Arena Solutions Continues Strong, Accelerated Growth with 35 Percent Increase in Q2
For the quarter, upsells increased 63 percent over the same period last year. That performance combined with the renewal rate contributed to a net retention of 114 percent in Q2. Net new annuity increased by 60% year-over-year, coming on the heels of a record-breaking net new annuity performance in Q1.
Arena provides a comprehensive, cloud-based product development platform that unites all engineering, quality, manufacturing and operation disciplines in the creation of innovative connected products featuring traceability throughout their entire lifecycle. In late 2016, Arena added ALM (application lifecycle management) capabilities with Arena Verify, which provides requirements, issue, bug and hardware defect management in a solution that offers a unique combination of PLM, ALM, supply chain collaboration and quality management (QMS).
During the second quarter of 2017, the company saw customers undertaking longer-term partnerships resulting in continued multiyear commitments. Renewing and new customers alike are now looking beyond single-year commitments due to Arena’s consistent ability to enhance performance and scalability in concert with its industry leading cadence of broadening the platform by releasing ten new SaaS products within the last few years.
New customers in Q2 2017 include:
- SkullCandy - maker of the sickest headphones, earbuds, gaming headsets, speakers & more.
- Nevro - a medical device company that has developed HF10™ therapy, an innovative, evidence-based neuromodulation platform for the treatment of chronic pain.
- Mayfield Robotics - creator of Kuri, the world's most adorable home robot.
- PartsSource - the leading provider of replacement parts solutions for healthcare.
- Brava Home - an IoT and domestic automation company that integrates technology and design to enable joyful experiences in the home -- starting with the kitchen.
- Collinear Networks - pioneer in ultra-high capacity wireless to enable 5G and the escalating convergence of fixed, mobile and WiFi broadband.
- Gibson Guitar - known worldwide for producing classic models in every major style of fretted instrument, including acoustic and electric guitars, mandolins, and banjos.
“What we saw during the second quarter of 2017 was that customers are recognizing the value in entering into longer-term relationships with us because we are not simply another tool, but a lasting partner in improving their new product development processes,” said Chairman & Chief Executive Officer of Arena, Craig Livingston. “The market is confident in our ability to help deliver complex electronic products on time and on budget, and we are committed to the continued innovation to help users stay ahead of the curve when it comes to meeting increasingly stringent compliance demands and higher quality standards.”
About Arena Solutions
Arena Solutions helps innovative electronic high tech and medical device companies create products that change the world. The Arena product realization platform unifies product lifecycle (PLM), quality (QMS), and requirements management, allowing every participant throughout the product design and manufacturing process to work together. With Arena, teams accelerate product development and delivery to increase profits. For more information, visit ArenaSolutions.com.