WorkWave Reports 195% Revenue Growth

WorkWave, a provider of SaaS software solutions that support every stage of a service business lifecycle, propelled through the first quarter of 2022 with exponential revenue growth of 195% overall year-over-year the other (YOY) and software revenue growth of 181 percent.

WorkWave started the year on the heels of a year of extraordinary growth in 2021, continuing to accelerate in 2022. Its strong growth is the result of a combination of initiatives, including:

  • Continued progress and focus on releasing robust functionality and easy-to-use solutions, including the launch of TEAM Lite, a solution designed for growth-oriented small cleaning businesses
  • The impact of a new Chief Revenue Officer and revamped sales team in the second half of 2021, leading to improved sales execution and reservations performance
  • Further merge its multiple acquisitions beginning in 2021, expanding WorkWave’s offerings and market leadership in key service industries

The continued success of its payments-related functionality, which enabled WorkWave to begin offering its new WorkWave financial services instruments

“The success we are seeing now is just a first glimpse of the new level of performance we will achieve through the intense work performed over the past several years,” said David F. Giannetto, CEO of WorkWave. “We believe we have built a new business model indicative of how SaaS software companies will operate in the future, combining the strength of their close and essential software-driven customer relationship with the power of financial solutions, so that their customers can collectively benefit in ways that they could not individually.And we find that our customers value not only this approach, but the strength of our commitment to being the best possible partner to help their business grow and succeed. , whatever their size or objectives.

WorkWave is seeing the results of its strong partnership with its customers, with 96% growth in new customers since Q1 2021 and a net retention rate of 127%. The first quarter also marked the official release of WorkWave Financial Services, a set of financial offerings designed specifically to help WorkWave customers grow their business and maximize their money. As part of this new offering, WorkWave has launched its Business Builder Visa credit card, specifically designed to help small businesses build a solid credit score in their company’s name, positioning them for success for generations to come.

In another indication of support, in March Hg, a major software and services investor, became a significant minority shareholder in WorkWave and WorkWave’s sister company IFS in a transaction that valued the combined fund. $10 billion WorkWave/IFS. EQT remains the majority shareholder, with Hg, Serent and TA Associates as significant minority shareholders in WorkWave.

“Having the right partners supporting us has been key to reinventing WorkWave. This has allowed us to take a broader view where software is at the center of everything we do, with additional software, services and financial solutions enabling our customers to think bigger on new levels of growth, service and profitability. And we are still only at the beginning of what we are capable of,” says Giannetto.

WorkWave saw 344% year-over-year employee growth, while continuing to focus on scaling across all departments to support its rapid growth.