In the lead-up to Trust 23, Precisely revealed details of the latest update to its Data Integrity Suite with several new features. At Zoholics in Austin, Zoho made several announcements, including the launch of Ulaa, a new privacy-centric browser. FinancialForce rebranded to Certinia. Teradata has operationalised AI with a new Google Vertex AI integration. Splice Software revealed how its automated communication platform had helped the Mutual Benefit Group insurance firm.
Pick of the week
At Appian World 2023, Appian made several announcements last week.
Appian announced the release of the latest version of the Appian Platform for process automation. The new release introduces AI Skill Designer, a low-code way to build, train, and deploy custom machine learning (ML) models. The release also features enhancements in automation and total experience, plus further-streamlined data management via the Appian Data Fabric.
Appian announced the “Insight to Action” program for process mining. The program accelerates the value of process mining initiatives by providing mining preparation, analysis, and service hours to implement process improvements, all for a one-time fixed fee.
Appian announced the launch of Appian AI Skill Designer and the integration of Generative AI in the Appian Platform. Through low-code design, Appian democratizes AI development, eliminating the need for specialized data science and Python coding skills, delivering the benefits of AI automation, cost savings, process excellence, and improved decision-making directly to business users.
Appian also launched a new partner program to support partner growth and market differentiation and to help our mutual customers achieve success. This vision includes a new partner program structure, enhanced and facilitated access to training, and financial rewards and incentives.
Acquisitions
Mindtickle announced the acquisition of Enable Us, the fast-growing Digital Sales Room and buyer enablement provider.
Volaris Group announced the acquisition of GOVERNANÇABRASIL – GOVBR, a provider of public administration and management software in Brazil.
Appointments
Accenture has announced several changes to its leadership in India. Ajay Vij has been appointed to the newly created role of Country Managing Director. Sandeep Dutta takes over as the lead for its India Market Unit. The company also announced that Rekha M. Menon, Senior Managing Director and Chairperson for Accenture in India, will retire as of June 30th.
Boomi has appointed IT industry and channel veteran Jim Fisher as its Vice President of Channels and Partners in Asia-Pacific and Japan (APJ). Boomi also announced the appointment of Adrian Trickett as Vice President of Sales and General Manager (GM) of EMEA.
Ramp, the forecasting analytics startup, appointed Greig Rapley as Chief Technology Officer (CTO).
Tibco announced that Ali Ahmed, who has been with the company for more than 21 years, is now General Manager of TIBCO-Spotfire, a new separate business unit for the Cloud Software Group.
UiPath has appointed Kelly Ducourty as Chief Customer Officer, effective immediately.
Business
Accenture (NYSE: ACN), through its Accenture Ventures Project Spotlight initiative, has entered into a collaboration agreement with Cervest, an AI-powered climate intelligence (CI) platform, that will expand Accenture’s capabilities to deliver on-demand access to historical, current and predictive views of combined climate risks to assess and address asset and portfolio vulnerabilities for clients across industries.
Alteryx has successfully achieved Google Cloud Ready – AlloyDB Designation. With Alteryx’s expanding library of connectors, customers can access data from various databases, allowing them to utilize more data than ever before.
Appen announced a partnership with Reka AI, a new AI company coming out of stealth mode, for an unrivalled combination of Appen’s world-class data services with Reka’s proprietary multimodal language models.
Deloitte announced it would expand its Generative AI capabilities by leveraging Amazon Bedrock, a fully managed service from Amazon Web Services (AWS) that makes pre-trained Foundation Models from leading AI companies and Amazon easily accessible via an API.
Hypergene has partnered with Lundatech to strengthen its integration and data processing offerings. Through this new partnership, Hypergene will start using Lundatech’s integration platform as a part of its offering.
Infosys and SolarWinds announced a collaboration to advance the shift of SolarWinds solutions to a new SaaS model. Through this engagement, Infosys will leverage its engineering capabilities to accelerate the SaaSification of SolarWinds products and platforms built to increase customer visibility in highly complex hybrid and multi-cloud environments.
The Infosys Foundation announced it is collaborating with GoSports Foundation to build the ‘Girls for Gold Program’, a high-performance excellence program for junior and emerging women athletes.
KX has partnered with Options Technology, the leading provider of capital markets services and market data. Together, the two companies will create a cloud-based market data analytics platform to deliver enhanced trading outcomes for clients.
N-able Inc published its inaugural Environmental, Social, and Governance Report (ESG).
At World Tour NYC, Salesforce launched ‘Green Code,’ a new initiative to help reduce carbon emissions associated with the software development lifecycle.
Salesforce announced the official opening of Salesforce Tower Dublin.
SAS announced a collaboration with the European Customer Experience Organisation – ECXO, an association specialising in Customer Experience, focusing on EMEA.
Yellowfin has partnered with FusionCharts to deliver customers more embedded business intelligence (BI) options.
Zoho announced sweeping investments across its entire portfolio to accelerate upmarket momentum after a three-year, 65% CAGR in mid-market and enterprise segments, now representing one-third of the entire business. The company now boasts over 90 million users across over 600,000 global businesses of all sizes.
Zuora launched its second annual Environmental, Social and Governance (ESG) Impact Report.
Customer
American University Kyiv (AUK) has selected Anthology’s leading Student Information System (SIS), Anthology Student, to support the University’s student lifecycle needs.
Sunrise, the largest non-state-controlled telecommunications company in Switzerland, is expanding its use of beqom to manage sales performance and support growth in its flanker brands (yallo and Lebara).
Giltner utilises Cleo’s ecosystem integration platform to decrease new customer onboarding time by 95%.
DXC Technology (NYSE: DXC) has worked closely with the London Market Joint Ventures (XIS and XCS) to complete a major data centre migration, a key milestone in the multi-year transformation of the world’s largest insurance market.
Metropolitan Community College (“MCC”) has selected Ellucian’s Banner SaaS platform to modernize its existing technology infrastructure, strengthening institutional resiliency and optimizing student outcomes.
MHR revealed several customer stories this week, including Writtle University College, Essex Wildlife Trust, and Ember, the independent energy think tank.
El Paso Electric (EPE) has upgraded its customer information system to Oracle Utilities Customer Cloud Service. Gervasi Vineyard Resort & Spa, a luxury destination in Canton, Ohio, is expanding its business with Oracle Cloud. Using Oracle Hospitality OPERA Cloud Property Management System (PMS) and MICROS Simphony Cloud Point-of-Sale (POS), Gervasi has consolidated its operations on a single cloud platform.
RoboMQ has revealed how customers, including Centro Ararat and Lakepointe Church, leverage the Hire2Retire solution to automate HR and IT tasks.
Esquire Financial Holdings, Inc. (NASDAQ: ESQ), the holding company for Esquire Bank, National Association, has expanded its use of Salesforce technology to more effectively power its hyper-personalized sales and marketing initiatives aimed at law firms nationally.
Barnardos Australia (Barnardos) has selected the SugarCRM AI-driven CRM platform to help support vulnerable children and families. Its overall purpose is to ensure every child in Australia reaches their full potential while helping to build and nurture relationships with stakeholders, including case workers, caregivers, volunteers and funders.
Financial Reports
Bill
Bill reported its Q3 fiscal 2023 results.
- Total revenue was $272.6 million, an increase of 63% year-over-year
- Core revenue, which consists of subscription and transaction fees, was $239.5 million, an increase of 45% year-over-year
- Gross profit was $223.7 million, representing an 82.1% gross margin (Q32022 $129.6 million, 77.6%)
- Net loss was $31.1 million, or ($0.29) per share, basic and diluted, compared to net loss of $86.7 million, or ($0.84) per share, basic and diluted, in the third quarter of fiscal 2022
René Lacerte, BILL CEO and Founder, said, “We delivered strong third-quarter results and profitable growth as we executed on our strategy to be the essential financial operations platform for SMBs. As champions of SMBs, we are proud that more than 450,000 businesses use our solutions to automate their financial operations and gain more visibility and control of their finances.
“In Q3, we delivered revenue growth of 63% year-over-year, record non-GAAP gross margin, and expansion of non-GAAP net income margin. Our performance highlights the strength of our business model and our commitment to deliver balanced growth and profitability,” added John Rettig, BILL CFO.
Ceridian
Ceridian reported its Q1 2023 results:
- Dayforce recurring revenue is up 43.8% year-over-year, or 46.0% on a constant currency basis
- Total revenue of $370.6 million, up 26.4% year-over-year, or 29.3% on a constant currency basis
- Operating profit of $38.4 million and adjusted operating profit of $88.5 million
David Ossip, Chair and Co-CEO of Ceridian, said, “I am very pleased with our performance in the first quarter – as Dayforce recurring revenue grew 44% or 46% on a constant currency basis and we exceeded our profitability objectives. Looking ahead, I continue to be confident in our ability to execute and take market share as demand for our global people platform remains resilient.”
Leagh Turner, Co-CEO of Ceridian, added, “The strength of the Ceridian community continues to grow – with 6,179 Dayforce customers live and continued expansion of our partner ecosystem. In this dynamic environment, we are seeing more global enterprise organizations choose Ceridian to manage their people operations and drive their transformations given our breadth and depth of product and relentless focus on customer experience.”
Freshworks
Freshworks reported its Q1 2023 results.
- First quarter revenue grew 20% year-over-year, 23% adjusting for constant currency
- Non-GAAP operating profits of $3.9 million
- $9.1 million of free cash flow in the quarter
- FY 2023 outlook is $580.0 – $592.5 million, 16%-19% growth
- Net dollar Retention of 107%
- Increase customers paying more than $5,000 in ARR by 18% YoY
Girish Mathrubootham, CEO and Founder of Freshworks commented, “Freshworks had a strong quarter of execution in Q1. We exceeded our financial estimates for revenue growth and delivered our first quarter of non-GAAP operating profit as a public company. More companies are taking advantage of the opportunity to buy software that is designed to scale to meet their IT and customer needs.”
Global Payments
Global Payments announced Q1 2023 results:
- GAAP revenues were $2.29 billion, compared to $2.16 billion in 2022
- Diluted (loss) earnings per share were $(0.04) compared to $0.87 in the prior year
- The operating margin was 2.5% compared to 17.4% in the prior year
- Adjusted net revenues increased 5% (7% constant currency) to $2.05 billion (Q3 2022 $1.95 billion)
- Adjusted earnings per share increased 16% (18% constant currency) to $2.40, compared to $2.07 in 2022
- Adjusted operating margin expanded 200 basis points to 43.1%
Jeff Sloan, Chief Executive Officer, commented, “We are pleased to have delivered our best first quarter in four years, exceeding our expectations to start 2023. Both of our key businesses posted exceptional results. Our merchant business proved highly resilient as we saw accelerated growth across a number of worldwide markets and ongoing stability despite incremental macroeconomic distractions. And our core issuer business improved 340 basis points sequentially and delivered its highest rate of year-over-year growth in more than five years. This performance reflects the wisdom of our long-term strategies and our consistent focus on execution.
“We accomplished these results while turning the page on the strategic initiatives we have been executing over the last 12 plus months. First, we are delighted to have closed our acquisition of EVO Payments in late March, and we are off to a strong start with our integration activities. Second, we are pleased to announce the successful closing of the sale of our Netspend consumer business in late April. Third, we completed the divestiture of the Gaming Solutions business immediately following the end of the first quarter.
“These transactions serve to better align our businesses with our strategy, simplify our portfolio, sharpen our focus on core corporate clients and provide us with enhanced confidence in our growth and margin targets. We are delighted to raise our outlook for the full year following the outstanding financial and operating performance we produced in the first quarter.”
HubSpot
HubSpot revealed its Q1 2023 results:
- Total revenue was $501.6 million, up 27% compared to Q1’22
- Subscription revenue was $489.7 million, up 27% compared to Q1’22
- Professional services and other revenue was $11.9 million, up 12% compared to Q1’22
- GAAP operating margin was (8.9%), compared to (2.8%) in Q1’22
- Cash, cash equivalents, and short-term and long-term investments balance was $1.6 billion as of March 31, 2023
- Customers increased to 177,298 at March 31, 2023, up 23% from March 31, 2022
Yamini Rangan, Chief Executive Officer at HubSpot, said, “We had a strong start to the year and I’m pleased with the focused execution of the HubSpot team. Our results show that our product innovation is in high gear and that our bi-modal go-to-market strategy is working. We continue to operate in a tough macroeconomic environment but we have a solid playbook for executing and driving sustainable growth despite this challenge. At the same time, we are in the early stages of a transformative shift brought on by Generative AI. HubSpot is well positioned to help go-to-market teams be even more effective with AI, and we’re incredibly excited by the opportunity it is creating to deliver even more value for customers.”
Konsolidator
Konsolidator issues an interim financial report for Q1 2023:
- Revenue in Q1 2023 amounted to DKK 4.7m, an increase of 24% compared to Q1 2022, which aligns with expectations
- EBIT for Q1 2023 amounted to a loss of DKK 2.9m compared to a loss of DKK 6.5 for Q1 2022. The revenue increase and cost reductions resulted in an improvement in EBIT of 55%
- After the reporting date, Konsolidator has received loan offers and expects to finalize the capital injection of DKK 33-35m during May 2023, which will restore the equity and secure enough capital until being cash flow positive
CEO Claus Finderup Grove commented, “When the capital injection and the strengthening of the capital structure is in place, we have a new starting point with a strong pipeline, and we look ahead for further growth and profitability.”
Newgen Software
Newgen Software released a full year and Q4 results at its board meeting on May 2nd.
- Total income Rs 1,00Cr (up 25% YoY)
- Subscription revenues Rx 323 CR (up 31% YoY)
- Profit after Tax RS 176Cr (18% net margin)
Diwakar Nigam, Chairman & Managing Director, Newgen Software Technologies Ltd. said, “In FY’23, Newgen has created new benchmarks for itself on the product as well as financial parameters. We crossed the milestone of Rs 1,000 crores of Total Income for the year. We have also been named as a Leader in the Forrester Wave: Content Platforms Report. Our solutions today are driving deeper penetration into our customer base. We have been seeing an increasing trend of average ticket sizes per customer. We now have 51 customers with over Rs 5 crore annual billing.”
Teradata
Teradata published its Q1 2023 results:
- Public cloud ARR of $388 million, an increase of 86% as reported and 89% in constant currency from the prior year period
- Total ARR of $1.506 billion, an increase of 6% as reported and 7% in constant currency from the prior year period
- First quarter total revenue of $476 million, a decrease of 4% as reported and flat in constant currency
- First quarter recurring revenue of $389 million, an increase of 1% as reported and 4% in constant currency from the prior year period
- First quarter cash from operations of $109 million and free cash flow of $105 million
Steve McMillan, President and CEO of Teradata, said, “Teradata is off to a strong start in 2023 with sequential growth in total ARR, and we closed one of the largest deals in Teradata’s history…tangible proof points of our cloud-first strategy in action. Customers are expanding their cloud environments, underscoring the power of the Teradata platform, and driving demand for our differentiated analytics. We are excited for the year ahead and are on track to achieve all elements of our annual outlook.”
Upland Software
Upland Software reported Q1 2023 results:
- Total revenue was $77.1 million, down 2% from $78.7 million in Q1 2022
- Subscription and support revenue was $72.9 million, down 1% from Q1 2022
- GAAP net loss was $140.0 million compared to $22.8 million in the first quarter of 2022
- GAAP operating cash flow was $15.8 million, compared to GAAP operating cash flow of $8.2 million in the first quarter of 2022
- Cash on hand as of the end of the first quarter of 2023 was $257.7 million
- Added 207 net new customers in the quarter and expanded the business with 333
Jack McDonald, Upland’s Chairman and Chief Executive Officer, said, “In Q1, we beat our revenue and Adjusted EBITDA guidance midpoints, even after FX headwinds and free cash flow came in stronger than expected. We also added 20 new major customers and announced a host of new product innovations,” he added. “It’s still early, but we are making progress on our new growth plan and remain focused on building shareholder value over time.”
Product
Action1 Corporation announced a new product strategy to enhance organizations’ resilience to cyber threats. The company will add vulnerability discovery and prioritization based on IT asset value to its patch management capabilities to empower organizations to proactively manage their security risks.
Globant announced the launch of its Commerce Studio. This new Studio will help organizations create best-in-class commerce-enabled experiences, with engineering and design at its core.
Marigold announced that SMS is now available for Emma by Marigold customers, allowing marketers to execute personalized campaigns across email, web and SMS directly from the Emma platform.
o9 announced that it’s launching a new, cutting-edge aim10x platform to help supply chain, procurement, revenue management, IT, and sustainability professionals better connect, share insights and learn from each other to help them lead their organizations into the digital future.
Oracle announced innovations to Oracle Autonomous Data Warehouse, the industry’s first and only autonomous database powered by machine learning and optimized for analytics workloads.
Pigment has launched Pigment AI, to help business teams make faster, more informed decisions with data querying, pattern identification, smart insights, automated analysis and reporting, and assisted modelling and scenario building.
Salesforce announced Slack GPT, a new conversational AI experience natively integrated into Slack that will transform how work gets done. Slack GPT will deliver the ability to use generative AI app integrations, different language models, and the power to tap into secure customer data insights from the Customer 360 and Data Cloud. It will work with Einstein GPT to unlock the power of CRM and conversational data to make every organization more productive.
SalesHood released Sales Engagement Insights for sales and customer teams to replicate sales success at scale by measuring buyer engagement data.
ServiceNow released one of the world’s most responsibly developed and strongest‑performing open‑access large language models (LLM) for code generation. Led by ServiceNow Research and Hugging Face, the open‑access, open‑science, and open‑governance 15 billion parameter StarCoder LLM makes generative AI more transparent and accessible, enabling responsible innovation at scale.
TrendMiner, a Software AG company, is introducing the “Digital Twin Manager” in its latest 2023.R1 release. Industrial companies can create the foundation for making a digital process twin with the Digital Twin Manager. TrendMiner allows engineers to analyze historical processes and asset data and create (predictive) machine learning models.
Triblio has released a visual ABM campaign builder, Triblio Orchestration Canvas. This new feature includes a UI that allows marketers to orchestrate multi-channel and multi-stage campaigns within a single ‘drag and drop’ visual interface.
Validity announced two new offerings with industry leaders: an integration with workflow automation platform Zapier and BriteVerify for Salesforce, a simple and secure app to identify bad emails in your CRM.
Visier announced new products designed to offer fast, radically simple, and cost-effective solutions to today’s most pressing workforce challenges.
WorkWave has launched TEAM by WorkWave, the next generation of its Timegate platform for contractors, cleaning services and security personnel, now available in the EMEA region.
Zoho announced execution plans and ongoing investment in AI, beginning with the launch of 13 generative AI Zoho application extensions and integrations powered by ChatGPT.
