A busy week for Kantata, with several announcements emerging from the Professional Services tools vendor. It published a case study revealing why CloudStratex selected Kantata and, subsequently, how it supported the growth of the IT services company. It also published a whitepaper titled “How To Tell If Your Professional Services Organization Is Flagging.” During re:Invent Planview revealed that AWS is its cloud platform of choice.
Asana
Asana announced record Q3 2023 financial results ended October 31, 2022. Revenues grew 41% year-over-year to $141.4 million during the quarter. However, Non-GAAP operating loss was $52.6 million, or 37% of revenues, compared to a non-GAAP operating loss of $41.3 million, or 41% of revenues, in the third quarter of fiscal 2022. Negative cashflow also increased to $42.2 million compared to $28.5 million in Q3 fiscal 2022. The company expects Q4 revenues of between $144.0 million to $146.0 million, representing year-over-year growth of 30% at the midpoint. Full-year revenues are expected to be $541.0 million to $543.0 million, representing year-over-year growth of 43%.
Dustin Moskovitz, co-founder and chief executive officer of Asana, commented, “We reported a strong quarter with revenues up 41% year over year. The number of customers spending $100,000 or more grew 78%, year-over-year, and our largest deployment is now over 150,000 seats. Our success with large enterprises continues to drive growth.
“While macroeconomic cross currents continue to impact the business in the near term, our leading technology and strong brand, positions us well in the enormous and untapped Work Management market over the long term. We will continue to actively manage the business to improve efficiencies while maintaining our leadership in product innovation.”
EasyProject
EasyProject published a case study revealing how Hungarian-based Promatech replaced an Excel-based solution with EasyProject to provide a unified project solution across the company. Based in Budapest, Promatech develops and improves customers’ production processes with a modern approach. It leverages robotic technology, measuring instruments and specialised machines.
To achieve these improvements, it historically used excel to manage its projects through the different stages of its process. It has now moved to EasyProjects, enabling different functions to coordinate efforts on a single platform.
Kata Farkas, EP local admin, Promatech Célgépgyártó Kft, commented, “The system provides a unified platform for all of our users and helps the communication on all levels when it comes to managing numerous projects at the same time.”
The solution delivered four key benefits:
- Unified communication platform regarding spent time & presence
- Unified IPMA template for all current and future projects
- Open point list and issue handling
- Simplified follow-up and reporting options
Attila Lénárt, general manager, Promatech Célgépgyártó Kft, added, “Our audits have been well-supported by the system since the implementation. It helps us create transparency and provide the quality we wish to establish with our partners.”
Planview
Planview published a blog revealing how Xtrac is leveraging Planview AdaptiveWork (formerly Clarizen) to improve strategic planning and internal collaboration. Founded in 1984, Xtrac is a world leader in motorsport and high-performance automotive gearboxes and transmissions. It supplies parts to motor racing teams across F1, NASCAR, and Formula E.
Historically, the company leverages onsite storage, meaning that collaboration and file sharing were accomplished via email. In 2015 it decided to update its systems and invested in Clarizen.
Phil Smith, project analyst at Xtrac, commented, “The biggest reason for choosing Clarizen [now AdaptiveWork] was it gave us the ability to own the solution. We had the ability to update information ourselves without any consultant fees. We now have the ability to have real-time access from anywhere in the world.”
Planview AdaptiveWork enables the organisation to manage projects from within and outside the office. The ability to react, immediately impressed in 2017 when a client suffered a failure during a race. The team could capture information and images onsite and collaborate across different locations in real-time to help uncover the cause of the failure. Xtrac now uses the solution across 3 locations with 150 employees.
While this case study is old, Planview feels it is still relevant.
Smartsheet
Smartsheet announced Q3 2023 results. It shows the strength of the Work Management sector, with total revenue growing 38% year-over-year to $199.6 million. Subscription revenues rose 40% YoY to $181.6 million. Non-GAAP operating loss was $4.3 million, or negative 2% of total revenue. Third quarter free cash flow was negative $4.6 million.
Mark Mader, president and CEO of Smartsheet, commented, “Our global team delivered another strong quarter, exceeding expectations on both the top and bottom lines and releasing a host of platform innovations at our annual ENGAGE conference. In the current challenging macro environment, customers are turning to Smartsheet to help execute more strategically and efficiently, and are realizing a rapid return on investment. Looking ahead, I am confident in our ability to continue to unlock significant value for our customers, and generate durable, long-term growth with improving profitability.”
PSA PPM and Work Management news from the week beginning 21st November 2022
