WalkMe Cements Category Leadership with Continued AI Innovation, Industry Recognition, and Financial Growth
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The expansion of WalkMe Ltd. in the Digital Adoption Platforms (DAP) sector, with an estimated total addressable market of $34 billion, is a significant indicator of the company's growth potential. WalkMe's product innovations, reinforced by a suite of patents, provide a competitive edge in AI-driven digital adoption. Their pioneering status and leadership acknowledgment by IDC MarketScape suggest a strategic positioning that might lead to a sustained market presence. Furthermore, the financial growth highlighted by positive free cash flow and non-GAAP operating profit in the third quarter of 2023 signal financial stability and profitability, which are attractive to stakeholders and investors.
The company's focus on expanding its federal business and strengthening its partner ecosystem can be seen as a diversification strategy. This could mitigate risks and foster resilience against market fluctuations. WalkMe’s success in attaining FedRAMP certification opens the door to substantial public sector opportunities, often characterized by long-term, stable contracts. The emphasis on customer satisfaction and improved operational metrics, like response and resolution times, may enhance client retention and attract new customers, further solidifying their market presence.
WalkMe's emergence as a profitable entity, evidenced by operational improvements and the generation of positive free cash flow, is a key financial highlight. These serve as indicators of effective management and operational efficiency. The financial narrative, featuring WalkMe's transition into profitability and their novel flexible pricing model, reflects a strategic move to optimize revenue streams and adapt to a wider range of customers, potentially increasing market penetration.
Investments in artificial intelligence and the launch of new products like WalkMe Discovery and Shadow AI demonstrate a commitment to innovation that aligns with the growing enterprise demand for sophisticated AI solutions. The financial implications of such investments are typically dual-edged; they could lead to increased expenses in the short-term but may yield significant competitive advantages and contribute to revenue growth in the long term. The company's performance in categories such as user satisfaction and industry awards is indicative of operational success, which may translate into investor confidence and thereby potentially impact stock valuations positively.
WalkMe's strategic emphasis on AI-centric product innovation and the acquisition of numerous patents reflect a strong commitment to maintaining their technological edge in the DAP market. As the market for AI-driven solutions in the workplace continues to expand, WalkMe's AI capabilities, underscored by its proprietary DeepUI technology, position the company to capitalize on this trend. The company's foray into advanced AI solutions like Discovery and Shadow AI address critical enterprise pain points, such as productivity losses due to disjointed digital transformation initiatives.
The significance of WalkMe's FedRAMP certification cannot be understated as it not only opens up government sector opportunities but also serves as a testament to the platform's security and compliance standards. The introduction of Workflow Accelerators further demonstrates WalkMe's focus on enhancing user adoption and offering a quantifiable value proposition to its customers. The expansion into AWS Marketplace may streamline procurement processes for clients, broadening WalkMe's user base and possibly increasing its market share.
Building on a transformative year of customer satisfaction and product achievements that advance AI in the workplace, WalkMe will gather changemakers at its annual Realize conference on June 18
SAN FRANCISCO, April 15, 2024 (GLOBE NEWSWIRE) -- WalkMe Ltd. (NASDAQ: WKME), a leading provider of digital adoption solutions, today announced major proof points of its continuing category leadership, as digital adoption platforms (DAPs) gain rapid momentum in a
WalkMe named a leader in the first-ever IDC MarketScape for DAP
In March, the IDC MarketScape Worldwide Digital Adoption Platforms 2024 report named WalkMe the leader, highlighting its early-mover advantage and AI capabilities powered by its proprietary DeepUI technology. With over a decade of real-world learning, WalkMe has accumulated billions of data points and an unrivaled view into technology usage. Its platform drives the proper adoption and value realization of technology investments, making the company an essential partner in organizations’ AI strategies. As GenAI-powered conversational interfaces enter the enterprise, WalkMe is well-positioned to meet the growing needs of the workplace with its extensive portfolio of AI-centric patents, dedicated innovation, and proven capabilities.
“As a pioneer that helped define the Digital Adoption Platform space, WalkMe was recognized for its continuous innovation in AI-driven capabilities and for its proven expertise in accelerating user adoption across workflows in large-scale enterprise deployments,” said Gina Smith, Ph.D., Research Director, IT Skills for Digital Business, IDC.
“With a TAM of
WalkMe at the forefront of innovation, continues to win industry awards amid financial growth
Recently TechTarget identified the top 6 change management applications, and WalkMe is the only digital adoption platform to make the list. WalkMe also became a CODiE Award Finalist for Best Digital Employee Experience for the upcoming May 2024 awards, a 2024 Emotional Footprint Champion and Gold Medal Award Winner in Info-Tech's vendor evaluation of Digital Adoption Platforms, a Remote Tech Breakthrough Award winner in December, and recent recipient of numerous other acclaimed awards. Not least, WalkMe is recognized as a Leader and Star Performer for the 4th consecutive time in Everest Group's DAP PEAK Matrix® Assessment 2023. Most importantly, customers are happy and expressing delight, making WalkMe the DAP leader in both satisfaction and market presence on G2. On Gartner Peer Insights,
WalkMe’s financial growth has marked a transformative year, as it emerged a profitable company with revamped processes and continued operational improvements in 2023. The company is experiencing the benefits of investments in its Federal business, Partner ecosystem, Enterprise grade product, and DAP customer base. WalkMe significantly improved its financial position, generating positive free cash flow for 2023 and reaching non-GAAP operating profit in 3Q23.
Other momentum markers include:
- FedRAMP Certification: WalkMe became the first and only DAP vendor to attain FedRAMP certification, positioning it to tap into growing public sector demand.
- Advanced AI Solutions: With WalkMe’s successful launch of WalkMe Discovery and Shadow AI, built on the company’s strong AI foundations, the company addresses emerging enterprise needs and helps customers successfully harness new technology while minimizing risk.
- Workflow Accelerators Launch: WalkMe’s new Workflow Accelerators empower enterprises to swiftly optimize critical business workflows across their technology stack. By leveraging best practices from 7 billion annual user interactions, these pre-built solutions eliminate friction, boost adoption, and accelerate time-to-value, enabling customers to realize the full potential of their digital transformation investments.
- Thought Leadership & Category Research: As the clear category leader, WalkMe continually invests in research and thought leadership. Recent examples include the annual State of Digital Adoption 2024 (SoDA) report and Everest Group’s Evolving with AI: The Rise of Next-Generation Digital Adoption Platforms (DAPs). Notably, the number of SoDA report downloads has already doubled the number of total downloads of last year’s report.
- AWS Marketplace Availability: WalkMe has expanded its reach by making its Digital Adoption Platform available on the AWS Marketplace. This move simplifies procurement, expedites deployment, and allows customers to leverage their existing AWS account credits.
- Enhanced Customer Experience: WalkMe introduced new internal technology and processes, resulting in a
95% improvement in response time and a70% reduction in resolution time. It also opened a new customer support center in Bangalore, India to serve customers with optimal follow-the-sun support. - Expanded Customer Success Team: Strengthening the Customer Success team under the leadership of Sunil Nagdev, new Chief Customer Officer, WalkMe is driving outcome-based engagements to prove the value of its DAP solution.
- Flexible Pricing Model: WalkMe introduced a flexible, segmented pricing model to better cater to customers’ needs and provide a more structured path to digital adoption success.
- Strengthened Partner Ecosystem: Expanding its global partner ecosystem, WalkMe is collaborating with industry leaders such as Deloitte, Accenture, and AWS to deliver enhanced value to their shared customers.
- WalkMe Community: Membership in the WalkMe Community has grown
400% in the past year and now has over 5,000 members.
WalkMe gears up for annual flagship event on June 18
Realize is where changemakers meet. WalkMe’s exciting annual event engages customers and partners, demonstrating what WalkMe can do for them — both today and tomorrow. Catapulting the company’s leadership position even further, WalkMe will share big announcements about advances in the generative AI space to shape the future of work and build transformative value for customers.
“At WalkMe, we know all about being innovators and changemakers. That’s why we’re bringing together changemakers across enterprises to learn more about differentiating work and productivity through AI innovation. WalkMe is leading the way with technology and strategies for today and tomorrow. Attendees will learn how to best navigate ongoing change management and obtain mission critical tools and skills to maximize ROI, saving their company time and money,” said Adriel Sanchez, CMO, WalkMe.
This year’s Realize will be a cohesive, personalized experience for attendees through a hybrid model of both virtual and in-person elements for different audiences over weeks rather than just one day. The theme for Realize 2024 is “where changemakers meet.”
About WalkMe
WalkMe (WKME) pioneered the world’s leading Digital Adoption Platform (DAP) so companies can effectively navigate the constant change brought on by technology. With WalkMe, organizations drive enterprise productivity and reduce risk by ensuring consistent, responsible, and efficient adoption of software and the workflows it powers. Our AI-driven platform sits on top of an organization’s tech stack, identifies where people experience friction, and delivers the personalized guidance and automation needed to get the job done, right in the flow of work. Customers like IBM, Nestle, ThermoFisher Scientific, and the U.S. Dept. of Defense trust WalkMe to create the people-centric experiences required to boost the effectiveness of their workflows and maximize software ROI.
Special Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: our ability to manage our growth effectively, sustain our historical growth rate in the future or achieve or maintain profitability; the impact of the COVID-19 pandemic or adverse macro-economic changes on our business, financial condition and results of operations; the growth and expansion of the markets for our offerings and our ability to adapt and respond effectively to evolving market conditions; our estimates of, and future expectations regarding, our market opportunity; our ability to keep pace with technological and competitive developments and develop or otherwise introduce new products and solutions and enhancements to our existing offerings; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications and to maintain and expand our relationships with third-party technology partners; the effects of increased competition in our target markets and our ability to compete effectively; our ability to attract and retain new customers and to expand within our existing customer base; the success of our sales and marketing operations, including our ability to realize efficiencies and reduce customer acquisition costs; the percentage of our remaining performance obligations that we expect to recognize as revenue; our ability to meet the service-level commitments under our customer agreements and the effects on our business if we are unable to do so; our relationships with, and dependence on, various third-party service providers; our dependence on our management team and other key employees; our ability to maintain and enhance awareness of our brand; our ability to offer high quality customer support; our ability to effectively develop and expand our marketing and sales capabilities; our ability to maintain the sales prices of our offerings and the effects of pricing fluctuations; the sustainability of, and fluctuations in, our gross margin; risks related to our international operations and our ability to expand our international business operations; the effects of currency exchange rate fluctuations on our results of operations; challenges and risks related to our sales to government entities; our ability to consummate acquisitions at our historical rate and at acceptable prices, to enter into other strategic transactions and relationships, and to manage the risks related to these transactions and arrangements; our ability to protect our proprietary technology, or to obtain, maintain, protect and enforce sufficiently broad intellectual property rights therein; our ability to maintain the security and availability of our platform, products and solutions; our ability to comply with current and future legislation and governmental regulations to which we are subject or may become subject in the future; changes in applicable tax law, the stability of effective tax rates and adverse outcomes resulting from examination of our income or other tax returns; risks related to political, economic and security conditions in Israel; the effects of unfavorable conditions in our industry or the global economy or reductions in information technology spending; factors that may affect the future trading prices of our ordinary shares; and other risk factors set forth in the section titled “Risk Factors” in our Annual Report on form 20-F filed with the Securities and Exchange Commission on March 18, 2024, and other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Media Contact:
Melanie Pasch
press@walkme.com
Investor Contact:
John Streppa
investors@walkme.com
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