The Digital Adoption Leader Achieved 76% YoY Revenue Growth Leading into 2022
Whatfix, the global leader in the digital adoption platforms (DAP) space, announced the launch of its data centers in Europe, based in the cities of Frankfurt, Germany and Oslo, Norway, showcasing significant growth in the European market. These new data centers will allow Whatfix to further enhance customer data protection and significantly improve performance for European customers overall. The European market contributes to around 20% of Whatfix’s revenue.
In addition, Whatfix launched its multi-tiered Digital Adoption Platform (DAP) Certification Program, which makes specific trainings available to employees, customers, and partners covering topics on how to build, manage, and deploy content on Whatfix’s DAP. Each of the courses has distinct content, supplemental bridge courses, and a comprehensive content library. Around 2,500 active learners and around 500 certified users are already actively using the program today.
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“Our success in 2021 shows that Whatfix and our solutions are optimized for an era defined by change and uncertainty,” said Khadim Batti, CEO and co-founder of Whatfix, and gold winner for IT Cloud/SaaS in the CEO World Awards. “With a comprehensive brand refresh, and a strengthened product roadmap, we’re eager to continue our culture of excellence, innovation, and customer-first focus to drive more positive outcomes for our stakeholders in 2022.”
Highlights include:
Business Growth and Valuation: In 2021, Whatfix achieved 76% revenue growth, attributable to both new customer wins as well as expansion of existing business. The company increased new business revenue by 85% in 2021 including the addition of several new enterprise customers who have deployed Whatfix both internally for employees and externally for customers. These include customers such as Microsoft, Westland Insurance Group, Allstate Insurance Group, Datacom Group, The Netherlands Red Cross, Coca-Cola Beverages Africa, Geodis, Telenor, Ayr Farmers Mutual Insurance Company, Aggreko, and many others.
The customer-centricity of the company resulted in a best-in-class net revenue retention rate (NRR) at 132% in the enterprise customers segment in 2021, as well as a 250% increase in revenue from expansions of existing business. This indicates a significant increase in the number of accounts that have expanded the use of Whatfix across multiple applications.
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Whatfix’s total valuation increased 300% in 15 months since its Series C financing, following a successful Series D fundraising round in June 2021 led by SoftBank Vision Fund 2. The company has raised nearly $140 million in total. The company also acquired Nittio-Learn, a learning management system (LMS) in 2021 and enters 2022 with a strong focus on investing in additional acquisitions to strengthen its product roadmap.
Product Strengthening: With a clear product roadmap to strengthen its offerings for customers, Whatfix had introduced three new solutions to its portfolio in H2, 2021.
- Behavioral Analytics – This is a set of analytics tools intended to assist Product Managers & application owners in understanding how their application interacts with users. ‘User Actions’ and ‘Insights’ were launched and witnessed tremendous traction among customers in 2021.
- SAP on Desktop – ERPs legacy interface and complex processes can result in low data quality impacting business decisions. In-the-moment guidance from Whatfix helped enterprises reduce training and support costs on the web-apps that were extended to desktop SAP apps.
- Auto Testing – To ensure a smooth experience for both end-user and content teams, Whatfix launched automated testing of all flows, configured at the backend by content teams, which produces a report highlighting any instances where the flow is failing, the exact step behind the issue, and the actions that could be taken to fix it.
Industry Thought Leadership: In 2021, Whatfix hosted two successful digital adoption summits with industry leaders from companies such as Accenture, Cognizant, Snap Inc. and Deloitte. The events featured more than 45 speakers and recorded over 3,000 registrations. In addition, Whatfix launched the first-of-its-kind Buyer’s Guide to Digital Adoption Platforms by Everest Group, a leading research firm. The study surveyed digital adoption platform (DAP) buyers to examine the most important capabilities of DAPs for customers, as well as the ROI generated for organizations.
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Employee Growth: To support its continued business growth, Whatfix increased its headcount by 40% in 2021 in sales and technology departments, including key leadership hires. Notably, 22-year tech-industry veteran Patrick Ashamalla joined the team as Vice President of Product Design in the US. Under his leadership, Ashamalla has built a cross-functional team consisting of UX researchers and design experts to deliver solutions across web, desktop, and mobile-native platforms, as well as established a customer engagement model that brings a persistent consumer focus to their UX solutions throughout the product lifecycle.
Continuing with its vision of providing industry and domain based solutions, Whatfix has onboarded Ajay Kumar as Vice President of Pre-Sales Solutions, an industry veteran with 26 years of experience across finance and business applications like ERP, EPM, SCM, HCM and CRM. Ajay will focus on establishing Whatfix’s category leadership of DAP across specific sectors and industries.
The expansion of the sales and engineering teams enable Whatfix to evolve its technology excellence and customer-first focus.
Awards: Whatfix was recognized with over 20 awards spanning corporate, technology, customer success, and entrepreneur/executive categories. Notably, Whatfix ranked 143rd on the Deloitte Technology Fast 500, earning the distinction as the highest-ranked digital adoption platform. Among Bay Area companies, Whatfixwas ranked 40th. The Deloitte Technology Fast 500™ ranks the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America each year. Industry analysts also took note of Whatfix’s leadership, naming the company a leader and star performer in the Everest Group’s 2021 DAP PEAK Matrix.
Looking Ahead, Whatfix is on track for continued growth and momentum in 2022, with plans to strengthen its presence in the U.S., Europe, and ANZ, while also expanding its international footprint in countries such as Japan, South East Asia, and India. The company remains laser-focused on customer success and continued product innovation. Last year, Whatfix submitted two more patents and has more in the pipeline for 2022.
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