Pendo is looking more like a San Francisco startup these days.
From the stage at the CED Tech Venture Conference Wednesday, CEO and co-founder Todd Olson announced plans to move his 108 local workers into two floors of downtown Raleigh’s 30-story Wells Fargo tower. Besides a rooftop patio with sweeping views of downtown, he’ll have workspace for 400 employees in coming years. The move happens in January.
The news also comes with two executive hires, both of whom have experience at growth stage companies and corporates.
And it’s just a few weeks after Pendo’s first acquisition, which gives it an international presence and an important new technology offering. That and potentially other acquisitions are fueled by July’s $25 million series C round, which brought its Valley-esque fundraising tally to $56M in three rounds raised in two years, mostly from Silicon Valley investors.
Olson said Pendo didn’t need the money to achieve its near-term goals—revenue has already grown 400 percent in the last year and the staff count by three times, to 150—but it’s an opportunistic time to raise capital with markets flush with cash. Specifically, he called it “one of the best growth equity markets I’ve ever seen in my career.”
Funding is allowing the company to move faster in order to keep its leadership role in the increasingly important product management software space. Acquisitions are a specific strategy. Insert.io, a mobile app engagement platform, gives Pendo native mobile product offerings, a feature it chose not to add in its first few years in business but which is becoming more critical as people move interchangeably between devices on a daily basis.
Insert.io came with 35 employees in Tel Aviv, Israel, and a sales presence in India and the U.K., making Pendo a truly global company like many of its Silicon Valley peers.
But even with strategic acquisitions a growth path, innovation is a core strategy, Olson shared, in a sort of lesson for the crowd.
Because his company is so focused on helping clients make better and more useful products, Pendo is doing the same. A new feature makes it easier for clients to grow their net promoter score, the leading way to measure customer loyalty these days.
Giving an example of Henry Schein, a medical, dental and veterinary supply company which raised its score by a whopping 43 points in six months using Pendo software, “It shows our focus is always going to be on driving innovation.”
The Wells Fargo Capitol Center is getting a facelift after new owners took it over earlier this year. A Pendo news release describes features of the new space as “an open concept floor plan, modern/industrial finishes, and a rooftop patio for outdoor company events.”
Most notable tenants besides Wells Fargo are City Club Raleigh, on its top two floors, and several large local law firms.
By the end of next year, 150 additional people will work for Pendo around the world. But the majority of them will be in a shiny new headquarters towering over Fayetteville Street.