Communications workflow platform Whispir (ASX: WSP) has reported its strongest ever start to a financial year with Q1 FY21 revenue and new customer growth significantly ahead of the same period last year.
In a quarterly update to the ASX, Whispir said its Q1 cash receipts increased 35% over the prior corresponding period to $10.5 million. Annualised Recurring Revenue also recorded double-digit growth, up 26.7% over the same period last year to $43.7 million. This was a 3.6% increase on June quarter figures.
Whispir also recorded its strongest ever new customer growth for the period, onboarding 35 net new customers over the quarter. The company attributed its strong quarterly performance to macro growth trends affecting most organisations, such as the need to facilitate remote working, automate manual communications processes and increasing productivity.
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 record growth in ARR and new customers over the past quarter reflects ongoing demand for multi-purpose communications software to improve productivity and stakeholder engagement as our customers navigate ‘the new normal’.
Whispir said it continues to increase its footprint in Asia, acquiring new customers in Sri Lanka and the Philippines. Its established channel partners in the region, including its digital transformation partnership with Deloitte, are delivering qualified sales leads and cost-effective access to new customers in new geographic markets.
“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.”
During the quarter, Whispir also strengthened its relationship with Amazon Web Services, becoming the first Australian business, and one of only 18 globally, to achieve the newly launched AWS Digital Workplace Competency status.
AWS Digital Workplace Competency status recognises Whispir’s proven expertise in providing end-to-end digital transformation tools to effectively support remote workers and optimise business continuity plans. It is only awarded to AWS partners with specialised technical proficiency and verified customer success in reducing security risks.
“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.”
The new AWS recognition follows AWS Advanced Technology Partner certification and AWS Digital Customer Experience Competency for marketing automation.
“We continue to build momentum within the business, increasing use cases with our 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.
“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.”