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Pendo Named to Forbes Cloud 100 2018

Inclusion in definitive list of global private cloud companies comes days after news of $50 million Series D funding

RALEIGH, N.C., Sept. 14, 2018 /PRNewswire/ -- Pendo, creator of the leading product cloud for digital products and data-driven product teams, today announced that it has been named to the Forbes 2018 Cloud 100, the definitive list of the top 100 private cloud companies in the world, published by Forbes in collaboration with Bessemer Venture Partners and Salesforce Ventures.

"Inclusion in the Cloud 100 is particularly exciting recognition for us," said Todd Olson, co-founder and CEO of Pendo. "It's acknowledgement of the hard work of this team and strong validation for the product cloud as an emerging category. We're humbled and honored to be among such esteemed companies as one of the top 100 private cloud companies in the world."

This news comes just days after Pendo announced $50 million in Series D funding, led by Sapphire Ventures.

As part of the rigorous selection process for the Forbes 2018 Cloud 100, Bessemer Venture Partners received submissions from the top cloud startups. The Forbes Cloud 100 judging panel, including top public cloud company CEOs, reviewed the data to select, score and rank the top 100 cloud companies from all over the world. The evaluation process involved four factors: market leadership (35%), estimated valuation (30%), operating metrics (20%), and people & culture (15%).

"For the past three years, the Cloud 100 list has identified the top cloud companies that are reshaping their respective industries," said Alex Konrad, Forbes editor of The Cloud 100. "I am consistently impressed by the caliber of companies honored on the Cloud 100 list. It is an exciting time to a be a cloud company and founder."

"All of the twenty-five cloud IPOs and major cloud acquisitions over the past three years have been prior members of the Cloud 100, and we absolutely expect that the dominant public cloud companies of the future will also come from this list," said Byron Deeter, a top cloud investor and partner at Bessemer Venture Partners. "The 2018 Cloud 100 represents well over $135B in private shareholder value--an astonishing figure that reminds us yet again of the power of the cloud. The way we do business will be dramatically different as a result of these companies and I am honored to celebrate the remarkable accomplishments of the founders and teams behind each company on the 2018 Cloud 100."

"The business opportunity for cloud companies is tremendous today as capital investment, customer demand and rate of adoption continues to grow," said Matt Garratt, Managing Partner, Salesforce Ventures. "We're excited to see the potential of these companies and look forward to seeing what innovative technology they deliver around the world."

Each year the CEOs of The Cloud 100 and the 20 Rising Stars companies are honored at the exclusive Cloud 100 Celebration hosted by Bessemer Venture Partners,Salesforce Ventures, and Forbes.

The Forbes 2018 Cloud 100 and 20 Rising Stars lists are published online at www.forbes.com/cloud100 and will appear in the September 2018 issue of Forbes magazine.

About Pendo

Pendo is a product cloud that provides user insight, user guidance and user communication for digital product teams. With Pendo, these product teams can understand product usage, collect feedback, measure NPS, onboard users, and announce new features in app—all without requiring engineering resources. Founded in 2013 in the heart of Raleigh and backed by Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures, Pendo has raised $106 million and counts more than 600 customers, including Zendesk, LexisNexis, Coupa, Gainsight, BMC, and Sprinklr. Pendo is also the producer of ProductCraft, a destination editorial site with insights by and for product leaders; and Pendomonium, a premier product conference. For more information, visit: www.pendo.io

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