With all the doom and gloom on Twitter, you could be forgiven for thinking SaaS customers have somehow evaporated.
And perhaps they will. But not today. Not today.
Kyle Porter, CEO of Salesloft, was kind enough to share that well into nine-figure of ARR, they are not only growing 53%, but hit the plan early — and are seeing no signs of any slowdown, at least not yet.
Ended May $1.7M ahead of plan and growing ARR @ 53%. June seems to show no signs of slowing down but we’re monitoring demand metrics like a hawk to see when or if we’ll experience a slow down.
— Kyle Porter ☔️ (@kyleporter) June 28, 2022
Zendesk, in the midst of a $10B go-private transaction, just announced its last quarter was its best ever:
And this past quarter, Salesforce, the bell weather of SaaS, announced it was accelerating and had seen no slowdown yet:
Salesforce growing 24% at $30 Billion in ARR, no slowdown yet:
“We’re just not seeing material impact on the broader economic world that all of you are in,” Marc Benioff, Salesforce’s co-founder and co-CEO, said on a conference call with analysts.
https://t.co/c7HZUjssRN— Jason ✨BeKind✨ Lemkin #ДобісаПутіна (@jasonlk) June 1, 2022
Others leaders are seeing the same, from Snowflake to Datadog and more. Yes, some segments have been hit hard as we move into a post-Covid world, like Zoom. Others are seeing a post-lockdown reversion to prior growth rates, like Shopify.
But overall these 3 SaaS leaders are bell weathers of where SaaS spend it. Salesloft (and Gong and Outreach) are proxies for all sales automation spend. Zendesk is a proxy for all post-sales and support and CX spent. And Salesforce … well Salesforce really is a proxy for all SaaS spent. At $30B+ ARR, up to 10% of all SaaS spend goes straight to Salesforce.
So while some areas are challenged today, overall, SaaS is growing faster than ever. And hasn’t taken a real hit yet.
Find a different excuse if you need one.
A bit more:
