ElectroNeek today announces the results of Q1 2022. The Company reports globalization and rapid growth of customer base and annual recurring revenue (ARR) from subscriptions to its automation tools. ElectroNeek’s investments in customer success focused on its partners' business growth and drove further net revenue retention (NRR) to skyrocketing 135%.
Rapid Growth of Annual Recurring Revenue and Customer Base
First-quarter of 2022 continues the trend of accelerating the pace of ARR growth for ElectroNeek. Compared to ARR in the previous quarter, Q2 2021 brought 60% more ARR, Q3 - 36% more than Q2, and Q4 brought 45% more than Q3. Q1 of 2022 ends with a 60% growth of ARR compared to the quarter ago.
The driver behind continuous ARR growth is ElectroNeek’s strong performance throughout regions of the world. For Q1 2022 North America brought 36% of new revenue, LatAm - 35% of new revenue, and APAC - 29%.
ElectroNeek leaves a global footprint on the industry with its focus on local partners’ success, marketing and support.
Investing in Customer Success
ElectroNeek defined customer success as the growth of their partner’s revenue from the deployment of Hyperautomation solutions, including recurring revenue coming from subscriptions. Celebrating its first-quarter ElectroNeek’s Partner Success congratulates partners that passed $1M in recurring revenue coming from Hyperautomation services built on ElectroNeek platform and who rapidly scale their own teams.
The way ElectroNeek helps partners, from going through business plan fundamentals to scaling up marketing with co-branded webinars, proved to be the model to achieve success. ElectroNeek partners have been able to 10x ROI in Hyperautomation services not only in North America and Europe, but in regions where automation of SMB processes is just beginning to rise - like India and Brazil.
The result for ElectroNeek is significant growth of net revenue retention beyond SaaS industry standards - NRR of 135% compared to 121% a quarter ago.
Look into the future
“While automation and integration remain key to unlocking productivity, turbulent times in global economy and uncertainty on the markets accelerate the desire of business owners to transform their current processes with robots. Thus entering the Hyperautomation market for IT Service Providers is lucrative as never before. ElectroNeek will continue its mission to accelerate the business of its partners with disruptive Hyperautomation tools like RPA, OCR and Process Mining and to bring all these exciting technologies to traditionally underserved SMB markets via service model.”
Sergey Yudovskiy, Co-Founder & CEO, ElectroNeek
About ElectroNeek
ElectroNeek empowers IT Service Providers to bring complex Hyperautomation technologies to 200M+ small and medium-size clients with no-code tools, partner-centric support and disruptive business models. With customers ranging from boutiques and newcomers in the automation-as-a-service industry to established market players like Xerox, Compasso and Ricoh, ElectroNeek provides best-in-class services including ultimate GTM support by vendor.