Last week Certinia announced the general availability of its Summer 2023 product releases with updates to its professional services automation solution and other products. Other news included a minor update from Kantata for its OX solution, investment by Planview in India, and monday.com released results from its second quarter.
Kantata
Kantata unveiled a series of updates to the Kantata OX solution. They included a new card design for Boards, giving users greater visibility of project tasks and to-do details. The new design includes a two-pane design that can add custom fields and Posts in the second pane.
There is a new calculation tool that enables users to build estimates faster. Location within the Summary Bar updates task budgets and estimated hours based on resource-estimated hours and bill rates.
The Project Overview tab now allows users to save views, and there are additional columns within the Team Members and Project Summary table. The duration column within the Task Tracker is also possible, enabling users to view and edit the value, which updates the end date.
monday.com
monday.com announced its second quarter 2023 results.
Key figures included:
- Revenue for Q2 2023 was US$175.7 million, up 42% year over year
- GAAP operating loss was $12.2 million compared to a loss of $46.2 million in the second quarter of 2022
- Net cash provided by operating activities was $47.6 million ($14.1 million in Q2 2022)
- Free cash flow of $45.9 million, (negative $19.3 million in Q2 2022)
- The number of customers with more than $50k ARR grew 63% year over year
- The net dollar retention rate was over 110%
- The net dollar retention rate for customers with more than 10 users was over 120%
During the quarter, the company successfully completed and released mondayDB 1.0. It also launched the monday AI Assistant and introduced expanded AI capabilities.
Roy Mann, monday.com founder and co-CEO, said, “We saw healthy customer demand in the second quarter, reflecting our commitment to rapid innovation. The official release of the first phase of mondayDB marks a significant transformation of our platform, providing customers with faster boards, and future releases will provide even more speed and scalability improvements. We also launched our AI Assistant in the quarter and are excited about the opportunities we see ahead with AI.”
Eran Zinman, monday.com founder and co-CEO, said, “We continue to deliver superior value to our customers as we strengthen our product suite and introduce expanded features and functionality to the platform. monday Sales CRM is seeing strong momentum as we roll it out to our existing customer base, and the response to monday dev has been overwhelmingly positive since transitioning the product out of beta. We remain highly confident that our multi-product strategy will allow us to support a wider variety of use cases for customers of all sizes.”
Planview
Planview announced further investment in India. It opened a new Global Capability & Innovation Center (CIC) in Bengaluru, India. In the last two years, it has grown headcount and capacity by over 250% in the CIC, across Data Science, R&D, Partners/Strategic alliances, Business Applications, Cybersecurity, Professional Services, Managed Services and Premium Customer Care.
Planview has accelerated the investment of USD 125 million into headcount and centre operating expenses over the next four years, to drive a strong growth trajectory in the region and support customers across the globe.
Razat Gaurav, Global CEO, Planview, commented, “Planview is very bullish about its India operations. The total investment in digital transformation efforts across the globe continues to accelerate year over year. In the next 18 months, more than half (55%) of all Information and Communication Technology (ICT) investment will focus on transformation, with many of those initiatives led by teams in India innovation centers.
“Our expanded footprint allows us to support global clients at a time of increasing digital transformation and business activity in the world’s fastest-growing economic region. Our CIC will help customers fast-track their digital transformation while supporting the economic growth of the region.”
The company also recently appointed Shalini Sankarshana, Country Manager & Managing Director of the CIC and India, and Vishal Dhawan, Managing Director and President of APAC. Sankarshana said, “Planview’s expanded presence in Bengaluru will create many opportunities for our existing employees to do impactful work for clients across the globe, as well as enable our company to harness the diverse and considerable talent across the country.
Not only is Bengaluru a key talent hub in India, but the expansion of CIC is integral to progressing the innovation roadmap and supporting the business needs of our clients as they continue to accelerate their business transformation journey.”
PSA PPM and Work Management news from the week beginning 31st July 2023
