At its annual conference Collaborate, Wrike gave a business update around its performance over the last year. The company is now independent of Citrix, following that company merging with Tibco. The organisation is now backed by Vista Equity Partners and Evergreen Coast Capital, and is looking to take a greater share of the huge work management market.
While the company did not disclose revenue, it did disclose the following information:
- 20% year-over-year revenue growth
- 60% year-over-year growth in $250K+ accounts
- The largest known collaborative work management (CWM) deployment with 140,000 users on one account, (it will be interesting to see if anyone challenges this)
- A CSAT score of 9.40 for support satisfaction
- A 67% increase in the adoption of automation features
Andrew Filev, Founder and CEO, Wrike, commented, “Our transition back to the private sector and partnership with two of the software industry’s biggest investors could not have come at a better time. Every organization is laser-focused on moving quickly and efficiently, and we now have the power to not only do that at Wrike but enable our customers to do so, as well. The benefits of this are evident in the growth we’re seeing across customer accounts and satisfaction, as well as feature adoption. Historically, we have seen year-over-year growth, but recent events have bolstered the need for work management solutions that bring all teams and departments across an organization together in one digital workspace. The time for a single source of truth is now.”
While Wrike also boasted of increases in CSAT scores for professional services, support, the help centre, and the ease of finding information. Other than the CSAT score for support, it did not reveal any others or the overall CSAT score.
Growth powered from new and existing customers
Filev also shared that Wrike has added teams from new and existing customers, including Sony Pictures, L’Oréal, Mindbody, Sitecore, Seaworld Parks and Entertainment, Lyft, and Intuit. It has also expanded one footprint to around 140,000 users, starting from a small team within the organisation. That is the kind of expansion it hopes its recently launched Wrike Lightning platform will enable.
Wrike has also seen more than 100% net retention. More than 20% of customers have added licenses to their existing solutions indicating that the land and expand strategy is working well. While Wrike services a large number of small customers, one wonders what the churn is in that sector, with large growth in the enterprise sector. This may be one of the reasons that Wrike also launched the new, lower cost, team plan this week to stem that flow.
For many organisations, Wrike helps to manage work within and between departments, both inside and now outside the organisation. While Wrike may have appeared to be on the back foot for a few months, the Citrix relationship may have boosted its reputation within those enterprises it already existed in, and came to the awareness of others. Perhaps now it will be able to expand in both the SME and Enterprise market.
Certainly, it has no shortage of customers willing to give a soundbite. Krystal Burwell, Director of Project Management, Leaf Home said, “Project management is an essential part of Leaf Home’s success. With oversight into our entire organization’s projects and goals, our project management team has been key in connecting and integrating the entire enterprise throughout marketing, supply chain, IT, legal, call center, and creative. The company leans on project management as a strategic partner to create thorough and cohesive project plans, calculate ROI, and identify risks to reach our larger organizational goals.”
Platform enhancements find fertile ground
What has continued over the last year is a deluge of enhancements that culminated (but won’t end) with the launch of Lightning. In the last year it has added 200 new features. Importantly, customers are adopting those features in droves. It shows the features added are those desired by customers. Adoption is impressive with:
- A 67% increase in automated items, such as tasks and projects
- 57% increase in monthly active users of Resource Management
- 30% increase in the number of API syncs
- 215% increase in the number of active accounts using Wrike Analyze
Alexey Korotich, VP of Product, Wrike commented, “These platform metrics are indicative of the challenges organizations face today. A number of companies are outgrowing simplistic apps and online spreadsheets and need a more powerful platform that supports the complexity of their digital work.
- “They need a single source of truth where all apps, work, and people can come together for complete visibility
- “they need a no-code platform that automates mundane work and frees them up to focus on impactful work
- “they need more control over resources for increased efficiency
- “they need real-time insights that guide future decisions
“Wrike is a purpose-built platform for organizations seeking to overcome the work complexities of today and tomorrow, and it’s getting even better. Since a lot of work management deployments start very small and simple, we wanted to meet our future customers where they are and launched a brand new entry-level Team plan. It is extremely user friendly, and a great option for organizations seeking a best-in-class work management platform that will grow with their business.”
Enterprise Times: What does this mean?
The global team collaboration application market is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030 according to GrandViewResearch. They valued the market at USD21.68 billion in 2021. This may now have been accelerated by the shift to hybrid working, despite the return to offices as companies look to build team collaboration into their DNAs. The pandemic had a huge impact on productivity, within the US alone, labour productivity in the non-farm business sector decreased 4.1% in the second quarter of 2022, with output decreasing 1.4% while hours worked increased 2.7%.
Wrike also surfaces the work better for managers and business leaders to understand what Wike terms as the dark matter of work which it highlighted in a recent report. The report showed that 55% of the work that takes place within an organization is not visible to key stakeholders, costing organizations up to $60 million a year in wasted time, delayed or cancelled projects, and employee churn.
Wrike is demonstrating it is successful in its growth, however, its investors will no doubt want to see a higher than 20% growth rate to rival the likes of monday.com in the coming months. Filev, has set the benchmark and set in place some the components needed for further growth.
