Today marks a new chapter for Wrike as we complete our separation from Citrix Systems. We are also excited to announce that we have the financial backing of Vista Equity Partners and Evergreen Coast Capital, following the close of their acquisition of Citrix and its combination with TIBCO Software.
Vista and Evergreen are investors with deep experience working with successful SaaS companies like ours. They understand Wrike's mission and values, including the keener edge we bring to the highly competitive work management space. We will leverage our newfound position as a private, autonomous company to continue pursuing innovation focused on solving dynamic workplace challenges and meeting the needs of the modern workforce.
The market opportunity
Over the last three years, digital transformation has dramatically accelerated, and our workplace has changed significantly. This created new opportunities to improve productivity. According to the U.S. Bureau of Labor Statistics, productivity in the non-farm business sector decreased 4.1% in the second quarter of 2022, with output decreasing 1.4%, while hours worked increased 2.7%. This is the largest decline in quarterly productivity since the third quarter of 1948. Many of us feel it in employee burnout, which drove the “Great Resignation” trend last year and the “Quiet Quitting” trend this year. In order to get actionable insights into these trends, we surveyed approximately 3,000 business leaders and workers and published the “Dark Matter of Work” report that shows 55% of the work that takes place within an organization is not visible to key stakeholders, costing organizations of 3,200 employees up to $60 million a year in wasted time, delayed or canceled projects, and employee churn.
Companies have a unique opportunity to reverse this trend by taking the productivity and visibility benefits that workflow automation and work management offer, and unlocking the same benefits in the hundreds of workflows that live in the dark matter of spreadsheets and unstructured messages today. The bottom line: demand has never been greater for a work management platform that can meet the needs and job styles of individuals, while also giving an entire organization the collaboration, measurement, and visibility it needs to drive the business forward.
Ushering in a new era of work management
Over the last decade, we have created a collaborative work management category and brought several cornerstone innovations to it. In the process, we have rapidly evolved as a product and as an organization. We continue this evolution with more than 200 new releases and updates in the past year alone. Among these advancements is Custom Item Types, a unique core platform capability that enables users to create their own work item types tailored to their team’s specific culture and style. This has expanded our promise around versatility, opening our platform up to an infinite amount of use cases across departments and organizations.
Other recent platform releases include:
- AI Subtask Creation, a feature that utilizes artificial intelligence to extract key action items from user-selected text and turn them into subtasks that can be assigned and distributed into a team’s workflow.
- Resource Planning, a feature that helps department and team leaders, along with program and project managers, simplify and accelerate resource planning, especially for cross-team and cross-department projects.
- Cloud Connector, a universal API that enables Wrike to integrate with any Digital Asset Management system of a customer’s choice.
With all of the progress we’ve made, we still see these as the early days for our company, with tremendous potential ahead of us.
Our team keeps growing with the needs of our customers and our business. As we become an independent business again, we have hired two world-class executives: Thomas Scott as Chief Financial Officer and Brian Clark as Chief Revenue Officer.
As Wrike moves forward, our focus remains the same. We have the most intuitive, versatile, and scalable work management platform on the market and a collaborative, driven team dedicated to freeing our customers to focus on their most purposeful work. There’s never been greater demand for a solution like ours and a better time to deliver it.
Join us at Wrike Collaborate on October 25-27, 2022, for major upcoming announcements.