WorkWave, parent company of TEAM Software Inc, reported exponential revenue growth of 195 per cent total year-over-year for its fiscal-first quarter of 2022.
The company also posted a software revenue growth of 181 per cent from the equivalent quarter a year ago with 96 per cent growth in new customers over the same time period and a net retention rate of 127 per cent.
WorkWave credited the impressive gains to the impact of a new chief revenue officer and revamping of the sales team, coupled with the further amalgamating of its multiple acquisitions from 2021.
“The success we are now seeing is just the first glimpse into the new level of performance that we will achieve as a result of intense work executed over the past several years,” said David F. Giannetto, WorkWave CEO.
“We believe that we have built a new business model indicative of how SaaS software companies will operate in the future, combining the strength of their close, mission-critical software-driven customer relationship with the power of financial solutions, so that their customers can collectively benefit in ways that they could not individually. And we are seeing that our customers value not just this approach, but the strength of our commitment to be the best possible partner to help their business grow and succeed, regardless of their size or objectives.”
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