Wednesday, 21 October 2020 11:24

Whispir boosts customer count, reports strong revenue growth

By
Whispir CEO Jeromy Wells Whispir CEO Jeromy Wells

Communications workflow platform provider Whispir has recorded its strongest quarterly customer growth ever for the first quarter ending 30 September 2020, onboarding 35 net new customers during the quarter to bring its total customer count to 665.

The Australian-listed Whispir (ASX:WSP) also reported annualised recurring revenue increased 26.7% over the prior corresponding period to $43.7 million, up 3.6% on the June quarter.

Announcing the Q1FY21 results on Wednesday, Whispir said it continues to leverage the macro trends that are affecting most organisations such as facilitating remote working, increasing automation of manual communication processes, and boosting organisational productivity.

Whispir also reported quarterly customer cash receipts of $10.5 million, in line with expectations and up 35.0% on the same period last year, and that it was “well-funded to execute current growth strategy with a cash and equivalents of $12.0 million”.

“Increased platform usage by existing customers in ANZ and Asia were the primary drivers of this growth, with platform interaction volumes up 41.3% over the PCP. ARR increased 26.7% over the PCP to $43.7million, up 3.6% on the June quarter,” Whispir reported.

Commenting on the quarterly performance Whispir CEO Jeromy Wells said, “While Q1 is traditionally the quietest period in our annual sales cycle, September was our strongest ever monthly revenue”.

“Our strong growth in ARR and record net new customersover the past quarter reflects ongoing demand for multi-purpose communications software to improve productivity and stakeholder engagement as our customers navigate ‘the new normal’.

“Payments to related parties and their associates during the quarter totalled $0.6 million.These comprised directors’ fees and expenses for Q1FY21, the CEO’s base remuneration and expenses for Q1FY21 and the CEO’s Annual Short-term Incentive for FY20.”

Wells noted that during the quarter, Whispir continued to increase its market presence in Asia with new customers acquired in Sri Lanka and the Philippines.

“Whispir’s established channel partners in the region, including its digital transformation partnership with Deloitte, is delivering qualified sales leadsand cost-effective access to new customers in new geographic markets,” Wells said.

“Asia remains a large and diverse market opportunity for our versatile communications workflow technology.We have altered our team structure in this region to allow our technical expertise to support our customers more easily. This new go-to-market strategy is driving growth in customers and revenue in Asia, and we continue to leverage our strategic channel partner relationships and blue-chip references to increase our sales.”

Wells said Whispir had strengthened its relationship with Amazon Web Services during the quarter, “becoming the first Australian business, and one of only 18 globally, to achieve the newly launched AWS Digital Workplace Competency status”.

“The AWS Competency program is a leading indicator for global best-in-class technology solutions, and we are delighted to be among the first companies to be recognised by AWS for our proficiency in facilitating digital workplaces,” Wells said.

”The new AWS recognition follows AWS Advanced Technology Partner certification and AWS Digital Customer Experience Competency for marketing automation.

On the outlook for Whispir, Wells said the company’s performance over the quarter was ahead of expectations, and the company remains on track to deliver its FY21guidance.

“We continue to build momentum within the business, increasing use cases withour existing customers and onboarding new customers. Many of those onboarded in Q3 FY20 are now increasing their platform usage in line with our land and expand strategy and we expect these customers will have a positive impact on revenues later in FY21,” Wells said.

“While Whispir has had its strongest Q1 on record, we are still seeing suppressed transaction activity from some customers in some industries, such as aviation, due to COVID-19. As restrictions ease, we anticipate these customers will return to normal volumes.

“During the quarter we made significant progress on developing the foundation of our AI, machine learning and data intelligence capabilities and are continuing to add new platform functionality to support our customers in solving their complex communications challenges.”


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