In the third quarter, Logik.io, creators of Commerce Logic Engine technology powering configuration for e-commerce and CPQ experiences, has posted over 500% year over year new bookings Annual Recurring Revenue (ARR) growth. Logik.io, released to general availability (GA) in the third quarter of 2021, has seen a dramatic rise in enterprise customer growth as companies seek to improve sales efficiency, implement omnichannel digital transformation initiatives, and focus on platform consolidation favoring Salesforce-native applications.
This growth was fueled by the company's success in penetrating the enterprise market: 40 percent of its current customers on annual software contracts are publicly traded companies with market capitalizations of more than $2 billion. In addition, Logik.io has continued to build its partner ecosystem to over 30 partners trained in the Commerce Logic Engine technology.
Logik.io's market momentum has also allowed the company to double its employee headcount since the beginning of the year, bringing in a class of CPQ and Commerce customer specialists to further support Logik.io's focus on customer success, and expanding the product and development team to drive continued product innovation.
"When we started Logik.io, our goal was to replace outdated CPQ technology and revolutionize how enterprises sell. In one year, we've demonstrated the market need and enabled enterprises to increase selling effectiveness and efficiency across all channels," said Logik.io CEO and Co-Founder Christopher Shutts. "The rapid adoption of digital commerce coupled with the lingering limitations of CPQ technologies challenging sales teams has made Logik.io an ideal fit for companies who want to deliver best-in-class selling experiences for every customer interaction. This is particularly true for companies selling sophisticated or high-value products."
In addition to seamlessly complementing Salesforce and enabling companies to innovate, Logik.io eliminates integration costs, and dramatically reduces day-to-day CPQ maintenance while consolidating all revenue activities on the Salesforce platform. Over 20 percent of Logik.io's bookings come from commerce use cases that stretch beyond CPQ including companies like Keysight Technologies, which is using Logik.io for CPQ and Commerce.
A glowing example of this milestone quarter's momentum, Logik.io hosted dozens of conversations with enterprise Salesforce clients at Dreamforce in September and Shutts gave a presentation to a packed audience on how Logik.io is providing innovative configuration solutions for Salesforce customers.
In 2023, Logik.io intends to double its workforce and focus on continued innovation of Commerce and CPQ use cases. For more information, visit logik.io.
Logik.io's Commerce Logic Engine helps businesses sell more effectively through their direct sales teams and digital commerce channels by consumerizing the way they sell their products with guided, flexible, and intuitive selling experiences for CPQ and eCommerce. Logik.io's headless engine governs the logic, rules, and recommendations that direct how products can and should be configured and sold, making even the most sophisticated products simple to sell, allowing teams to sell more, sell faster, and maintain less.
Logik.io was founded by a proven team with decades of experience in the sales technology space and is backed by High Alpha and Salesforce Ventures. Learn more at logik.io.
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