Workspot today announced more than 300% revenue growth (ARR) in Q1 2020 compared to Q1 2019, with 286% net revenue retention. The company added business in a variety of new industries, including financial services, insurance, and legal, and 70% of Workspot customers have expanded their initial engagement at an average of 4X their first deployment.
Workspot has also expanded its sales, customer support and engineering teams to meet the needs of the growing business. The explosion in new business and expansion of existing customer contracts is due to organizations’ need to empower employees to work remotely.
Dollar retention rate indicates that companies are realizing value in their Workspot investment. Companies see the following benefits:
- Business continuity: Cloud desktops have built-in business continuity. Employees access their desktop and work from anywhere, from any device, which is especially useful if they are not able to reach the office for any reason.
- Greater productivity: Companies are seeing improved productivity and increased billable hours, which is proving that remote work can be effective for a larger part of the organization than previously thought.
- Efficiency: Performance is a critical element of Workspot’s cloud desktop solution. Knowledge workers, engineers and other power users work remotely as efficiently as if they were using a physical desktop or workstation.
Mark Bowker, senior analyst, ESG, said: “In the SaaS industry, net dollar retention rates reflect value. For example, a 130% net dollar retention rate means that for every dollar a customer spent last year, they increased their spend to $1.30 this year. Workspot’s 286% net dollar retention rate is a very strong indication that their customers are finding value with the solution and expanding their deployments.”
Richard Holst, Director of IT, Bohler Engineering, said: ”We initially implemented Workspot’s cloud desktops to provide more flexibility for engineers who wanted to work remotely. We just added 250 more to support other employees who now need to work from home. What is even more notable is that we are seeing increased productivity, and our billable hours are increasing. This means we are providing even better service to our customers despite the sudden shift in work environment.”
Amitabh Sinha, CEO, Workspot, said: “Workspot has always been on the leading edge of remote work, from our founding as a cloud-native alternative to legacy VDI to our ability to deploy cloud desktops at a moment’s notice. Our success illustrates the power of cloud computing and cloud desktops to support the needs of the modern workforce.”
