Document Automation Software Company Experiences Third Consecutive Year of Accelerated Revenue Growth
PandaDoc, the leading document automation software, announced record growth in 2020, driven by market adoption of its workflow solutions, as well as the company’s continued global expansion. Growing its annual recurring revenue by 63 percent, PandaDoc continued acceleration as it delivered the third consecutive year of annual growth rates that surpassed the previous year. PandaDoc was able to accomplish this by continuing to help companies streamline the selling process from propose to close, while also investing to help other industries like education, healthcare, and government with document processes for compliance, legal, and employee management.
“Despite facing significant and unprecedented headwinds, our team identified and executed on promising opportunities that allowed us to increase our 2020 projections midyear. I’m incredibly proud of the team that worked tirelessly to not only meet but far exceed those adjusted projections, resulting in our accelerated growth with over 23,000 paying customers,” said Mikita Mikado, CEO and Co-Founder of PandaDoc.
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PandaDoc increased its overall market presence by doubling down on its commitment to customers, providing them the essential tools to improve productivity and get business documents and deals signed fast. With continued customer validation, PandaDoc maintained the #1 positions within Proposal, Contract Management, and Document Generation Software categories, while quickly rising to become a leader within the eSignature space as rated by customers on G2.
In response to the changing business landscape and customer needs, PandaDoc used the launch of its Free eSign product in March 2020 as a catalyst for growth, which has proven to be a market disruptor as the industry’s first unlimited, forever-free eSigning solution.
“The financial crisis brought on by the pandemic unfortunately negatively affected many of our customers. In response, we launched a free eSignature solution to help them at least continue to get documents signed, even if they could no longer afford a full version of PandaDoc’s document automation software,” Mikado continued. “We’re thrilled that this free solution ultimately helped many of our existing customers, and in doing so, created buzz in the marketplace that today continues to bring customers to our premium solutions in document automation, contract management, document generation, and proposal software.”
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In 2020, PandaDoc also focused on expanding its global customer footprint, which grew to a total of 122 countries worldwide. To meet growing global customer demand, PandaDoc launched new offices for enhanced customer support and continued growth, as well as product updates for international customers. PandaDoc plans to continue its push for global expansion in 2021, with penetration into key markets outside of the U.S.
“Whether our customers needed full document lifecycle capabilities or they only used our eSignature functionality, we managed to adapt to the challenges of 2020,” Mikado continued. “The demand for document automation continues to surge around the world and PandaDoc plans to grow even faster in 2021.”
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