Planview
has continued its growth in the first quarter of 2023. The firm already achieved 17% growth in ARR in 2022. It has now been revealed to Enterprise Times that growth has continued in the first quarter of 2023, often a quieter period.
Total revenue for the quarter exceeded $102 million. This is an increase of 1.7% over Q4 2022. ARR grew a further 1.6% in Q1 to more than $387M (growth of 4.32% Year over year).
Customer growth
During the quarter, Planview also continued to win net new customers signing up 77 logos, two of which were deals with greater than $500K ARR. There were also two client renewals of more than $1 million, one with a global financial services firm and the second with Global Payment, who partnered with Evolve Advisory Services by Planview to design and implement an enterprise-wide framework around organizational change management after acquiring Total Systems Services, Inc. in 2019.
Planview also noted the success that Siemens Energy and CapMetro have seen with their solutions. It also published a case study from BMW Group that used Planview Tasktop to help complete a project, a year earlier than planned.
Looking forward to Planview’s Value Stream Management (VSM) solution, Planview Tasktop Viz also achieved Impact Level 4 (IL4) authorization in partnership with Rise8, a Planview-certified partner. This opens up the US Department of Defence contracts.
The future also looks positive with a new partnership with UiPath, enabling customers to combine Value Stream Management with a leading Robotic Process Automation tool. Planview Tasktop Hub will integrate with the UiPath Test Suite to bring organisations a new level of automation within their testing processes.
A new force centred around core values
Not only is Planview delivering growth, it is also coming together with a core set of values driven by Razat Gaurav, CEO. He recently posted on Linkedin saying, “Fulfilling our mission of building the future of connected work is only possible when we can anchor ourselves to a core set of values that drive our behavior when no one is looking (thanks, Frances Frei for the insight, we’re now practicing it!!). So proud of the culture and team we’re building here at Planview, Inc. The current economic uncertainties will test our commitment to these values, and in my view enable us to navigate and succeed!”
Those values, explained in a recent video, are:
- We take our mission but not ourselves seriously
- We build together
- We value our differences
- We strengthen connections
- We do the right thing
Enterprise Times: What does this mean
The start of 2023 has been impressive. It has seen a new partnership, more growth and the opening up of new markets. Gaurav has been quietly building up the inner strength of Planview, and 2023 seems like it could be a year it starts to build further momentum. Its new focus on Value Stream Management after acquiring its partner Tasktop last year is bearing fruit as it continues to drive its mission of delivering connected work for customers.
However, 2023 will not be easy, Gaurav rightly strikes a note of caution with a recession looming ahead. If the budget crisis is not eased in the US, it seems unlikely that software investment by government departments will increase. However, the Planview portfolio offers solutions that increase efficiency and with SPM and VSM ensures that what investments are made have a greater chance of bearing fruit, so perhaps Planview might emerge from 2023 as one of the winners.
That excellence has already been recognised this year by Gartner, who placed it as a leader in the 2023 Gartner Magic Quadrant for Strategic Portfolio Management. It shares the leader quadrant with Software AG and Broadcom. However, the Gartner analysis would indicate that Planview is strengthening its portfolio through acquisitions such as Enrich and Tasktop and expanding market share. Broadcom is focused on existing customers with its Clarity solution.
