WalkMe Ltd. (WalkMe) provides a cloud-based Digital Adoption Platform that enables organizations to better realize the value of their software investments. The Digital Adoption Platform drives the success of digital transformation initiatives by empowering the company’s customers with critical business insights to increase software adoption and improve user experiences for their employees and customers. WalkMe Ltd. has subsidiaries in the U.S., Australia, the United Kingdom, Singapore, Canada, G...
WalkMe Ltd. (WalkMe) provides a cloud-based Digital Adoption Platform that enables organizations to better realize the value of their software investments. The Digital Adoption Platform drives the success of digital transformation initiatives by empowering the company’s customers with critical business insights to increase software adoption and improve user experiences for their employees and customers. WalkMe Ltd. has subsidiaries in the U.S., Australia, the United Kingdom, Singapore, Canada, Germany, and Japan.
Using the company’s cloud-based Digital Adoption Platform, software users, whether they are employees or customers of organizations, can navigate websites, SaaS applications, or mobile apps through a digital, GPS-like experience to accomplish any task from simple, online transactions, to complex cross-application software processes, to fully autonomous experiences that require no manual clicks or entries.
Using the company’s unique, low/no code software implementation process, the company’s Digital Adoption Platform overlays upon any application and enables a data first approach to understand the gaps between user interactions and behavior with technology and an organization’s business goals. With actionable insights, the company then enables organizations to create and deliver elegant experiences that lead users to success, ensuring digital adoption and ultimately fulfilling the promise of digital transformation. The company enables businesses to drive workflow adoption by connecting usage data with action for the end user driving a better experience and better business outcomes.
As of December 31, 2022, through the company’s Digital Adoption Platform, the company had approximately 1,800 customers in 39 countries, including 403 of the Global 2000.
WalkMe’s Digital Adoption Platform
The company’s Digital Adoption Platform enables organizations to leverage data across business applications and workflows and take action to increase user adoption by simplifying user experiences. The company’s unified, strategic platform drives value through the following building blocks:
To deliver on the right experience and improve adoption, WalkMe uncovers data from behind-the-scenes - by identifying the entire tech stack through user journey analytics. WalkMe’s data portfolio, Digital Transformation Intelligence, provides CIOs and business leaders with visibility across the software stack, actionable insights and data needed to measure, drive and act to maximize the impact of their digital transformation strategies.
WalkMe enables organizations to leverage technology usage data to design and deploy user experiences that increase adoption and engagement across workflows and applications in the form of UI elements, in-app, or desktop-based hubs. Pre-built and configurable solution templates enable customers to get started quickly using industry best practices.
User experience is the foundation of WalkMe. WalkMe creates a transparent layer for the end-user across any software to ensure immediate and intuitive access to any application, workflow, or resource. WalkMe can be used across web, mobile, and desktop.
Data- Driven Action Through User-Centric Technology Applicable Anywhere
The company’s technology is designed to leverage the UI as the primary integration point to deliver the company’s products. Unlike Application Programming Interfaces (‘APIs’), which are not consistently available across applications and require developer resources to implement, the company’s UI-focused approach allows the company to deploy its Digital Adoption Platform across any application and deliver contextually aware, fully dynamic workflow guidance, automation and analytics.
The company’s Digital Adoption Platform drives the success of digital transformation initiatives by empowering CIOs and business leaders with critical business insights to enhance business process and increase software adoption by taking data-driven action to improve the user experiences for employees and customers:
For CIOs and Business Leaders, the company’s platform provides unified visibility, data and actionable insights across the organization’s software stack, to improve key business processes and drive employees and customers to action. The company’s data-driven insights offer strategic perspective and provide a competitive advantage to CIOs.
A leading food and beverage company uses the company’s Digital Adoption Platform to gain visibility into user behavior across applications and focus resources to target employees at the point in their journey that they need help. By automating common workflow processes and providing targeted support for others, they are realizing improved task completion rates of nearly two times prior levels, in some cases. Importantly, user satisfaction has increased and productivity gains have given employees more time to focus on higher value initiatives.
For Employees, the company’s platform provides a contextual and unified experience that can be seamlessly delivered across any application (third party, proprietary, mobile or desktop) to provide personalized process workflow guidance and automation.
A global pharmacy store chain utilized the company’s technology to drive digital adoption across multiple apps that are relied upon by more than 220,000 employees globally, resulting in an average reduction of 50% in support tickets. During the pandemic, a key driver of WalkMe’s success was its role in standing up new technology with as little friction as possible.
A leading biotechnology company uses WalkMe across over 45 applications in over 11 languages to empower its workforce to be successful while continuing to deliver on its promises to employees and customers. WalkMe is used as a strategy for adoption of existing apps, as well as a method of deploying new pieces of software. With WalkMe, they rolled out an enterprise wide HCM to 90,000+ employees with no formal training methods and user satisfaction ranking at 98% in some cases.
For Customers, the company’s platform can be deployed on any customer facing website or application to power self-service onboarding, feature engagement, support and more.
One of the world’s largest technology and consulting companies uses WalkMe to support onboarding, mitigate support tickets, and increase success of their customers on over 20 B2B offerings. They’ve seen 6x increase in product adoption, 4x higher conversion rate, 80% revenue growth of digital offerings, and a 300% improvement in product usage consumption, and user retention.
Growth Strategy
The key elements of the company’s growth strategy are to innovate and advance the company’s platform; acquire new customers; increase usage and spend from the company’s existing customers; expand internationally; and expand the company’s ecosystem and go-to-market partnerships.
Platform
The company’s extended functional capabilities, designed to solve key business challenges, include:
Data
WalkMe’s data provides technology buyers, including CIOs and business leaders with visibility across the software stack and the insights needed to measure usage, drive process adoption and act to ultimately maximize the impact of their digital transformation strategy.
Enterprise Analytics: WalkMe instantly provides organizations with unified observability and visibility on top of their current mesh of systems and workflows.
Workflow Analytics: WalkMe provides visibility into user experiences across applications, pinpoint where users struggle, and continuously optimize experiences to keep up with change.
AI-Based Data Entry Diagnostics: WalkMe’s UI Intelligence surfaces AI-based insights to help improve data integrity and efficient process completion.
KPI Management: WalkMe customers can prove adoption and digital transformation success by tracking and automatically reporting on KPIs defined by project leaders.
Integration Center: The company’s Integration Center technology supports both incoming and outgoing integrations to strengthen data analysis on the one hand and create segmented and personalized user experiences on the other. The company’s customers integrate their most business-critical applications to and from WalkMe for better decision making and more impactful user experiences.
Action
With WalkMe, organizations can leverage data to design and deploy user experiences that increase adoption and engagement across workflows and applications.
Build: With WalkMe’s no-code editor, organizations have the agility to take data-driven action to fix what is broken across workflows and applications.
Design and Automate: WalkMe users are able to design automated, data-driven experiences, including conversational interfaces, tooltips, on screen guidance or other changes to the UI - without having to rely on developers or release cycles.
Leverage Best Practices and Solution Templates: The company has built business process-specific solution templates based on thousands of implementations gathered by WalkMe across the most commonly used applications. These solution templates drive best practices, reduce customer maintenance efforts, and enable faster implementation and time-to-value for the most common user workflows.
Experience
User Experience is What Drives WalkMe: With WalkMe, the company’s customers can design contextual and personalized experiences that engage and drive user adoption of their digital assets on mobile, web and desktop.
Simplify: WalkMe creates a transparent layer for the end-user across any software to ensure immediate and intuitive access to any application, workflow, or resource - without touching the underlying software or website.
Personalize: WalkMe enables organizations to drive users to success with personalized experiences across any workflow or device, through guidance, hyper-automation, in-app engagement and help.
Omni-channel Experiences: WalkMe enables organizations to connect employees through a single interface to applications and user workflows within an enterprise and simplify task completion and access to knowledge through enterprise search, communication tools, and a natural-language chat interface.
Customers
The company serves a diverse set of customers across all major industries, including some of the world’s largest and most sophisticated enterprises. As of December 31, 2022, the company had approximately 1,800 customers, including 403 of the Global 2000, as well as 514 customers with ARR greater than $100,000 and 39 customers with ARR greater than $1,000,000.
Consumer & Retail: Circle K, L’Oreal, Nestle, Southern Glazers, Ulta, Overstock, Walgreens Boots Alliance, and Gojo.
Technology: LinkedIn, Sprinklr, HP, Adobe, WL Gore, and Okta.
Financial Services: Bank of the West, Citigroup, E*trade, Goldman Sachs, IGM Financial Services, Nasdaq, Paychex, Sun Life Financial, Zurich Insurance Group, Standard Chartered, and Paypal.
Energy, Industrial, & Transportation: American Airlines, BMW, Chevron, Schneider Electric, and Veolia.
Healthcare & Life Science: AstraZeneca, Christus Health, Geisinger, Modernizing Medicine, Parexel, Quest Diagnostics, Syneos Health, Team Health, and Thermo Fisher.
Education & Non Profit: Kaplan, Make a Wish Foundation, McGraw Hill, Stanford University School of Medicine, University of Miami, and University of Virginia.
Communications: British Telecommunications PLC, Cisco, LogMeIn, and Lumen Technologies.
Sales and Marketing
The company’s sales and marketing teams work together to drive awareness and adoption of the company’s platform, accelerate customer acquisition and increase revenue from customers. While the company sells to organizations of all sizes across a broad range of industries, the company’s key focus is on larger enterprises that tend to invest more heavily in software application deployment. These organizations have larger workforces and customer bases and therefore a greater need for the company’s Digital Adoption Platform. The company plans to continue to invest in its direct sales force to grow the company’s larger enterprise customer base, both in the U.S. and internationally.
Marketing
To support the company’s sales team in reaching potential customers, the company’s integrated marketing programs are architected to address the specific needs of the company’s diverse market segments. They create qualified sales opportunities, highlight WalkMe’s position as the market pioneer and leader and educate and raise awareness of the company’s Digital Adoption Platform. In addition, the company has tailored customer marketing initiatives focusing on driving expansion within existing accounts and virality among Digital Adoption Platform professionals and advocates.
The company’s marketing department ensures thought leadership and market education for the company’s Digital Adoption Platform. It promotes activity around the company’s growing WalkMe Beyond ecosystem, as well as Realize, the company’s customer and user conference.
Sales
The company’s go-to-market model involves a combination of direct sales and partner-assisted sales.
Direct Sales
The company sells subscriptions to its platform primarily through its direct sales force which is largely organized by territory and customer size, measured by the number of employees. The company’s direct sales force is focused on landing new customers, as well as expanding within them as they adopt WalkMe for additional use cases and applications. The company typically onboards a new customer with solutions targeting one application or department, after which the company’s sales force focuses on expanding into other applications or departments; or an enterprise-wide deployment where WalkMe is used across departments, applications and use cases.
The company sells to multiple buyers within an enterprise, including:
CIO or VP IT who is focused on digital transformation to business efficiency, workforce agility and an overall return on software investment;
VP of sales, whose priorities include sales productivity and forecast accuracy;
Head of Human Resources who aims to improve the digital experience of employees, especially in a remote work environment;
Head of Product who is trying to improve revenue and customer retention across an application or platform; and
Head of Contact Center who is looking to reduce support overhead and improve productivity of support teams.
Partner-Assisted Sales
The company works with strategic systems integrators, such as Accenture, Deloitte, IBM and Cognizant to sell with and/or through them to their clients. Global Systems Integrators (‘GSI’) are important consulting and implementation partners for WalkMe, enabling enterprises to further their digital adoption strategies and are a natural extension of the company’s go-to-market function. The company has also developed relationships with leading regional systems integrators. The company also works with large independent software vendors, such as SAP, who sell joint solutions to their customers.
Customer Support and Professional Services
The company’s customer success team provides customer support for each of its customers. Support begins in the customer acquisition phase and continues throughout the duration of the relationship. Customer support includes working with customers on launch and on-boarding, ongoing support, analytics and renewal. The company has a dedicated professional services team.
Seasonality
The company experiences relatively typical seasonality in its quarterly revenue and operating results consistent with software-as-a-service companies that sell to enterprise customers. The company historically has received a higher volume of orders from new and existing customers in the fourth quarter (year ended December 2022) due in part as a result of software industry procurement patterns. As a result, the company’s sequential growth in revenue and remaining performance obligations is typically highest in the fourth quarter of each year.
Intellectual Property
As of December 31, 2022, the company owned 13 issued U.S. patents, eight U.S. pending patent applications, six issued foreign patents, 17 pending foreign patent applications and two pending patent applications under The Patent Cooperation Treaty.
As of December 31, 2022, the company owned a registered trademark for the ‘WALKME’ mark in the United States and nine other countries; a registered trademark for the ‘WALKME’ logo in 14 countries; and a registered trademark for the ‘DAP’ mark in the United States. As of December 31, 2022, the company also had one application for trademark registrations pending in the United States.
Government Regulations
The company is subject to the European General Data Protection Regulation (the ‘GDPR’).
In addition, following the departure of the United Kingdom as an EU Member State on January 31, 2020, the company is subject to the U.K. General Data Protection Regulation and the U.K. Data Protection Act 2018 (together, the ‘U.K. GDPR’).
The California Consumer Privacy Act (the ‘CCPA’), which took effect in January 2020 and to which the company is subject, also establishes certain transparency rules and creates new data privacy rights for users, including rights to access and delete their personal information and new ways to opt-out of certain sales or transfers of their personal information, and provides users with additional causes of action.
As an Israeli headquartered company, the company is also subject to the Israeli Protection of Privacy Law, 5741-1981 (the ‘PPL’), and the regulations enacted thereunder, including the Privacy Protection Regulations (Data Security), 5777-2017 (the ‘Data Security Regulations’).
Research and Development
The company’s research and development expenses were $59.5 million for the year ended December 31, 2022.
Competition
The company competes with SAP, Oracle, Microsoft, and Salesforce.
History
The company was founded in 2011. It was incorporated under the laws of Israel in 2011. The company was formerly known as Make Tutorial Ltd. and changed its name to WalkMe Ltd. in 2012.
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