2021: The Year in Review
At the start of 2021, the world hoped the New Year would eventually see a reprieve from the pandemic, but COVID-19 had other plans, proving that it’s not quite done with us yet. So, instead of getting back to pre-pandemic routines, everyone has had to figure out how to stay connected in a meaningful way while operating in fully remote or hybrid environments for the long haul. Resiliency and adaptability were key themes for 2020, and we believe connectivity and extension were the underlying thread running throughout 2021.
True to form, necessity proved to be the mother of invention this year as so many within the Tesorio community found ways to stay connected. The results speak to everyone’s collective success at just that.
For our part, we talked a lot about Connected Finance this year, we launched a new look along with AR Essentials and Tesorio Connect, and we were named as the Easiest Company to Do Business With on G2, and ranked second in the early-stage category of the IA40 list of top intelligent applications.
But more important are the outstanding successes of our customers, many of whom:
- Expanded into new markets, such Tray.io, Inc.
- Introduced or enhanced products and services, as did Allbridge
- Hit milestones like Engineering Sales Associates celebrating its 60th anniversary
- Announced strategic partnerships, such as ZEFR’s with Mitsui or Amobee’s formation of TechAlliance with smartclip.
So many of our customers won awards this year, they are too numerous to recount here, but congratulations to all as we celebrate some of our community’s most notable financial accomplishments of 2021.
Acquisitions Of and By
Salesforce completed its acquisition of Slack for $27.7 billion.
Several more Tesorio customers bought other firms this year:
· Escher Group acquired Syslore
· MarkLogic acquired Smartlogic
· ProVation Medical acquired endoPro
· Ripple acquired a 40% stake in Tranglo
· Veeva Systems acquired Learnaboutgmp
· Vungle, Inc. agreed to acquire JetFuel
· ZoomInfo acquired Insent
· Zscaler acquired Smokescreen
Many Tesorio customers actively raised their capital levels this year, including these successful funding rounds:
· SafetyCulture: A $96 million funding, taking its valuation to $2.2 billion
· Tealium: A $96 million Series G, bringing its valuation to $1.2 billion
· Vectra AI, Inc.: A $130 million funding for a post-money valuation of $1.2 billion
· Viz.ai: A $71 million Series C, bringing total funding to date to $150 million
· Workrise: A $300 million Series E
Additionally, Technology Partners, LLC, doing business as Imagine Software, “received a strategic growth investment from Marlin Equity Partners.”
Initial Public Offerings
Several Tesorio customers went public this year, including these IPOs:
· Zeta Global: Achieved a market cap of $2 billion
· Hashicorp: Achieved a market cap of $15 billion
YOY Revenue Increases and More Financial Success
In its 3Q21 Quarterly Earnings release, Bank of America reported a 58% increase in net income to $7.7 billion and a 12% increase in revenue, net of interest expense, to $22.8 billion.
For fiscal 1Q22, Box reported $202.4 million in revenue, a 10% YOY increase; $94.8 million in cash flow from operations, a $32.9 million YOY increase; and $75.9 million in free cash flow, a $36 million YOY increase.
Five9 Inc. posted a 45% increase in revenue to $137.9 million at the end of 1Q21 and increased its GAAP operating cash flow to $13.8 million, up from $10.4 million for the same period in 2020.
For 3Q21, Latch reported significant YOY growth in revenue (120%), total bookings (181%), and total booked ARR (126%).
Momentive.ai generated $114.8 million in revenue for 3Q21, a 20% YOY increase, along with $14.7 million in free cash flow.
In February, Onfido announced that its 2020 global ARR increased 82% from the previous year.
New net customer acquisition increased 100% from 3Q20 to 3Q21 at Planful, which also experienced a 65% YOY increase in its subscription bookings.
Planview hit an all-time high in software ARR for 2Q21 at over $300 million.
Quotient Technology, Inc. reported a 12% YOY increase in revenue to $135.9 million for 3Q21.
SailPoint’s total ARR increased in 3Q21 to $323.8 million, a YOY growth of 44%.
In addition to improving its net operating cash flow to a positive $1.8 million, Smartsheet’s total revenue for 2Q21 increased 44% YOY to $131.7 million.
YOY, Twilio increased revenue by 65% to $740.2 million in 3Q21.
Veeva Systems reported a 29% YOY increase in revenue to $455.6 million for fiscal 2Q22.
For 3Q21, Workiva generated $112.7 million in revenue up 27.9% YOY.
We wish everyone in the Tesorio community a Happy New Year filled with continued connectivity, extension, and success.