More generative AI solution announcements last week. Icertis launched two CoPilots powered by generative AI for Icertis Contract Intelligence. Snaplogic made SnapGPT generally available, a new generative AI user interface for its IPaaS platform.
Slack announced the general availability of Slack Sales Elevate, a new UI for Salesforce CRM. Rippling launched Rippling Recruitment, an ATS solution fully integrated into its HRIS platform. Pulseway rolled out version 9.3 of its RMM solution to on-premise customers following the Cloud update a few weeks ago. Fiverr has announced the latest release of its freelancer platform for medium and larger businesses.
Language I/O raised another $8 million in a funding round led by Joint Effects. Tradeshift announced a $30 million funding by HSBC and the intent to launch a JV with the global bank. Clari published a business update for H1 2023 and launched an updated customer community initiative.
An interview with Ze’ev Rozov, COO of Hibob, was published in which he revealed how the HR vendor intends to expand in the coming months.
Acquisitions
ADP announced the acquisition of Honu HR, Inc. DBA Sora (Sora), a low-code intelligent workflow automation and data integration tool that unifies disparate business applications such as HR, IT and other systems and data sets. To create a smarter, easier-to-use experience for employees, business owners and HR professionals.
Dynatrace has signed a definitive agreement to acquire Rookout. It is an enterprise-ready and privacy-aware solutions provider that enables developers to quickly troubleshoot and debug actively running code in Kubernetes-hosted cloud-native applications.
Appointments
Celonis appointed Fernando Ranz as Regional Vice President and Country Leader for Iberia and Latin America (LATAM).
Kinaxis announced the appointment of three new c-suite leaders – all promoted from within Kinaxis. Andrew Bell will become Chief Product Officer, Megan Paterson the Chief Operating Officer and Amber Pate as Chief Human Resources Officer.
Pipedrive appointed Dr Andrea C Johnson as Chief Information Officer.
Synopsis has appointed Jill Larsen as Chief People Officer, responsible for leading the Synopsys People and Workplace Resources organization.
Business
BlackLine Inc announced a five-day implementation for midsize companies, BlackLine 5-Day Fast Track. New customers can ‘Go live in 5’ and be up and running on BlackLine’s market-leading financial close management platform before their next month-end close.
Boomi announced the company is an ISO/IEC 27001:2013 and an ISO/IEC 27701:2019 certified provider. Whose Privacy Information Management System (PIMS) and Information Security Management System (ISMS) have received third-party accreditation from the International Standards Organization (ISO).
Dentsu and Merkle, Dentsu’s leading technology-enabled, data-driven customer experience management (CXM) company, announced they are collaborating with Salesforce to offer AI expertise to marketing and commerce leaders.
Humanforce, an Australian-borne global provider of human capital management (HCM) solutions, has rebranded. It marks a significant milestone in its journey to redefine HCM for frontline and flexible workforces and follows the strategic acquisition of intelliHR, Wagestream Australia and Ento.
Syncro announced the launch of its Industry Affiliate Program. Available to industry leaders, educators, and content creators in the MSP space. The initiative aims to foster strategic partnerships and enable mutual success by enabling them to leverage their networks to earn cash.
Thought Industries has completed its System and Organization Controls (SOC) 2® Type 2 examination on Security, Availability, and Confidentiality controls for its scalable enterprise learning management services.
Customer
Jenzabar announced that 18 schools selected Jenzabar solutions in the second quarter of 2023.
ASTRID, the operator of Belgium’s national radio communications, paging and dispatching network, has selected NICE. Modernizing their voice recording and incident reconstruction solutions for 14 police, fire and EMS Public Safety Answering Points.
Salesforce published an interview that reveals how Siemens is leveraging Salesforce solutions to help its customers accelerate their digital transformation.
Financial Reports
Ceridian
Ceridian published its Q2 2023 results.
- Dayforce recurring revenue of $268.2 million, up 38.0% year-over-year, or 39.4% on a constant currency basis
- Total revenue of $365.9 million, up 21.5% year-over-year, or 23.5% on a constant currency basis
- Operating profit of $29.4 million and adjusted operating profit of $83.0 million
David Ossip, Chair and Co-CEO of Ceridian, said, “Our results reflect the strength and resiliency of our business, coupled with strong demand for Dayforce. Our global HCM suite truly stands alone, by way of breadth and depth of the solutions we provide.”
Leagh Turner, Co-CEO, Ceridian, added, “This quarter was strong across all areas of the business, and we executed well across sales, product, and all areas of operations – underscoring our unique position to deliver differentiated value to customers. I’m confident in the outlook as we focus on continued growth of our customer community, our pipeline of innovation, and ongoing investment in our people.”
Freshworks
Freshworks reports its Q2 2023 results. Key figures included the following:
- Total revenue was $145.1 million, up 19% from Q2 2022
- It posted a $43.3 million (GAAP) loss from operations, down from ($67.4) million in Q2 2022
- Free cash flow was 18.1 million, compared to ($10.2) million in Q2 2022
- Cash, cash equivalents, and marketable securities were $1.16 billion as of June 30, 2023
- The number of customers contributing more than $5,000 in ARR was 19,105, up 18% year-over-year
- The net dollar retention rate was 108%, down from 111% in Q2 2022
Girish Mathrubootham, CEO and Founder of Freshworks, commented, “Freshworks is building on the foundations we set at the start of the year to deliver faster product innovation, and improve our efficiency. In Q2, we launched new generative AI enhancements across our product lines and outperformed our estimates across all our key financial metrics. I’m excited about the opportunity for companies to take advantage of our software to delight their customers and employees.”
Global Payments
Global Payments announced its Q2 2023 results.
- GAAP revenues were $2.45 billion, compared to $2.28 billion in 2022
- Adjusted net revenues increased 7% to $2.20 billion, compared to $2.06 billion in 2022
- Adjusted earnings per share increased 11% to $2.62, compared to $2.36 in 2022
- Adjusted operating margin expanded 100 basis points to 44.8%
Josh Whipple, Senior Executive Vice President and Chief Financial Officer, said, “Our outstanding financial results for the second quarter and year-to-date period reflect continued strong and consistent execution across our businesses, despite an uncertain macroeconomic environment. Based on this performance, we are raising our expectations for 2023.
“The company now expects adjusted net revenue to be in a range of $8.660 billion to $8.735 billion, reflecting growth of 7% to 8% over 2022, and adjusted earnings per share to now be in a range of $10.35 to $10.44, reflecting growth of 11% to 12% over 2022, or 16% to 17% excluding dispositions. We continue to expect adjusted operating margin for 2023 to expand by up to 120 basis points.
“Our 2023 outlook reflects the continued momentum we are seeing in our business, while also accommodating the potential for a more tempered macroeconomic environment over the remainder of the year.”
HubSpot
HubSpot published its Q2 2023 results.
- Total revenue was $529.1 million, up 25% compared to Q2’22
- Subscription revenue was $517.7 million, up 26% compared to Q2’22
- Professional services and other revenue was $11.5 million, up 23% compared to Q2’22
- Total revenue was $529.1 million, up 25% compared to Q2’22
- Subscription revenue was $517.7 million, up 26% compared to Q2’22
- Professional services and other revenue was $11.5 million, up 23% compared to Q2’22
Yamini Rangan, Chief Executive Officer at HubSpot, commented, “We had another solid quarter and I’m pleased with the continued momentum we have in becoming the platform of choice for scaling companies. Our teams are driving the pace of product innovation, iterating fast with AI while executing on our bi-modal strategy, despite a still challenging macroeconomic environment. This focus and alignment is what will continue to set us apart to drive durable and profitable growth over the long term.”
Informatica
Informatica announced its Q2 2023 results.
- GAAP Total Revenues increased 1% year-over-year to $376.0 million
- GAAP Subscription Revenues increased 10% year-over-year to $227.6 million
- Total ARR increased 8% year-over-year to $1.55 billion
- GAAP Operating Loss of $5.4 million and Non-GAAP Operating Income of $87.5 million
- GAAP Operating Cash Flow of $36.7 million
- Informatica processed 60.7 trillion cloud transactions every month for the quarter ended June 30, 2023, up 58% year-over-year
- At the end of Q2, it had 213 customers that spent more than $1 million in subscription ARR, up 22% year-over-year
- 1,940 customers spend over $100,000 in subscription ARR at the end of June 30, 2023, up 8% year-over-year
- Achieved a Cloud Subscription net retention rate (NRR) of 116% at the end of June 30, 2023
Amit Walia, Chief Executive Officer at Informatica, stated, “Q2 was another strong quarter for Informatica as we exceeded the high end of our guidance range for all our key performance metrics. Our intelligent data management cloud platform, IDMC, powered by our AI engine CLAIRE, uniquely positions us in the ‘AI and data-first world’ as we continue to deliver durable growth and profitability.
“We are also excited to have closed on the acquisition of Privitar in July. We believe IDMC is becoming the most comprehensive and differentiated AI-powered platform at scale as we continue on our journey to be the enterprise standard for data management.”
Upland Software
Upland Software published its Q2 2023 results.
- Total revenue was $74.5 million, a decrease of 7% from $80.2 million in the second quarter of 2022
- Subscription and support revenue was $70.5 million, a decrease of 6% from $75.0 million in the second quarter of 2022
- GAAP net loss was $15.1 million compared to $16.4 million in the second quarter of 2022
- It expanded relationships with 313 existing customers, 32 of which were major expansions. We also welcomed 155 new customers to Upland in the second quarter, including 20 new major customers
Jack McDonald, Upland’s Chairman and Chief Executive Officer, commented, “In Q2, we beat our revenue and Adjusted EBITDA guidance midpoints, and free cash flow came in as expected. We also added another 20 new major customers and announced a host of new product innovations. It’s still early, but as noted, we are making progress on our new growth plan and remain focused on building shareholder value over time.”
Funding
Trinet launched a new private offering of $400 million of senior notes due in 2031. The offering is expected to close on August 16, 2023, subject to customary closing conditions. TriNet intends to use the net proceeds of the offering to fund an equity tender offer and a share repurchase that it announced on July 31, 2023, to purchase shares of its common stock and the remaining amount, if any, for general corporate purposes. TriNet commenced the equity tender offer on August 1, 2023.
Freshworks Inc announced the launch of its AI-powered Customer Service Suite. It combines self-service bots, agent-led conversational messaging, and automated ticketing management in an all-in-one solution.
McLaren Applied has announced a new data and analytics partnership with leading technology company KX, maker of kdb+, the industry’s most trusted Data Timehouse and the KDB.AI vector database. The integration will see McLaren Applied’s already industry-leading ATLAS platform benefit from integration with KX’s advanced kdb+ vector native, time series database, giving motorsport teams the ability to monitor race data, run complex AI and ML queries, and make real-time decisions in the garage for maximum benefit.
KX unveiled the Early Access Program for KDB.AI, the #1 ranked multi-model vector database.
Qualtrics announced the general availability of Digital Experience Analytics (DXA). DXA is a new solution that enables organizations to create a visual replay of consumers’ behaviour during their web experience. It captures key frustration signals like error clicks, rage clicks, and mouse thrashes.
SalesAgility has just released the SuiteCRM 8.4 Beta release, which boasts improved PHP 8.2 Support. It has an updated Nav Bar with relevant actions, a whole new floating save, and Smarty being upgraded to v4 on legacy.
Salesforce announced the general availability of Starter, a simple all-in-one CRM app bringing sales, service, and marketing capabilities together to help small and growing businesses manage customer relationships, centralize key data, and grow more efficiently. Pricing starts at $25 per user per month.
Synopsis launched the Synopsys Software Risk Manager, a powerful new application security posture management (ASPM) solution. Software Risk Manager enables security and development teams to simplify, align and streamline their application security testing across projects, teams and application security testing (AST) tools.
Tricentis announced the addition of Tricentis Device Cloud (TDC) to its growing portfolio of mobile testing products.
