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WorkBoard raises $75M to help companies track OKRs

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WorkBoard

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OKR-tracking platform WorkBoard today announced that it raised $75 million in a series D round led by Softbank. The company says it’ll use the funds, which bring its total raised to over $141 million and its valuation to $800 million post-money, to grow the WorkBoard platform and invest in product development.

Millions of employees transitioned to remote work, either permanently or temporarily, during the pandemic. Against this backdrop, organizations have increased investments in project management software to support collaboration in the absence of physical workspaces. According to Accenture, pre-pandemic, 40% of executives felt “highly agile” to flexibly make changes, a percentage that plummeted to 18% when that agility was tested over the past 12 months.

Headquartered in Redwood City, California and founded in 2013, WorkBoard offers automated business reviews, dashboards, and customizable meeting agendas to help companies align and iterate on strategic priorities. Deidre Paknad and her husband Daryoush Paknad started the company after Deidre’s previous startup was acquired by IBM. Daryoush, a technologist, was one of the first three members of the Adobe Acrobat team and an engineering leader at Netscape.

Above: The WorkBoard dashboard.

Image Credit: WorkBoard

WorkBoard lets companies chart, calculate, and share progress on key results and success metrics across mobile, web, and other platforms, including Slack and Microsoft Teams. The software can run virtual or in-person meetings with metrics automatically generated. It can also capture decisions and actions, presenting the list of actions from the last meeting to follow up in the next meeting.

WorkBoard provides Trello-like Kanban boards for organizing tasks, due dates, and statuses. And the platform integrates with third-party solutions like Jira and Azure DevOps to enable companies to, for example, bring OKRs into line of sight in Jira and update results automatically from projects.

According to a spokesperson, WorkBoard uses natural language processing to make recommendations on what outcomes to measure as well as where duplicative efforts are working at cross purposes. “By capturing and managing the strategic priorities and desired business results for its customers over time for several years, WorkBoard has the ability to provide them with analytics and intelligence on what their patterns of achievement (and non-achievement) are, what causes and what correlates to the best business or strategic outcomes, and how and where to repeat what is most potent for growth,” the spokesperson told VentureBeat via email.

An exploding market

The development of OKRs is generally attributed to Andrew Grove, who implemented the approach at Intel during his tenure there. Intel salesperson John Doerr introduced OKRs to Google, where they took hold. Today, OKRs are used by companies like Amazon and Spotify to define goals or objectives and then track the outcome.

The global OKR software market is estimated to surpass $1.59 billion by 2026, according to Coherent Market Insights. According to a June study by Gartner, 26% of HR leaders report having used some form of software or technology to track worker productivity since the start of the health crisis. It’s an uptick driven in part by concerns over performance dips that could arise from work-from-home setups — a survey by global recruitment firm Robert Walters found that 64% of businesses are concerned about remote employees’ output.

Despite competition from Ally.io, Asana, and others, 250-employee WorkBoard says it’s nabbed hundreds of clients including Cisco, IBM, Microsoft, and a number of financial institutions, manufacturers, life science, and health care companies. The company says it grew more than 100% in 2020, more than 200% in 2019, and is on track to double this year.

“During the pandemic, WorkBoard saw an uptick in business from a wide range of industries — including financial institutions, manufacturers, life science, and healthcare,” the spokesperson said. “Companies everywhere needed to adjust their strategic priorities iteratively and rally people around them without the benefit of office proximity; visibility and cohesion got exponentially more important, and they are remarkably hard without a platform like WorkBoard. Now, in an expanding economy and pervasive changes in the way customers buy and people work, companies operate with high agility and velocity to thrive.”

Existing investors Andreessen Horowitz, GGV Capital, Workday Ventures, Microsoft M12, and new backers Intel Capital, Capital One Ventures, and SVB Capital also participated in WorkBoard’s latest funding round. The company previously raised $30 million in a series C that closed January 2020.

“We are in an era of epic disruption and untethered talent. Engaging and mobilizing teams in creating value for customers at velocity are now table stakes in most industries,” Deidre Paknad said. “This funding helps us expand our reach and value to companies who are driving bold visions with high focus and urgency.”

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Replicated: Demand for on-premises software equally as strong as SaaS

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Replicated: Demand for on-premises software equally as strong as SaaS

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While there is a strong demand for cloud applications and software-as-a-service, security, regulatory, and compliance requirements continue to drive demand for on-premises software. In a new Dimensional Research report, 92% of companies said on-premises software was growing. The report, sponsored by Replicated, a software delivery and management company, found that current customer demand for on-premises software was equal to that of public cloud.

Above: Customer demand for on-premises software delivery isn’t slowing down anytime soon.

While it may be popular to believe that “cloud is king” and SaaS is the best and most in-demand modern enterprise software, data shows that demand for on-premises software is equally as strong. It’s the smart choice for customers operating under security, regulatory, and compliance requirements; many organizations cannot allow their customer data to be shared in multi-tenant environments. Additionally, software companies that do not currently provide an on-premises solution to customers leave money on the table and miss a significant business and competitive opportunity.

This new report from Dimensional Research, sponsored by Replicated, highlights the missed business opportunities for software vendors who are not offering an on-premises version. The report provides detailed insights around the current use, need, and challenges for on-premises software and its installation, configuration and management. This report also takes a closer look at the parallel rise in the adoption of container-based applications and the use of Kubernetes.

Perhaps the most important findings are that 92% of surveyed participants reported their on-premises software sales as growing, and that on-premises solutions are equally as popular as their public cloud alternatives. This directly counters the popular narrative that SaaS has overtaken on-premises software delivery, as security and data protection stay top of mind for enterprise software customers.

The survey from Dimensional Research includes feedback from 405 business and technology professionals at executive and manager seniority levels, representing software companies of all sizes around the world across a wide variety of different industries.

Read the full report from Replicated

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Roblox hits Q1 bookings of $652.3 million, up 161%, in first report as public company

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Roblox's user-generated game characters.

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Roblox, the platform for Lego-like user-generated games, reported its earnings for the first time as a publicly traded company. This met analysts’ expectations. Bookings for the first quarter ended March 31 were $652.3 million, up 161% from the same quarter a year ago.

Roblox has done among its target audience of children and teens during the pandemic, as players turned to it for remote, socially distanced play with their friends at a time when they couldn’t meet in-person.

Roblox previously raised $520 million at a $29.5 billion valuation in a financing round ahead of its direct listing on the New York Stock Exchange as a public company. It opened on March 10 at a valuation of $41.9 billion a share and has hovered around that value. Investors greeted the results positively, with Roblox trading up 5% at $67.18 a share in after-hours trading.

Q1 results

Analysts expected a loss of 21 cents a share on bookings of $568.6 million. Most video game companies emphasize non-GAAP bookings, or the total value of virtual currency purchases by players during the quarter, instead of revenues, which under accounting rules are limited to those purchases that are expected to be fully resolved within a certain time period. For instance, a player may buy Robux currency in the first quarter, but spend it over 10 months. That revenue has to be recognized over time, as it is spent inside the platform’s games.

Roblox’s quarterly revenue came in at $387 million, up 140% from a year earlier. The GAAP net loss for the quarter was $134.2 million. But operating cash flow as positive, and so that means cash is coming into the business, said chief business officer Craig Donata in an interview with GamesBeat.

“We had a strong quarter in terms of bookings, revenue, and operating cash flow, and more important, in terms of daily active user growth and time spent by players,” Donato said.

Roblox gets a 30% cut from the bookings generated by sales of Robux, the virtual currency used by players to play user-generated games, the company’s bookings for 2020 were $1.9 billion, double what they were the year before. Roblox’s games have become so popular that people have played the best ones billions of times. On average, 32.6 million people come to Roblox every day. More than 1.25 million creators have made money in Roblox. In the year ended December 31, 2020, users spent 30.6 billion hours engaged on the platform, an average of 2.6 hours per daily active user each day.

Above: Roblox’s user-generated game characters.

Image Credit: Roblox

Net cash provided by operating activities increased nearly four times in Q1 2021 over Q1 2020 to $164.5 million (including one-time direct listing expenses of $51.9 million). Exclusive of one-time expenses related to the direct listing, net cash provided by operating activities would have been $216.4 million.

Free cash flow increased 4.1 times over Q1 2020 to $142.1 million. Average daily active users (DAUs) were 42.1 million, an increase of 79% year over year driven by 87% growth in DAUs outside of the U.S. and Canada and 111% growth in DAUs over the age of 13.

Hours engaged were 9.7 billion, an increase of 98% year over year primarily driven by 104% growth in engagement in markets outside of the U.S. and Canada, and 128% growth from users over the age of 13. Average bookings per DAU (ABPDAU) was $15.48, an increase of 46% year over year.

April results

Rather than make forecasts about how its upcoming quarter is expected to go, Roblox is not making a forecast. Rather, it is disclosing the actual results for the month of April, which is part of the second quarter.

For the month of April alone, daily active users were 43.3 million, up 37% from April of last year and up sequentially from 42.3 million in the month of March 2021. Hours engaged in April were 3.2 billion, up 18% year over year and flat sequentially from March 2021.

Bookings were between $242 million and $245 million, up 59% to 61% year over year and up sequentially 7% to 9% from March 2021 when bookings were $225.3 million.

Average bookings per DAU were between $5.59 to $5.66, up 16% to 17% year over year and 5% to 6% sequentially from March 2021. April revenue was $143 million to $145 million, up 136% to 140% year over year and 5% to 7% sequentially from March 2021.

“Our first quarter 2021 results enabled us to continue investing aggressively in the key areas that we believe will drive long term growth and value, specifically hiring talented engineering and product professionals and growing the earnings for our developer community,” said chief financial officer of Roblox Michael Guthrie,  in a statement. “We believe we must continue to innovate and so remain focused on building great technology to make progress on our key growth vectors, primarily international expansion and expanding the age demographic of our users.”

The company closed the March quarter with 1,054 employees, up from 651 a year earlier.

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IronSource’s Supersonic launches LiveGames publishing service for indies

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IronSource's Supersonic launches LiveGames publishing service for indies

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Mobile monetization firm IronSource said its Supersonic Studios division has launched LiveGames, a self-service way for indie game developers to manage mobile games and their live services (such as tournaments or updates).

This is for Supersonic publishing solution, which IronSource launched more than a year ago. The announcement comes after it announced that it plans to go public via a special purpose acquisition company (SPAC) at an $11.1 billion valuation.

The product offers developers who publish their mobile games with Supersonic access to game management and full visibility and transparency into in-game metrics that enable them to better manage and grow their published games.

Nadav Ashkenazy, the general manager of Supersonic Studios, said in an interview with GamesBeat that the goal is to make publishing tools accessible to indie developers so they can get their games off the ground. It helps with the “growth loop,” after a game reaches a large scale and then needs attention in terms of improving numbers, such as the average playtime per user.

“After you scale a game globally, everything gets more complicated,” Ashkenazy said. “For average playtime per user, we give you a snapshot for that.”

The idea is to support developers as independent companies by productizing what is otherwise a manual process. It also adds some important transparency for developers that they normally can’t get out of game publishers, said Omer Kaplan, the chief revenue officer at IronSource, in an interview with GamesBeat.

“Historically, publishing is a black box,” Kaplan said. “A developer’s game meets retention goals. Then a publisher handles growth and gives a revenue share. We make everything transparent. We have complete transparency for the developers using our publishing solution on the IronSource platform.”

Several rival products in the market help developers test the performance and marketability of their prototypes, with IronSource launching its self-serve testing product for Supersonic developers in 2020. However, one of the biggest challenges comes once a game has been published, since many of the insights relating to a game and its performance are not commonly visible to the developer, limiting the ability to understand, test, iterate and improve for the long term.

Above: IronSource’s LiveGames helps studios manage their game data.

Image Credit: IronSource

With Supersonic, IronSource has focused on helping game companies become better developers, rather than treat each game as a standalone unit.

Through LiveGames, developers will have access to data such as daily, monthly, and annual profit for each of their published games; advanced analytics including retention, playtime, lifetime value, and ad engagement for each region and user acquisition channel; rewarded video and interstitial ad analysis; and advanced analytics from A/B tests for test comparison.

Stan Mettra, the CEO of game studio Born2play, is using LiveGames with the game StackyDash. He said in a statement this is the first time the company has so many insights into the performance of the game. That helps take away blind spots and helps the company take steps to increase revenue. About 25 studios used the LiveGames service in alpha testing and they’re now ready to start using the product.

“We’re encouraging the developers to remain independent,” Kaplan said.

Tel Aviv, Israel-based IronSource has previously said it would raise $2.3 billion in cash proceeds for both shareholders and the company itself through the transactions, which includes both the proceeds from the SPAC (a faster way of going public compared to an initial public offering) and an additional private investment known as a PIPE, or private investment in a public equity. SPACs have become a popular way for fast-moving companies to go public without all the hassle of a traditional IPO. Regulators have come up with more rules to govern SPACs, but the idea is to raise money faster.

IronSource said it recorded 2020 revenue of $332 million and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $104 million. IronSource said its monetization platform is designed to enable any app or game developer to turn their app into a scalable, successful business by helping them to monetize and analyze their app and grow and engage their users through multiple channels, including unique on-device distribution through partnerships with telecom operators such as Orange and a device makers such as Samsung.

In 2020, IronSource said 94% of its revenues came from 291 customers with more than $100,000 of annual revenue, a dollar-based net expansion rate of 149%.

GamesBeat

GamesBeat’s creed when covering the game industry is “where passion meets business.” What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it.

How will you do that? Membership includes access to:

  • Newsletters, such as DeanBeat
  • The wonderful, educational, and fun speakers at our events
  • Networking opportunities
  • Special members-only interviews, chats, and “open office” events with GamesBeat staff
  • Chatting with community members, GamesBeat staff, and other guests in our Discord
  • And maybe even a fun prize or two
  • Introductions to like-minded parties

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