This is the news round-up from PSA, PPM and Work Management vendors from the week beginning 4th September. News from last week included financial results from monday.com and Smartsheet. Kantata published a minor update for its OX solution (Mavenlink), and NetSuite revealed 2023R2 for NetSuite OpenAir. Klient revealed that it has achieved SOC2 certification and expects to help other Salesforce ISVs achieve the same with a new SOC2 framework.
Asana
Asana published results for its second quarter fiscal 2024 ended July 31, 2023. Dustin Moskovitz, Co-founder and Chief Executive Officer of Asana, commented, “Asana’s Q2 results beat expectations on the top and bottom line. Revenue growth was better than our guidance, operating margin improved 37 percentage points, and we posted positive free cash flow.
“In Q2, we continued to expand our commitments with some of the largest companies in the world across industries including financial services, healthcare & life sciences, retail, media, manufacturing, professional services, among others. More and more, the world’s leading companies are choosing Asana – powered by Asana’s Work Graph and AI – to drive clarity and accountability, maximize impact, and scale with confidence.”
Key figures included:
- Revenues were $162.5 million, an increase of 20% year over year
- GAAP operating loss was $73.4 million, or 45% of revenues, an improvement year over year compared to GAAP operating loss of $111.3 million, or 82% of revenues, in the second quarter of fiscal 2023
- GAAP net loss was $71.4 million, compared to GAAP net loss of $113.0 million in the second quarter of fiscal 2023
- Cash flows from operating activities were $20.2 million, compared to negative $41.6 million in the second quarter of fiscal 2023
- Free cash flow was $14.6 million, compared to negative $42.3 million in the second quarter of fiscal 2023
Looking forward Asana expects 16% in the third quarter with revenues of $163.5 to $164.5 million. It still expects to make a loss. Looking forward to the full year 2023, it expects revenues of $642.0 million to $648.0 million, representing year over year growth of 17% to 18%.
Kantata
Kantata revealed another minor update for Kantata OX. It has increased the flexibility with the Insights reports. Users now have greater control over the positioning of attributes, headers, and metrics among columns and rows in pivot tables.
Within the configuration menus, the user can transpose row and columns making reports more flexible.
Klient
Klient announced that it has achieved SOC 2 Type 2 certification. This kind of announcement is often an annual thing that companies go through. Klient, however has gone a step further. It has revealed that it has build a SOC 2 framework specifically for Salesforce ISVs within its PSA solution. This is currently going through certification but will be available on the Klient PSA platform at no extra cost.
monday.com
Work Management vendor monday.com has published a blog entitles “100+ best project management software for 2023”. The blog list 49 for small businesses, 27 for medium sized businesses and forty for enterprises. It also includes what Monday.com view as the top three: monday.com itself, GoodDay Work and nTask. The list, though long is not comprehensive, missing out vendors such as Certinia and Planview.
It uses a scoring system based on project management features, reporting, support, security and price. For those organisations looking for a new solution, it is worth a quick look to identify a long list, but should only be treated as part of ones research.
Oracle NetSuite
Oracle published a sneak peak at NetSuite OpenAir 2023 Release 2. The release includes usability improvements for project managers in the Project Centre that allows users to:
- Obtain cost information calculated based on current and historical loaded cost rates for each resource
- View any cost information overrides at the project or task level
- Access cost information based on primary, secondary, or tertiary loaded cost rates, if using different cost levels
This release also advances expense visibility. The integration between OpenAir and NetSuite is improved with the ability to:
- Enable the auto recovery feature for credit note exports to NetSuite
- Restrict the synchronization to records last modified on or after a specific time
- Set up OpenAir to use OpenID Connect (OIDC) instead of NetSuite Outbound Single Sign-on
The Openair team has also improved the mobile application. Users can personalize the OpenAir home dashboard with widgets like shortcuts to lists, summaries of recent timesheets and expense reports, and create and upload buttons.
Smartsheet
Smartsheet announced financial results for its second fiscal quarter ended July 31, 2023.
- Total revenue was $235.6 million, an increase of 26% year over year
- Subscription revenue was $221.5 million, an increase of 28% year over year
- Professional services revenue was $14.1 million, an increase of 7% year over year
- GAAP operating loss was $(36.1) million, or (15)% of total revenue, compared to $(64.9) million, or (35)% of total revenue, in Q2 2023
- Non-GAAP operating income was $19.2 million, or 8% of total revenue, compared to non-GAAP operating loss of $(16.1) million, or (9)% of total revenue, in Q2 2023
- GAAP net loss was $(33.4) million, compared to GAAP net loss of $(62.3) million in the second quarter of fiscal 2023
- Net operating cash flow was $48.5 million, compared to $10.2 million in the second quarter of fiscal 2023
- Free cash flow was $45.5 million, or 19% of total revenue, compared to $7.1 million, or 4% of total revenue, in the second quarter of fiscal 2023
Mark Mader, CEO of Smartsheet, said, “Smartsheet outperformed across all aspects of our guidance in Q2. Our platform’s scalability continues to drive strong demand from enterprises looking for solutions to manage their mission-critical work securely and consistently. We remain focused on delivering innovation around generative AI and other areas to help our customers achieve more and to extend our leadership position in the enterprise work management market.”
PSA PPM and Work Management news from the week beginning 28th August 2023
