Glassbox Announces Major Milestone of $40 Million in Software ARR and Accelerating Growth in Q3
Oct 12, 2021 | Financial
Tel Aviv – Glassbox (TASE:GLBX), a software as a service (“SaaS”) company that provides digital experience analytics for web and mobile applications, announced today that it crossed $40 million in annual recurring revenue (ARR) in the third quarter of 2021. This represents year over year ARR growth of 31% on a pro forma basis, and the second consecutive quarter of accelerating growth since the Company’s IPO in June.
“This is an exciting time at Glassbox. We have added over 50 new enterprise customers this year and our existing base of over 300 customers is expanding with us. The $40 million ARR mark is an
important one, as it signals that we are executing well and accelerating post IPO,” said Yaron Morgenstern, CEO of Glassbox.
Driving the strong growth is a 186% increase in net new ARR for the first nine months of 2021 compared to the previous period on a pro forma basis.
“In addition to our strong organic growth, we are also continuing to invest in new areas to grow our product set. In September we announced the acquisition of A/B testing technology from Convertize that will allow future customers to use in designing the same mobile and web apps that we are analyzing every day,” added Morgenstern. “After years of bootstrapping we now have a significant war chest and we are using it to grow.”
Glassbox has stated its long term vision to reach $100 million in ARR in the 2-4 years following its IPO.