WorkWave continues positive momentum with 112% year-to-date revenue growth through third quarter
The good quarter was driven by customer retention and software growth; WorkWave should exceed $300 million in turnover for 2022
HOLMDEL, NJ, October 26, 2022 /PRNewswire/ — WorkWave®, a leading provider of SaaS software solutions that support every stage of a service business lifecycle, continued to post strong financial performance for 2022 with 112% revenue growth since inception of the year (YTD) through Q3 and total software growth of 141% year-to-date. Due to continued growth and financial success, WorkWave is expected to exceed $300 million of turnover for 2022.
“Our continued focus on the success of our customers, in all areas of their business, resonates with the industries we lead – our performance shows this. This, combined with our focus on building a strong and healthy business that can lead these industries through times of continued uncertainty, continues to give customers confidence that WorkWave is the strongest partner they could have,” said David F. GiannettoCEO of WorkWave.
Annual recurring revenue (ARR) increased 47% year-to-date, with total booking growth up 111% in Q3 2022 compared to Q3 2021. Other notable financial milestones include:
- 122% net retention year-to-date
- 15% growth in employees since the beginning of the year; and
- 100% growth in total recurring revenue since the beginning of the year
“As economic uncertainty persists and the job market continues to put pressure on our customers, software will play an increasingly central role in helping field service business owners sort through the challenges they may face,” Giannetto said. “With the consolidations of our acquisitions from last year behind us, we are now seeing how the power of this new, larger WorkWave is pushing our solutions forward in ways that competitors are clearly struggling to keep up with – and we will continue to apply it puts pressure on them.”
Key initiatives in the last quarter include:
- The launch of TEAM by WorkWavethe enterprise solution for cleaning, security and facility management providers that connects field operations to back-office resources.
- The launch of ServiceBot by WorkWave, a highly successful sales automation tool that facilitates e-commerce via an artificial intelligence (AI) enabled chatbot that lives on a company’s website.
- Increased innovation within true greenincluding the launch of new and improved lawn care features – crew and equipment setup, price and labor estimate, property inventory and site maps – all designed for lawn care professionals. lawn care and made possible by using WorkWave’s portfolio of solutions to drive this platform forward.
- A increased investment in the modernization of ServMan, WorkWave’s core ERP software solution for the HVAC, plumbing and electrical industries. This investment will allow ServMan to continue to be at the forefront of these industries with a phased modernization approach as well as integration with Slingshot by WorkWave, a 24/7 business contact center for service companies.
WorkWave CEO David F. Giannetto was also honored with The software report as CEO of the SaaS Top 50 for the third consecutive time, supporting WorkWave’s expertise and focusing on developing its SaaS features and functionality to continue to lead innovation in the SaaS software space.
WorkWave continues to focus on scaling, expanding into new verticals, and exploring acquisition options to support consistent growth, customer retention, and YOY profitability.
To learn more about WorkWave and its product offerings, please visit https://www.workwave.com/.
For nearly 40 years, WorkWave has incorporated best practices into its industry-leading field service and last mile software solutions to enable best-in-class companies to grow their business, serve their customers, and maximize their silver. Its solutions enable service-oriented businesses to reach their full potential through scalable, cloud-based software solutions that support every stage of a business’s lifecycle, including marketing, sales, delivery services, customer interaction and financial transactions. WorkWave is a trusted partner to thousands of customers in a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery . WorkWave’s culture and award-winning solutions have been recognized at the SaaS Awards, Cloud Awards, American Business Awards, NJBIZ Best Places to Work Awards, and Stevie Awards for Great Employers. For more information, visit https://www.workwave.com.