But Vision Critical struggled to regain its footing, cutting employees and suffering from slow to negative revenue growth. Its fortunes began to change under Ross Wainwright, a Canadian software sales executive who replaced Scott Miller as CEO in late 2019, after stints with Japanese telecom giant Nippon Telegraph and Telephone Corp. and software giant SAP SE.
Mr. Wainwright brought in a new leadership team, changed the company’s name and spearheaded investment in product development and feature expansion, adding new capabilities to gather feedback from customers through a range of new channels. Alida now offers 20 products, up from one in 2019. The company’s employee base has grown by more than one-third, to 440 people.
Mr. Wainwright’s efforts started to pay off. Recurring revenues rose slightly last year and are now expanding at a double-digit pace, running at about $70-million annually. The growth pace is set to hit 20 per cent next year, he said in an interview. Employee and customer churn – the rate at which both leave the business – have declined sharply, to the low- to mid-teens.
Mr. Wainwright dismissed those concerns, saying rivals rely “on the mergers and acquisitions drug to drive growth,” while Alida has built its own products in-house on top of its core insight communities software, and offers better prices in a market that can support many competitors. “If clients are looking for quick time to value and looking to eliminate complexity, that’s something Qualtrics and Medallia cannot provide with [multiple] acquisitions they’ve got to stitch together.
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