Monthly Archives: August 2020

Steno raises $3.5 million led by First Round to become an extension of law offices

Posted by on 28 August, 2020

This post was originally published on this site

The global legal services industry was worth $849 billion dollars in 2017 and is expected to become a trillion dollar industry by the end of next year. Little wonder that Steno, an L.A.-based startup, wants a piece.

Like most legal services outfits, what it offers are ways for law practices to run more smoothly, including in a world where fewer people are meeting in conference rooms and courthouses and operating instead from disparate locations.

Steno first launched with an offering that centers on court reporting. It lines up court reporters, as well as pays them, removing both potential headaches from lawyers’ to-do lists.

More recently, the startup has added offerings like a remote deposition videoconferencing platform that it insists is not only secure but can manage exhibit handling and other details in ways meant to meet specific legal needs.

It also, very notably, has a lending product that enables lawyers to take depositions without paying until a case is resolved, which can take a year or two. The idea is to free attorneys’ financial resources — including so they can take on other clients — until there’s a payout. Of course, the product is also a potentially lucrative one for Steno, as are most lending products.

We talked earlier this week with the company, which just closed on a $3.5 million seed round led by First Round Capital (it has now raised $5 million altogether).

Unsurprisingly, one of its founders is a lawyer named Dylan Ruga who works as a trial attorney at an L.A.-based law group and knows first-hand the biggest pain points for his peers.

More surprising is his cofounder, Gregory Hong, who previously cofounded the restaurant reservation platform Reserve, which was acquired by Resy, which was acquired by American Express. How did Hong make the leap from one industry to a seemingly very different one?

Hong says he might not have gravitated to the idea if not for Ruga, who was Resy’s trademark attorney and who happened to send Hong the pitch behind Steno to get Hong’s advice. He looked it over as a favor, then he asked to get involved. “I just thought, ‘This is a unique and interesting opportunity’ and said, ‘Dylan, let me run this.’”

Today the 19-month-old startup now has 20 full-time employees and another 10 part-time staffers. One major accelerant to the business has been the pandemic, suggests Hong. Turns out tech-enabled legal support services become even more attractive when lawyers and everyone else in the ecosystem is socially distancing.

Hong suggests that Steno’s idea to marry its services with financing is gaining adherents, too, including amid law groups like JML Law and Simon Law Group, both of which focus largely on personal injury cases.

Indeed, Steno charges — and provides financing — on a per-transaction basis right now, even while its revenue is “somewhat recurring” in that its customers constantly have court cases.

Still, a subscription product is being considered, says Hong. So are other uses for its videoconferencing platform. In the meantime, says Hong, Steno’s tech is “built very well” for legal services, and that’s where it plans to remain focused.

Posted Under: Tech News
Box benefits from digital transformation as it raises its growth forecast

Posted by on 27 August, 2020

This post was originally published on this site

Box has always been a bit of an enigma for Wall Street and perhaps for enterprise software in general. Unlike vendors who shifted tools like HR, CRM or ERP to the cloud, Box has been building a way to manage content in the cloud. It’s been a little harder to understand than these other enterprise software stalwarts, but slowly but surely Box has shifted into a more efficient, and dare we say, profitable public company.

Yesterday the company filed its Q2021 earnings reports and it was solid. In fact, the company reported revenue of $192.3 million. That’s an increase of 11% year over year and it beat analyst’s expectations of $189.6 million, according to the company. Meanwhile the guidance looked good too moving from a range of $760 to $768 million for the year to a range of $767 to $770 million.

All of this points to a company that is finding its footing. Let’s not forget, Starboard Value bought a 7.5% stake in the company a year ago, yet the activist investor has mostly stayed quiet and Box seems to be rewarding its patience as the pandemic acts as a forcing function to move customers to the cloud faster– and that seems to be working in Box’s favor.

Let’s get profitable

Box CEO Aaron Levie has not been shy about talking about how the pandemic has pushed companies to move to the cloud much more quickly than they probably would have. He said as a digital company, he was able to move his employees to work from home and remain efficient because of tools like Slack, Zoom, Okta, and yes, Box were in place to help them do that.

All of that helped keep the business going, and even thriving, through the extremely difficult times the pandemic has wrought. “We’re fortunate about how we’ve been able to execute in this environment. It helps that we’re 100% SaaS, and we’ve got a great digital engine to perform the business,” he said.

He added, “And at the same time, as we’ve talked about, we’ve been driving greater profitability. So the efficiency of the businesses has also improved dramatically, and the result was that overall we had a very strong quarter with better growth than expected and better profitability than expected. As a result, we were able to raise our targets on both revenue growth and profitability for the rest of the year,” Levie told TechCrunch.

Let’s get digital

Box is seeing existing customers and new customers alike moving more rapidly to the cloud, and that’s working in its favor. Levie believes that companies are in the process of reassessing their short and longer term digital strategy right now, and looking at what workloads they’ll be moving to the cloud, whether that’s cloud infrastructure, security in the cloud or content.

“Really customers are going to be trying to find a way to be able to shift their most important data and their most important content to the cloud, and that’s what we’re seeing play out within our customer base,” Levie said.

He added,”It’s not really a question anymore if you’re going to go to the cloud, it’s which cloud are you going to go to. And we’ve obviously been very focused on trying to build that leading platform for companies that want to be able to move their data to a cloud environment and be able to manage it securely, drive workflows on it, integrate it across our applications and that’s what we’re seeing,” he said.

That translated into a 60% increase quarter over quarter on the number of large deals over $100,000, and the company crossed 100,000 customers globally on the platform in the most recent quarter, so the approach seems to be working.

Let’s keep building

As with Salesforce a generation earlier, Box decided to build its product set on a platform of services. It enabled customers to tap into these base services like encryption, workflow and metadata and build their own customizations or even fully functional applications by taking advantage of the tools that Box has already built.

Much like Salesforce president and COO Bret Taylor told TechCrunch recently, that platform approach has been an integral part of its success, and Levie sees it similarly for Box. calling it fundamental to his company’s success, as well.

“We would not be here without that platform strategy,” he said. “Because we think about Box as a platform architecture, and we’ve built more and more capabilities into that platform, that’s what is giving us this strategic advantage right now,” he said.

And that hasn’t just worked to help customers using Box, it also helps Box itself to develop new capabilities more rapidly, something that has been absolutely essential during this pandemic when the company has had to react quickly to rapidly changing customer requirements.

Levie is 15 years into his tenure as CEO of Box, but he still sees a company and a market that is just getting started. “The opportunity is only bigger, and it’s more addressable by our product and platform today than it has been at any point in our history. So I think we’re still in the very early stages of digital transformation, and we’re in the earliest stages for how document and content management works in this modern era.”

Posted Under: Tech News
How Salesforce beat its own target to reach $20B run rate ahead of schedule

Posted by on 27 August, 2020

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Salesforce launched in 1999, one of the early adherents to what would eventually be called SaaS and cloud computing. On Tuesday, the company reached a huge milestone when it surpassed $5 billion in revenue, putting the SaaS giant on a $20 billion run rate for the first time.

Salesforce revenue has been on a firm upward trajectory for years now, but when the company reached $10 billion in revenue in November 2017, CEO Marc Benioff set the goal for $20 billion right then and there, and five years hence the company beat that goal pretty easily. Here’s what he said at the time:

“In fact as the fastest growing enterprise software company ever to reach $10 billion, we are now targeting to grow the company organically to more than $20 billion by fiscal year 2022 and we plan to do that to be the fastest enterprise software company ever to get to $20 billion,” Benioff said at the time.

There are lots of elements that have led to that success. As the Salesforce platform evolved, the company has also had an aggressive acquisition strategy, and companies are moving to the cloud faster than ever before. Yet Salesforce has been able to meet that lofty 2017 goal early, while practicing his own unique form of responsible capitalism in the midst of a pandemic.

The platform play

While there are many factors contributing to the company’s revenue growth, one big part of it is the platform. As a platform, it’s not only about providing a set of software tools like CRM, marketing automation and customer service, it’s also giving customers the ability to build solutions to meet their needs on top of that, taking advantage of the work that Salesforce has done to build its own software stack.

Bret Taylor, president and chief operating officer at Salesforce says the platform has played a huge role in the company’s success. “Actually our platform is behind a huge part of Salesforce’s momentum in multiple ways. One, which is one thing we’ve talked a lot about, is just the technology characteristics of the platform, namely that it’s low code and fast time to value,” he
said.

He added, “I would say that these low code platforms and the ability to stand up solutions quickly is more relevant than ever before because our customers are going to have to respond to changes in their business faster than ever before,” he said.

He pointed to nCino, a company built on top of Salesforce that went public last month as a prime example of this. The company was built on Salesforce, sold in the AppExchange marketplace and provides a way for banking customers to do business online, taking advantage of all that Salesforce has built to do that.

The acquisition strategy

Another big contributing factor to the company’s success is that beyond the core CRM product, it brought to the table way back in 1999, it has built a broad set of marketing, sales and service tools and as it has done that, it has acquired many companies along the way to accelerate the product road map.

The biggest of those acquisitions by far was the $15.7 billion Tableau deal, which closed just about a year ago. Taylor sees data fueling the push to digital we are seeing during the pandemic, and Tableau is a key part of that.

“Tableau is so strategic, both from a revenue and also from a technology strategy perspective,” he said. That’s because as companies make the shift to digital, it becomes more important than ever to help them visualize and understand that data in order to understand their customer’s requirements better.

“Fundamentally when you look at what a company needs to do to thrive in an all-digital world, it needs to be able respond to [rapid] changes, which means creating a culture around that data,” he said. This enables companies to respond more quickly to changes like new customer demands or shifts in the supply chain.

“All of that is about data, and I think the reason why Tableau grew so much this past quarter is that I think that the conversation around data when you’re digitizing your entire company and digitizing the entire economy, data is more strategic than it ever was,” he said.

With that purchase, combined with the $6.5 billion MuleSoft acquisition in 2018, the company feels like it has a way to capture and visualize data wherever it lives in the enterprise. “It’s worth noting how complementary MuleSoft and Tableau are together. I think of MuleSoft as unlocking all your enterprise data, whether it’s on a legacy system or a modern system, and Tableau enables us to understand it, and so it’s a really strategic overall value proposition because we can come up with a really complete solution around data,” Taylor said.

Capitalism with some heart

Benioff was happy to point out in an appearance on Mad Money Tuesday that even as he has made charity and volunteerism a core part of his organization, he has still delivered solid returns for his shareholders. He told Mad Money host Jim Cramer, “This is a victory for stakeholder capitalism. It shows you can do good and do well.” This is a statement he has made frequently in the past to show that you can be a good corporate citizen and give back to your community, while still making money.

Those values are what separates the company from the pack says Paul Greenberg, founder and principal analyst at 56 Group and author of CRM at the Speed of Light. “Salesforce’s genius, and a large part of the reason I don’t expect any serious slowdown in that extraordinary growth, is that they manage to align the technology business with corporate social responsibility in a way that makes them stand out from any other company,” Greenberg told TechCrunch.

Yesterday’s numbers come after Q12021 in which the company offered softer guidance as it was giving some of its customers, suffering from the impact of the pandemic, more financial flexibility. As it turns out, that didn’t seem to hurt them, and the guidance for next quarter is looking good too: $5.24 billion to $5.25 billion, up approximately 16% year over year, according to the company.

It’s worth noting that while Benioff pledged no new layoffs for 90 days at the start of the pandemic, with that time now ending, the Wall Street Journal reported yesterday that the company was planning to eliminate 1000 roles out of the organization’s 54,000 total employees, while giving those workers 60 days to find other roles in the company.

Getting to $20 billion

Certainly getting to that $20 billion run rate is significant, as is the speed with which they were able to achieve that goal, but Taylor sees an evolving company, one that is different than the one it was in 2017 when Benioff set that goal.

“I would say the reason we’ve been able to accelerate is through organic [growth], innovation and acquisitions to really build out this vision of a complete customer [picture]. I think it’s more important than ever before,” he said.

He says that when you look at the way the platform has changed, it’s been about bringing multiple customer experience capabilities together under a single umbrella, and giving customers the tools they need to build these out.

“I think we as a company have constantly redefined what customer relationship management means. It’s not just opportunity management for sales teams. It’s customer service, it’s eCommerce, it’s digital marketing, it’s B2B, it’s B2C. It’s. all of the above,” he said.

Posted Under: Tech News
COVID-19 is driving demand for low-code apps

Posted by on 27 August, 2020

This post was originally published on this site

Now that the great Y Combinator rush is behind us, we’re returning to a topic many of you really seem to care about: no-code and low-code apps and their development.

We’ve explored the theme a few times recently, once from a venture-capital perspective, and another time building from a chat with the CEO of Claris, an Apple subsidiary and an early proponent of low-code work.

Today we’re adding notes from a call with Appian CEO Matt Calkins that took place yesterday shortly after the company released its most recent earnings report.


The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday.


Appian is built on low-code development. And, having gone public back in 2017, it is the first low-code IPO we can think of. With its Q2 results reported on August 6, we wanted to dig a bit more into what Calkins is seeing in today’s market so we can better understand what is driving demand for low, and no-code development specifically, and demand for business apps more generally in 2020.

As you can imagine, COVID-19 and the accelerating digital transformation are going to come up in our notes. But, first, let’s take a look at Appian’s quarter quickly before digging into how its low-code-focused CEO sees the world.

Results, expectations

Appian had a pretty good Q2. The company reported $66.8 million in revenue for the three-month period, ahead of market expectations that it would report around $61 million, though collected analyst estimates varied. The low-code platform also beat on per-share profit, reporting a $0.12 per-share loss after adjustments. Analysts had expected a far worse $0.25 per-share deficit.

The period was better than expected, certainly, but it was not a quarter that showed sharp year-over-year growth. There’s a reason for that: Appian is currently shedding professional services revenue (lower-margin, human-powered stuff) for subscription incomes (higher-margin, software-powered stuff). So, as it exchanges one type of revenue for another with total subscription revenue rising a little over 12% in Q2 2020 compared to the year-ago quarter, and professional services revenue falling around 10%, the company’s growth will be slow but the resulting revenue mix improvement is material.

And most importantly, inside of its larger subscription result for the quarter ($41.4 million) were its cloud subscription revenues, worth $29.6 million for the quarter and up 30% compared to the year-ago period. Summing, the company’s least lucrative revenues are falling as its most lucrative accelerate at the fastest clip of any of its cohorts. That’s what you’d want to see if you are an Appian bull.

Shares in the technology company are up around 45% this year. And with that, we can get started.

Posted Under: Tech News
Salesforce confirms it’s laying off around 1000 people in spite of monster quarter

Posted by on 27 August, 2020

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In what felt like strange timing, Salesforce has confirmed a report in yesterday’s Wall Street Journal that it was laying off around 1000 people or approximately 1.9% of the company’s 54,000 strong workforce. This news came in spite of the company reporting a monster quarter on Tuesday in which it passed $5 billion in quarterly revenue for the first time.

In fact, Wall Street was so thrilled with Salesforce’s results, the company’s stock closed up an astonishing 26% yesterday, adding great wealth to the company’s coffers. It seemed hard to reconcile such amazing financial success with this news.

Yet it was actually something that president and chief financial officer Mark Hawkins telegraphed in Tuesday’s earnings call with industry analysts, although he didn’t come right and use the L (layoff) word. Instead he couched that impending change as a reallocation of resources.

And he talked about strategically shifting investments over the next 12-24 months. “This means we’ll be redirecting some of our resources to fuel growth in areas that are no longer as aligned with the business priority will be now deemphasized,” Hawkins said in the call.

This is precisely how a Salesforce spokesperson put it when asked by TechCrunch to confirm the story. “We’re reallocating resources to position the company for continued growth. This includes continuing to hire and redirecting some employees to fuel our strategic areas, and eliminating some positions that no longer map to our business priorities. For affected employees, we are helping them find the next step in their careers, whether within our company or a new opportunity,” the spokesperson said.

It’s worth noting that earlier this year, Salesforce CEO Marc Benioff pledged there would be no significant layoffs for 90 days.

The 90 day period has long since passed and the company has decided the time is right to make some adjustments to the workforce.

It’s worth contrasting this with the pledge that ServiceNow CEO Bill McDermott made a few weeks after the Benioff tweet, promising not to lay off a single employee for the rest of this year, while also pledging to hire 1000 people worldwide the remainder of this year, while bringing in 360 summer interns.

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LaunchNotes raises a $1.8M seed round to help companies communicate their software updates

Posted by on 26 August, 2020

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LaunchNotes, a startup founded by the team behind Statuspage (which Atlassian later acquired) and the former head of marketing for Jira, today announced that it has raised a $1.8 million seed round co-led by Cowboy Ventures and Bull City Ventures. In addition, Tim Chen (general partner, Essence Ventures), Eric Wittman (chief growth officer, JLL Technologies), Kamakshi Sivaramakrishnan (VP Product, LinkedIn), Scot Wingo (co-founder and CEO, Spiffy), Lin-Hua Wu (chief communications officer, Dropbox) and Steve Klein (co-founder, Statuspage) are participating in this round.

The general idea behind LaunchNotes is to help businesses communicate their software updates to internal and external customers, something that has become increasingly important as the speed of software developments — and launches — has increased.

In addition to announcing the new funding round, LaunchNotes also today said that it will revamp its free tier to include the ability to communicate updates externally through public embeds as well. Previously, users needed to be on a paid plan to do so. The team also now allows businesses to customize the look and feel of these public streams more and it did away with subscriber limits.

“The reason we’re doing this is largely because [ … ] our long-term goal is to drive this shift in how release communications is done,” LaunchNotes co-founder Jake Brereton told me. “And the easiest way we can do that and get as many teams on board as possible is to lower the barrier to entry. Right now, that barrier to entry is asking users to pay for it.”

As Brereton told me, the company gained about 100 active users since it launched three months ago.

Image Credits: LaunchNotes

“I think, more than anything, our original thesis has been validated much more than I expected,” co-founder and CEO Tyler Davis added. “This problem really does scale with team size and in a very linear way and the interest that we’ve had has largely been on the much larger, enterprise team side. It’s just become very clear that that specific problem — while it is an issue for smaller teams — is much more of a critical problem as you grow and as you scale out into multiple teams and multiple business units.”

It’s maybe no surprise then that many of the next items on the team’s roadmap include features that large companies would want from a tool like this, including integrations with issue trackers, starting with Jira, single sign-on solutions and better team management tools.

“With that initial cohort being on the larger team size and more toward enterprise, issue tracker integration is a natural first step into our integrations platform, because a lot of change status currently lives in all these different tools and all these different processes and LaunchNotes is kind of the layer on top of that,” explained co-founder Tony Ramirez. “There are other integrations with things like feature flagging systems or git tools, where we want LaunchNotes to be the one place where people can go. And for these larger teams, that pain is more acute.”

The fact that LaunchNotes is essentially trying to create a system of record for product teams was also part of what attracted Cowboy Ventures founder Aileen Lee to the company.

Image Credits: LaunchNotes

“One of the things that I thought was kind of exciting is that this is potentially a new system of record for product people to use that kind of lives in different places right now — you might have some of it in Jira and some in Trello, or Asana, and some of that in Sheets and some of it in Airtable or Slack,” she said. She also believes that LaunchNotes will make a useful tool when bringing on new team members or handing off a product to another developer.

She also noted that the founding team, which she believes has the ideal background for building this product, was quite upfront about the fact that it needs to bring more diversity to the company. “They recognized, even in the first meeting, ‘Hey, we understand we’re three guys, and it’s really important to us to actually build out [diversity] on our cap table and in our investing team, but then also in all of our future hires so that we are setting our company up to be able to attract all kinds of people,” she said.

Posted Under: Tech News
Cisco acquiring BabbleLabs to filter out the lawn mower screeching during your video conference

Posted by on 26 August, 2020

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We’ve all been in a video conference, especially this year, when the neighbor started mowing the lawn or kids were playing outside your window — and it can get pretty loud. Cisco, which owns the WebEx video conferencing service wants to do something about that, and late yesterday it announced it was going to acquire BabbleLabs, a startup that can help filter out background noise.

BabbleLabs has a very particular set of skills. It uses artificial intelligence to enhance the speaking voice, while filtering out those unwanted background noises that seem to occur whenever you happen to be in a meeting.

Interestingly enough, Cisco also sees this as a kind of privacy play by removing background conversation. Jeetu Patel, senior vice president and general manager in the Cisco Security and Applications Business Unit, says that this should go a long way toward improving the meeting experience for Cisco users.

“Their technology is going to provide our customers with yet another important innovation — automatically removing unwanted noise — to continue enabling exceptional Webex meeting experiences,” Patel, who was at Box for many years before joining Cisco recently, said in a statement.

In a blog post, BabbleLabs CEO and co-founder Chris Rowen wrote that conversations about being acquired by Cisco began just recently, and the deal came together pretty quickly. “We quickly reached a common view that merging BabbleLabs into the Cisco Collaboration team could accelerate our common vision dramatically,” he wrote.

BabbleLabs, which launched three years ago and raised $18 million, according to Crunchbase, had an interesting, but highly technical idea. That can sometimes be difficult to translate into a viable commercial product, but makes a highly attractive acquisition target for a company like Cisco.

Brent Leary, founder and principal analyst at CRM Essentials, says this acquisition could be seen as part of a broader industry consolidation. “We’re seeing consolidation taking place as the big web conferencing players are snapping up smaller players to round out their platforms,” he said.

He added, “WebEx may not be getting the attention that Zoom is, but it still has a significant presence in the enterprise, and this acquisition will allow them to keep improving their offering,”

The deal is expected to close in the current quarter after regulatory approval. Upon closing, BabbleLabs employees will become part of Cisco’s Collaboration Group.

Posted Under: Tech News
Industry experts say it’s full speed ahead as Snowflake files S-1

Posted by on 25 August, 2020

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When Snowflake filed its S-1 ahead of an upcoming IPO yesterday, it wasn’t exactly a shock. The company which raised $1.4 billion had been valued at $12.4 billion in its last private raise in February. CEO Frank Slootman, who had taken over from Bob Muglia in May last year, didn’t hide the fact that going public was the end game.

When we spoke to him in February at the time of his mega $479 million raise, he was candid about the fact he wanted to take his company to the next level, and predicted it could happen as soon as this summer. In spite of the pandemic and the economic fallout from it, the company decided now was the time to go — as did 4 other companies yesterday including J Frog, Sumo Logic, Unity and Asana.

If you haven’t been following this company as it went through its massive private fund raising process, investors see a company taking a way to store massive amounts of data and moving it to the cloud. This concept is known as a cloud data warehouse as it it stores immense amounts of data.

While the Big 3 cloud companies all offer something similar, Snowflake has the advantage of working on any cloud, and at a time where data portability is highly valued, enables customers to shift data between clouds.

We spoke to several industry experts to get their thoughts on what this filing means for Snowflake, which after taking a blizzard of cash, has to now take a great idea and shift it into the public markets.

Pandemic? What pandemic?

Big market opportunities usually require big investments to build companies that last, that typically go public, and that’s why investors were willing to pile up the dollars to help Snowflake grow. Blake Murray, a research analyst at Canalys says the pandemic is actually working in the startup’s favor as more companies are shifting workloads to the cloud.

“We know that demand for cloud services is higher than ever during this pandemic, which is an obvious positive for Snowflake. Snowflake also services multi-cloud environments, which we see in increasing adoption. Considering the speed it is growing at and the demand for its services, an IPO should help Snowflake continue its momentum,” Murray told TechCrunch.

Leyla Seka, a partner at Operator Collective, who spent many years at Salesforce agrees that the pandemic is forcing many companies to move to the cloud faster than they might have previously. “COVID is a strange motivator for enterprise SaaS. It is speeding up adoption in a way I have never seen before,” she said.

It’s clear to Seka that we’ve moved quickly past the early cloud adopters, and it’s in the mainstream now where a company like Snowflake is primed to take advantage. “Keep in mind, I was at Salesforce for years telling businesses their data was safe in the cloud. So we certainly have crossed the chasm, so to speak and are now in a rapid adoption phase,” she said.

So much coopetition

The fact is Snowflake is in an odd position when it comes to the big cloud infrastructure vendors. It both competes with them on a product level, and as a company that stores massive amounts of data, it is also an excellent customer for all of them. It’s kind of a strange position to be in says Canalys’ Murray.

“Snowflake both relies on the infrastructure of cloud giants — AWS, Microsoft and Google — and competes with them. It will be important to keep an eye on the competitive dynamic even although Snowflake is a large customer for the giants,” he explained.

Forrester analyst Noel Yuhanna agrees, but says the IPO should help Snowflake take on these companies as they expand their own cloud data warehouse offerings. He added that in spite of that competition, Snowflake is holding its own against the big companies. In fact, he says that it’s the number one cloud data warehouse clients inquire about, other than Amazon RedShift. As he points out, Snowflake has some key advantages over the cloud vendors’ solutions.

“Based on Forrester Wave research that compared over a dozen vendors, Snowflake has been positioned as a Leader. Enterprises like Snowflake’s ease of use, low cost, scalability and performance capabilities. Unlike many cloud data warehouses, Snowflake can run on multiple clouds such as Amazon, Google or Azure, giving enterprises choices to choose their preferred provider.”

Show them more money

In spite of the vast sums of money the company has raised in the private market, it had decided to go public to get one final chunk of capital. Patrick Moorhead, founder and principal analyst at Moor Insight & Strategy says that if the company is going to succeed in the broader market, it needs to expand beyond pure cloud data warehousing, in spite of the huge opportunity there.

“Snowflake needs the funding as it needs to expand its product footprint to encompass more than just data warehousing. It should be focused less on niches and more on the entire data lifecycle including data ingest, engineering, database and AI,” Moorhead said.

Forrester’s Yuhanna agrees that Snowflake needs to look at new markets and the IPO will give it the the money to do that. “The IPO will help Snowflake expand it’s innovation path, especially to support new and emerging business use cases, and possibly look at new market opportunities such as expanding to on-premises to deliver hybrid-cloud capabilities,” he said.

It would make sense for the company to expand beyond its core offerings as it heads into the public markets, but the cloud data warehouse market is quite lucrative on its own. It’s a space that has required a considerable amount of investment to build a company, but as it heads towards its IPO, Snowflake is should be well positioned to be a successful company for years to come.

Posted Under: Tech News
New Zendesk dashboard delivers customer service data in real time

Posted by on 25 August, 2020

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Zendesk has been offering customers the ability to track customer service statistics for some time, but it has always been a look back. Today, the company announced a new product called Explorer Enterprise that lets customers capture that valuable info in real time, and share it with anyone in the organization, whether they have a Zendesk license or not.

While it has had Explorer in place for a couple of years now, Jon Aniano, senior VP of product at Zendesk says the new enterprise product is in response to growing customer data requirements. “We now have a way to deliver what we call Live Team Dashboards, which delivers real time analytics directly to Zendesk users,” Aniano told TechCrunch.

In the days before COVID that meant displaying these on big monitors throughout the customer service center. Today, as we deal with the pandemic, and customer service reps are just as likely to be working from home, it means giving management the tools they need to understand what’s happening in real time, a growing requirement for Zendesk customers as they scale, regardless of the pandemic.

“What we’ve found over the last few years is that our customers’ appetite for operational analytics is insatiable, and as customers grow, as customer service needs get more complex, the demands on a contact center operator or customer service team are higher and higher, and teams really need new sets of tools and new types of capabilities to meet what they’re trying to do in delivering customer service at scale in the world,” Aniano told TechCrunch.

One of the reasons for this is the shift from phone and email as the primary ways of accessing customer service to messaging tools like WhatsApp. “With the shift to messaging, there are new demands on contact centers to be able to handle real-time interactions at scale with their customers,” he said.

And in order to meet that kind of demand, it requires real-time analytics that Zendesk is providing with this announcement. This arms managers with the data they need to put their customer service resources where they are needed most in the moment in real time.

But Zendesk is also giving customers the ability to share these statistics with anyone in the company. “Users can share a dashboard or historical report with anybody in the company regardless of whether they have access to Zendesk. They can share it in Slack, or they can embed a dashboard anywhere where other people in the company would like to have access to those metrics,” Aniano explained.

The new service will be available starting on August 31st for $19 per user per month.

Posted Under: Tech News
Eden intros SaaS tools in a bid to become a more comprehensive office management platform

Posted by on 25 August, 2020

This post was originally published on this site

Eden, the office management platform founded by Joe du Bey, is today announcing the launch of several new enterprise software features. The company, which offers a marketplace for office managers to procure services like office cleaning, repairs, etc., is looking to offer a more comprehensive platform.

The software features include a COVID team safety tool that tracks who is coming into the office, and lets them reserve a specific desk to help ensure social distancing precautions are being taken.

“For us, the pandemic really accelerated our plans around enterprise tools,” said Joe du Bey. “We realized by talking to our clients that what they need right now isn’t services. Services are important, but what they really want in this moment is to have software so they can get back into the office.”

Eden is also introducing a service desk ticketing tool to allow workers to make requests or file a ticket for a broken piece of equipment from their own desktop, as well as a visitor management tool and a room booking tool.

The company’s acquisition of Managed By Q, its biggest competitor in the services space, also greatly accelerated its ability to deliver software. Managed By Q, which was acquired by WeWork in 2019 for $220 million, was already on the trajectory of building out software well before its acquisition by Eden, and had itself acquired companies like Hivy to offer SaaS-based tools to customers.

As Eden grows its product portfolio, competition still abounds. Envoy (with just under $60 million in funding) has been in the visitor management space since its inception and is looking to broaden its product portfolio beyond office visitors. UpKeep is charging into the service ticket space with a mobile app to make it easier for service workers within an office to do their job and move seamlessly from task to task. Meanwhile, Robin is in the mix with its own room booking platform.

The point? There is clearly a rush to build out a platform that helps folks manage the physical space of an office and the people within it. Eden, with $40 million in total funding, is well positioned to duke it out for the top spot among a variety of competitors who are angling to ‘do it all.’

“This is a board meeting question: are we fighting too many battles or is comprehensiveness our most important asset?” said du Bey. “We have a completeness to our vision. A lot of our customers are saying they want a few tools from one place versus the very fragmented experience they have today. But there are trade offs in comprehensiveness. It means that someone can can spend all day building a hundred integrations for their app that for us might not be possible. So, there are some really interesting trade offs.”

That’s not without hardship, however. Eden had to layoff about 40 percent of its workforce amid the coronavirus pandemic. And though COVID has slowed growth, du Bey says that revenue in April 2020 was still higher than it was the year prior.

Alongside trying to support marketplace partners and customers through the pandemic, Eden has also introduced new ways to search for service providers, including a way to solicit a bid from black-owned businesses in the wake of the Black Lives Matter movement.

The Eden team is 52 percent female. Black employees represent 12 percent of the workforce, and Latinx employees represent 8 percent of the workforce.

Posted Under: Tech News
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