Planview has published a business update and results from its fiscal year 2022. The company was bought by TPG and TA Associates in 2020. In 2022 the company achieved $380 million in total ARR, equating to 17% growth yearly. Its total revenue was $410 million.
As the company is privately owned, the numbers it released are limited. Whilst it shared that customer retention rates were up 6%, it did not state whether this is net retention, where the retention rate stood, or whether it is above 100%. However, monthly active users of its leading products increased by 25%. However, without the detail, it isn’t easy to ascertain how well it is performing.
Razat Gaurav, Chief Executive Officer of Planview, who has led the company since May 2021, commented, “It was another record year for Planview, underpinned by our commitment to build the digital future of connected work through product innovation and customer success.
“The macroeconomic uncertainties and headwinds faced by organizations today make prioritizing product and project initiatives, and thoughtfully allocating constrained resources and capital, more important than ever. Our global customer base relies on our solutions to help them achieve productivity, efficiency and positive business outcomes from transformation initiatives across the enterprise.”
Net new growth
During the year, Planview has added 482 net new customers and expanded its footprint in existing customers. Brands that it has continued to invest in Planview solutions include Builders FirstSource, Inc, Delta Dental of California, DS Smith, Fonterra, General Motors, Maximus, Inc, Olam International Limited, Publicis, RxBenefits, Schluter, Siemens, Sysco Corporation, T-Mobile, The Emmes Company, LLC, Tetra Pak, and UiPath.
During 2022 Planview revealed new customers stories, including how XTrac is leveraging Planview AdaptiveWork formerly Clarizen)
Some customers have also come from the acquisitions it made during the year. Acquisitions included the completion of the Value stream Management vendor Tasktop in July 2022 and completing the acquisition of portfolio analytics vendor Enrich in June.
The company added new partnerships during the year to extend its ecosystem. They included enreap, a leading provider of ALM, DevOps, and Digital Services. It also expanded partnerships with Sis and technology vendors such as Accenture, Atos, AWS, Deloitte, Infosys, PwC, and others. In December, it announced that AWS is its cloud vendor of choice at Re:Invent.
The company also opened a regional headquarters in Singapore to cover Asia. In addition, it brought two experienced leaders on board Vishal Dhawan named Managing Director and President for Asia Pacific and Harsh Vardhan, named Head of Strategy, Marketing and Alliances for Asia Pacific. Planview also invested in its Global Capacity & Innovation Center in Bangalore, with the headcount in APAC growing by 65% during 2022.
Planview also announced a newcomer to its board; Stefanie Chiras, PHD, SVP Partner Ecosystem Success at Red Hat.
When Enterprise Times spoke to Gaurav earlier in 2022, he revealed the product roadmap would follow several pathways: Enhancing and standardizing the backend and adding specific features and functionality. The enhancements during last year included:
- Expanding Objective and Key Results (OKRs) capabilities, enabling access to an embedded goal framework across the enterprise
- Introducing Time-to-Market dependency and outlier analytics, ensuring organizations can focus their investments and resources where they are most needed
- Extending visual planning and prioritization support and card automation capabilities, centrally defining planning and delivery increments and streamlining productivity across multiple teams
- Enhancing UX/UI functionality
This announcement comes at the start of the Planview global sales kickoff. The sales team will be boosted by the investment in services over the last year. It invested in education, expanding the global learning team. It has meant an increasing number of instructor-led and eLearning courses. The latter were deployed from the Planview LMS, The University of Planview.
The company also expanded its Evolve Advisory Services. This team of industry experts helps customers through their digital transformation programs using a proven methodology.
Analysts, including Forrester and Gartner, have also recognised its leadership across several sectors, including Strategic Portfolio Management (SPM), Enterprise Agile Planning (EAP), Project and Portfolio Management (PPM), and Value Stream Management (VSM).
While the release does not speak of targets in 2023, the company is likely to re-invigorate its sales cadence and will no doubt be aiming for further growth
Enterprise Times: What does this mean
It seems that Planview is kicking off 2023 with big ambitions. While 2022 seems to have been a success, the company has been relatively quiet on the customer success front. Unlike rivals, it has not published how many customers are spending more than $1 million nor revealed actual retention figures.
Unlike some PSA vendors, there are very few customer stories and no significant new ones during the year. This may be because customers do not want to reveal which systems they use. Hopefully, the customer success team can share more customer stories in 2023. Just looking at the customer wins in 2022, there are some interesting stories from well-known brands.
It will also be interesting to hear what Planview intends for its various product lines. Having continued to make acquisitions over the last two years, will that continue, and how will it evolve its connected work messaging?