Medallia, a leader in Enterprise Feedback Management (EFM) solutions, this week announced strong fiscal year 2008 results. The company sustained its historical revenue growth rate of more than 50 percent for the year. And in two of the industries hit hardest by the current economic downturn- financial services and retail-Medallia increased its revenues by more than 200 percent. The fourth quarter saw better than a 20 percent increase in the dollar value of bookings, positioning the company for another banner year in 2009.
"We couldn't be happier with the results," said Borge Hald, CEO of Medallia. "We built the Medallia solution for companies that care the most about the customer experience. This year, five of the top 50 companies on InterBrand's/BusinessWeek's Global Most Valuable Brand list switched from existing solutions to Medallia. That's a huge vote of confidence from iconic companies that place such importance on their customer relationships."
"Choosing Medallia is ultimately about driving results," said Hald. "The average customer experience score of Medallia customers has steadily increased and now hovers between 50 and 60 (in the superior range) on the popular Net Promoter scale. The average value of Medallia customers' shares has increased by about 100 percent in the past five years, at the same time the S&P 500 Index has declined. Clearly the market view is that our customers have been making good decisions. Universally, they see their decision to implement Medallia as a key contributor to their success with customers."
Hald also explained why Medallia's solutions are an attractive investment for customers during a recession: "The ability to measure and improve the customer experience is critical during tough times when existing customers account for a greater share of revenue. Equally important, our solution represents a paradigm shift in terms of functionality and is more affordable than traditional solutions. ‘More for less'-always an attractive value proposition-particularly resonates in this environment. We believe it helped drive our dramatic growth in financial services this year."
The company also fared well in the hotel industry, which suffered a 4.2 percent year-over-year drop in occupancy rate during 2008. Medallia added several new hotel brands, including in the luxury segment, and continued global expansion of many customers' programs. Medallia is now used at more than 60 percent of nationally branded hotel properties.
"We believe the company is on track to match or exceed its historical growth rate in 2009. The signals are good: so far in 2009, the value of booked deals and the sales pipeline are significantly larger than at this time last year," said Hald. "Medallia's customer experience management solutions continue to defend their value, even-and, many would argue, more so-in a souring economy," he added.
About Medallia
Medallia (www.medallia.com), founded in 2001, provides Enterprise Feedback Management solutions to Global 2000 companies. More than 25,000 businesses and business units around the world use the Medallia system to track customer satisfaction. Medallia's Software-as-a-Service (SaaS) solutions enable companies to gather, organize, and act on feedback from customers, partners, and employees. Medallia's customers include global financial services, retail, high-tech, health care, and hotel companies. The company has its headquarters in Menlo Park, California.
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