Braze Continues Business Momentum with $500M CARR, New Global Leaders, and Marquee New Customers
- Braze achieves a significant financial milestone by surpassing $500 million in Committed Annual Recurring Revenue (CARR).
- The company highlights the critical role of customer engagement in driving growth, loyalty, and retention in a challenging macroeconomic landscape.
- Braze welcomes new customers like Bombas, Miro, Nestlé Purina US, Papa John's UK, and Wendy's, showcasing steady global customer expansion.
- Strategic product investments in Sage AI by Braze aim to enhance engagement outcomes across the user journey through AI capabilities.
- Advancements in Cloud Data Ingestion partnerships and features help streamline data integration for over 2,000 customer integrations.
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The announcement by Braze of surpassing $500 million in Committed Annual Recurring Revenue (CARR) is a significant indicator of the company's growth trajectory and market position. The growth in CARR is particularly noteworthy in the context of the current macroeconomic challenges, suggesting that Braze's customer engagement solutions are increasingly seen as essential tools by brands looking to foster growth, loyalty and retention. This is a trend observed across the technology sector, where businesses that offer scalable and robust customer engagement platforms are well-positioned to capitalize on the growing emphasis on digital customer relationships.
Furthermore, the addition of high-profile customers such as Bombas and Wendy’s to Braze's portfolio not only diversifies its revenue stream but also serves as a testament to the platform's scalability and adaptability across different industries. This could potentially lead to increased investor confidence and could be a bullish signal for the stock, as market analysts often look for customer diversity and high-profile partnerships as indicators of a company's competitive edge and long-term sustainability.
From a technological standpoint, Braze's strategic product investments, particularly in Sage AI, reflect the company's commitment to innovation and staying ahead of the curve in the customer engagement space. The suite of AI capabilities designed to enhance engagement throughout the user journey signifies the company's push towards leveraging advanced machine learning for better marketing outcomes. This aligns with the broader industry trend where AI and machine learning are becoming critical components in marketing technology stacks.
Additionally, the advancements in Cloud Data Ingestion represent a significant enhancement in Braze's offering, enabling more efficient data integration and potentially reducing the time to value for customers. As data integration is a major pain point for many organizations, improvements in this area could serve as a strong selling point for Braze, leading to increased adoption and potentially driving up its market share in the customer engagement platform sector.
Reaching a milestone such as $500 million in CARR is a clear financial indicator of Braze's performance and future revenue predictability. Recurring revenue models are highly valued by investors for their ability to provide stable and predictable cash flows, which are crucial for valuing growth stocks like Braze. The market often responds positively to such financial milestones, which can lead to an uptick in stock prices due to perceived reduced investment risk.
In addition to financial growth, the company's industry recognition and accolades from analysts and peer review sites contribute to its reputation and brand equity. Such recognition can often translate into investor confidence, as it suggests that the company is not only growing financially but is also excelling in delivering on its value proposition compared to competitors.
Company Touts Recent New Customer Wins, Including Bombas and Wendy’s
“There’s never been a better time to be a better marketer,” said Bill Magnuson, cofounder and CEO of Braze. “In today's dynamic market, consumer loyalty is volatile and hinges on a brand's ability to deliver valuable and personalized experiences, both with and alongside their products and services. Brands who prioritize excellence in customer engagement are also building a foundational asset for their businesses–first-party relationships with their customers. Braze empowers them to leverage rich data, advanced machine learning, and sophisticated cross-channel orchestration to advance their customer engagement prowess as they navigate this exciting landscape.”
Customer Expansion, Product Innovation, and Industry Recognition
The need for brands to use customer engagement strategies that harness technology and creativity to create memorable, personalized experiences is greater than ever. More brands around the world are recognizing this need, and as a result Braze has seen steady growth of its diverse customer base globally. The company’s growth and customer expansion are due to the rapid pace of product innovation at Braze which has earned the company top recognition from several industry analysts and peer review sites.
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Over the past year, Braze welcomed impressive new customers across diverse industries, company sizes, and geographies worldwide, including Bombas, Miro, Nestlé Purina US, Papa John’s
UK , and Wendy’s. - Strategic product investments in updates to Sage AI by Braze, a suite of AI capabilities designed to power better, faster, and more effective outcomes from engagement across the user journey. Advancements in Cloud Data Ingestion partnerships, features, and functionality help brands streamline data integration and reduce time to value—and is notably supporting over 2,000 customer integrations ingesting about 400 million rows of customer warehouse data every single day.
- In 2023 Braze was named a Leader in The Forrester Wave™: Cross-Channel Marketing Hubs, Q1 2023, and named a Leader by Gartner® in the 2023 Magic Quadrant™ for Multichannel Marketing Hubs. The company was also recognized in G2’s 2024 Best Software Awards for the second year in a row.
Strengthening the Leadership Bench
As Braze continues to increase its global footprint, the company is strengthening its leadership across departments with promotions and new hires that support growth, innovation, and operational excellence. This includes the promotion of Eric Sanders to SVP, Global Head of Sales. Sanders, who has 20+ years of experience in enterprise SaaS sales, first joined Braze in April 2020 and most recently led the Americas Sales organization, playing a pivotal role in the company's positive trajectory. New leadership additions include:
- Christopher Foss as VP, Financial Planning and Analysis: Foss brings over 20 years of finance and sales experience to Braze, and previously served as the VP, Revenue & Operations at Toast, where he helped to scale and grow their global operations.
- Kelsey Nelson as VP, Product Marketing: Nelson joins Braze from Okta, where she spent the last six years leading Product, Technical, and Solutions Marketing for Okta's Workforce Identity Cloud.
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Rene Lima as Area VP, Sales, LATAM:
Lima brings 25+ years of experience in enterprise software sales to Braze, and was most recently the Chief Revenue Officer for Acid Labs. He also previously served as the Head of Sales, VP Latin America at Salesforce Marketing Cloud and Commerce Cloud. -
Shahid Nizami as VP, Sales, APAC: Nizami has two decades of experience working with renowned companies across APAC like Google, Oracle, and HubSpot, and was recently the General Manager and Regional Vice President of Sales,
Asia Pacific &Japan at ActiveCampaign.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding anticipated performance of, and benefits from, the Braze platform and products. These forward-looking statements are based on the current assumptions, expectations and beliefs of Braze, and are subject to substantial risks, uncertainties and changes in circumstances that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Further information on potential factors that could affect Braze results are included in Braze’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2023, filed with the
About Braze
Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging.™ Braze allows any marketer to collect and take action on any amount of data from any source, so they can creatively engage with customers in real time, across channels from one platform. From cross-channel messaging and journey orchestration to Al-powered experimentation and optimization, Braze enables companies to build and maintain absolutely engaging relationships with their customers that foster growth and loyalty. The company has been recognized as a 2024 U.S. News Best Technology Companies to Work For, is a 2023 UK Best Workplace for Women by Great Place to Work, and was named a Leader by Gartner® in the 2023 Magic Quadrant™ for Multichannel Marketing Hubs and in The Forrester Wave™: Cross-Channel Marketing Hubs, Q1 2023. Braze is headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221186553/en/
Hannah Blackington
Director, Global Communications
press@braze.com
Source: Braze
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