WorkWave has announced figures for its first quarter in 2023, ending 31st March. Similar to those posted by sister company IFS, the results are strong. However, the acceleration of growth appears to have slowed down from the extraordinary growth of Q1 2022.
It achieved revenue growth of 36% year over year, compared to 195% in Q1 2022. This is still strong growth, and whilst the acceleration has slowed, as total revenues grew, it was not unexpected. However, WorkWave did not release total revenue with this release. It did indicate that total revenue should hit $500 million during FY 2023. Importantly, net retention is 120%. With WorkWave operating in a dynamic market with smaller vendors, this appears impressive.
David F. Giannetto, CEO of WorkWave, commented, “While many of our competitors continue to struggle against the current macroeconomic headwinds, WorkWave continues to perform well, maintaining a solid footing that allows us to protect our customers and employees, while strengthening our leadership position. I continue to be impressed by the adaptability of the WorkWave team, and their ability to continue to progress our technology, improve our value proposition and deliver industry-leading innovation despite the diverse macro-challenges the world presents.”
First quarter sees preparations for further growth
It is not just the results that impressed during this quarter. WorkWave also made several announcements and held its annual conference, Beyond Service, with more than 1,000 customers, partners and WorkWave attending the event.
WorkWave launched ServMan Mobile 2.0, a new mobile application for HVAC, plumbing and electrical professionals that improve overall business efficiencies. It accelerates its customers’ revenue cycles and allows technicians to better perform service in the field. The app is available on Android and iOS devices, and delivers a full end-to-end technician workflow for field operatives. It allows them to operate effectively in the field, engaging with customers throughout the day rather than waiting until they are back in front of a PC.
Beyond Service also saw the launch of a new Communication Center. The centralised hub enables WorkWave customers to manage all customer communications. Its supports chat, voice, SMS and email with insights driven by AI. The platform enables customers to deliver a consistent and better customer experience across various channels.
Communications center launched and delivering better service
Termio already sees the benefits of using the new Communication Centre. Katie Wood, Director of Finance and HR at Termio, commented, “Communication Center has helped us to get more in touch with our customers and be able to provide an experience for them that they don’t often get when it comes to pest control. [Communication Center] elevates our customers’ experience. We’ve been really excited to see some of the metrics that we hold for ourselves that we’re meeting and exceeding — those that we’ve never been able to do before.”
Following the launch of TEAM by WorkWave in October 2022, the firm has also started to migrate its legacy workforce management customer using Timegate. It completed the first wave of migrations in Q1. This follows the acquisition of Team Software in September 2021, ensuring that it continues to support customers and will enable it to cross-sell applications as customers move to the cloud. They were also enhancements to other Team Applications with enhancements to WinTEAM works orders. TEAM by WorkWave also updated reporting and analytics, Sales Center tracking, and RouteManager dispatching.
WorkWave will continue to power updates across its portfolio in 2023, bringing further enhancements.
Enterprise Times: What does this mean?
Another set of impressive results from WorkWave, along with the product updates, should see them cement and grow their position in the market. WorkWave continues to grow, keeping its brands separate rather than combining them. This allows them to meet the specific requirements of each of the industries they cater to without creating a large, overly complex and expensive solution.
While the acceleration of growth has slowed, it is still strong. The question is whether it can continue to grow in these difficult economic times. Will it be affected by the wider economic circumstances, and will retention fall, especially if the home services market declines?
