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WorkWave, a leading provider of SaaS software solutions that support every stage of a service business's life cycle, powered through the first quarter of 2022 with exponential revenue growth of 195% total year-over-year (YOY), and a dramatic software revenue growth of 181%.
WorkWave started off the year on the heels of an extraordinary growth year in 2021, continuing its acceleration into 2022. Its strong growth was the result of a combination of initiatives, including the following:
"The success we are now seeing is just the first glimpse into the new level of performance that we will achieve as a result of intense work executed over the past several years," said David F. Giannetto, CEO of WorkWave. "We believe that we have built a new business model indicative of how SaaS software companies will operate in the future, combining the strength of their close, mission-critical software-driven customer relationship with the power of financial solutions, so that their customers can collectively benefit in ways that they could not individually. And we are seeing that our customers value not just this approach, but the strength of our commitment to be the best possible partner to help their business grow and succeed, regardless of their size or objectives."
WorkWave is seeing the results of its strong partnership with customers, with 96% new customer growth since Q1 2021 and a net retention rate of 127%. Q1 also marked the formal release of WorkWave Financial Services, a collection of financial offerings designed specifically to help WorkWave customers grow their business and maximize their money. Within this new offering, WorkWave launched its Business Builder Visa credit card, specifically designed to help small businesses build a strong credit rating in their company's name, positioning them for success for generations to come.
As a further indication of support, in March, Hg, a leading software and services investor, became a significant minority shareholder in WorkWave and IFS, WorkWave's sister company, in a transaction that valued the combined WorkWave/IFS fund at $10b USD. EQT remains the majority shareholder, with Hg, Serent and TA Associates as significant minority shareholders in WorkWave.
"Having the right partners supporting us has been the key to reinventing WorkWave. It has allowed us to embrace a bigger picture where software sits at the center of all we do, with additional software, services and financial solutions allowing our customers to also think bigger about new levels of growth, service and profitability. And we are still just at the beginning of what we are capable of," Giannetto said.
WorkWave has seen 344% employee growth YOY, as it continues to focus on scaling across all departments to support its rapid growth.