Results Mark Second Consecutive Quarter of 30 Percent or Better Overall Growth; Increase Bolstered by Solid Upsells to Existing Customer Base
FOSTER CITY, California, July 25, 2017 /PRNewswire/ -- Arena Solutions, pioneer of a cloud-based, all-in-one product development platform that unites PLM (product lifecycle management), ALM (application lifecycle management), supply chain collaboration and QMS (quality management systems), today announced that Q2 2017 saw the overall business grow by 35 percent over the same period last year, resulting in a second consecutive quarter growth of 30 percent or more. Gains were driven by robust sales of new products and additional seat licenses into the company's installed base.
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 [http://www.arenasolutions.com/products/alm/], 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(TM) therapy, an
innovative, evidence-based neuromodulation platform for the treatment of
-- Mayfield Robotics - creator of Kuri, the world's most adorable home
-- PartsSource - the leading provider of replacement parts solutions for
-- 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, the inventor of cloud PLM, provides an all-in-one product development platform that unites PLM, ALM, supply chain collaboration, and QMS for the design and manufacture of complex electronics. With Arena, electrical, mechanical, software and firmware engineers can collaborate with manufacturing and quality teams to manage their bill of materials, facilitate engineering change orders, and speed prototyping. As a result, Arena customers can better meet standards while they ensure regulatory compliance, improve training management, reduce costs, increase quality, and collapse time to market. Arena has been ranked a Top 10 PLM provider and won the coveted Design News Golden Mousetrap Award successively both in 2016 and 2017. For more information, please visit http://www.arenasolutions.com [http://www.arenasolutions.com/].
To learn more about Arena Solutions:
Read the Arena blog [http://www.arenasolutions.com/blog] on product design, development and manufacturing.
Follow @arenasolutions [http://www.twitter.com/arenasolutions] on Twitter.
Follow Arena on LinkedIn [http://www.linkedin.com/company/arena-solutions/].
Arena and Arena Solutions are trademarks of Arena Solutions, Inc., Reg. U.S. Pat. & Tm. Off. All rights reserved. Other product and company names are the property of their respective holders.
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CONTACT: Joseph Rigoli, LEWIS Global Communications, 781.418.2400, email@example.com
Web site: http://www.arenasolutions.com/