and Walmart.

PrimeApps adds an innovative low-code application platform that extends Jitterbit’s Harmony platform and enables it to deliver hyperautomation at a new level. Jitterbit launched an App Builder from the PrimeApps technology that enables organisations to automate processes end to end, using APIs to link applications.

Jitterbit also extended its Harmony platform, adding 30 more connectors in H1 2022.

Leadership for growth

Jitterbit also strengthened its leadership team with the appointments of Avner Alkhas to chief financial officer, Jeremy Parker to chief operating officer, and Colin Lillywhite to MD of the Asia-Pacific (APAC) region. The company now has around 500 employees, doubling through organic and inorganic growth in the first half of the year.

George Gallegos, CEO of Jitterbit
George Gallegos, CEO of Jitterbit

George Gallegos, CEO of Jitterbit, commented: “Our portfolio of strategic acquisitions has led to significant employee expansion, global expansion, and technology advancements that have helped us far outpace competitors.

“Looking to the next two quarters, we are well positioned to scale as we continue to provide the most important integrations and connections to meet customer demand in crucial areas, such as customer experience and e-commerce, extend our App Builder low-code offering to more customers, and meet strong demand in high-growth global regions.”

Enterprise Times: What does it mean?

The signs are positive. Jitterbit is expanding globally, strengthening its product and expanding its team. It is hitting the hyperautomation market at the perfect time as organisations are looking to bring hybrid software architectures together. Even if the recession bites, Jitterbit is well placed as firms may not add new solutions but turn to IPaaS vendors to connect what they have now.

The only question is whether Jitterbit has grown too fast and whether, if companies see job losses, the retention figures start to fall without being made up by new business.

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