Pendo is positioning itself to break out in the fast growing software product engagement space.
The North Carolina based company has recently signed numerous high profile contracts with customers in various verticals, including Instacart, Lithium Technologies and MetLife, among others.
Product engagement software connects users to their customers through direct feedback on features and offerings, making it easier to prioritize new feature requests and facilitate innovation. A good product engagement tool will help users navigate the mountains of user data generated to find valuable and actionable insights.
The market for this very particular SaaS niche is already valued at $20 billion and growing quickly. It is populated both with startups and large tech companies like Adobe and Google, both with their own well-known analytics platforms.
And the company is performing well despite stiff competition. Pendo has seen a 170% increase in bookings in the second quarter of this year. The business has grown between 300% and 400% each year and currently has over 600 customers and 200 employees. According to Pendo’s website, the company’s clients work in a wide variety of industries, including logistics, security, hospitality, insurance, and the financial services industry.
Last month, the company was even named one of JMP Securities’ Hot 100 private U.S. software companies. The investment bank judges companies on criteria that includes financial growth, customers, products and services, market potential, and quality of leadership.
Since its founding in 2013, Pendo has raised over $50 million in funding from a variety of investment firms, including Spark Capital and Salesforce Ventures.
The company was founded by product managers with experience working for Google, Red Hat, Rally, and Cisco with the goal of analyzing and understanding what is truly driving product success for their customers.
Citing the company’s belief that users are some of the greatest assets to any business, Pendo CEO and co-founder Todd Olson expressed particular satisfaction that so many of the company’s new clients are global players. The future looks bright for Pendo, and it’s only just beginning.