A remarkable 20% year-over-year recurring revenue growth
Momentus Technologies, a leading provider of venue and event management SaaS solutions, proudly announces its outstanding financial performance, product innovation and customer success for fiscal year 2023, ended December 31, 2023. The company’s customer-centric approach has not only led to remarkable 20% year-over-year recurring revenue growth, but also resulted in a range of new product offerings that empower venues and events globally.
“2023 was a year of profound transformation for Momentus. We experienced many significant milestones as we launched a new brand, expanded the leadership team, welcomed WeTrack, delivered innovative offerings and achieved record results,” said Alex Alexandrov, CEO of Momentus. “What truly inspires us is witnessing the substantial growth our customers are experiencing enabled with our solutions. We are honored to be part of such a thriving industry.”
Record-Breaking Performance in the Event Management Industry:
- Momentus proudly facilitated its customers in reaching a landmark $11B+ in event revenue for fiscal year 2023. This remarkable figure represents a significant 14% year-over-year growth, which underscores the resilience and thriving nature of in-person events post-COVID and the remarkable venues which host them.
- Momentus solutions have been integral to the successful execution of over 1 million events in fiscal year 2023. This achievement marks a notable 10% increase in in-person events from the previous year, a testament to the growing trust and reliance placed in Momentus by organizers worldwide.
- Momentus solutions have enabled venues to increase both Revenue per Event and Events per Customer by 11% year-over-year.
Strategic Acquisition to Meet Customers’ Needs with Project Management, Risk and Incident Management, and Sustainability:
In May, Momentus Technologies reinforced its commitment to innovation and meeting customers’ needs by acquiring WeTrack, a leading provider of sustainability and incident management solutions. WeTrack counts many of the world’s pre-eminent events as its loyal customers. This strategic move has significantly enhanced the company’s ability to respond to evolving customer needs in areas of Event and Venue Project Management, Risk Management (pre-event planning), Incident Management (day-of event incident management) and the sustainability footprint of various events. Momentus WeTrack achieved record results in 2023, including:
- A 28% increase in incident tracking and a 20% increase in project management, substantially improving operational efficiency.
- Most notably, the acquisition led to a 60% increase in sustainability tracking, showcasing Momentus customers’ commitment to environmental, corporate and social responsibility.
Innovative Functionality Revolutionizing Venue and Event Management:
Innovation is at the core of Momentus Technologies’ mission, aimed at empowering customers through industry-leading solutions in venue and event management. The company introduced a range of new functionality in 2023, each designed to enhance venue and event management.
For universities and corporate campuses, a standout innovation is the introduction of advanced mobile work orders. This feature is a game-changer for event and catering operations as it enables event staff to create and manage complex service orders with speed and precision. The unified Momentus Platform has brought unparalleled convenience to global workplace experience managers, enabling employees across time zones to easily view calendars, book spaces and order catering.
For convention and exhibition centers, stadiums, arenas, arts and culture centers, Momentus 2023 product innovation includes:
- Mobile Work Order simplification and automation, empowering staff with mobility and efficiency.
- Event Ordering simplification and automation, streamlining the process of organizing events.
- Package Modeling, offering customizable and flexible event packages.
- Momentus Payments, streamlining payment processes for seamless transactions.
- Additional product highlights include enhanced CRM functionality and function calendar to elevate communication capabilities, ensuring customers stay connected and engaged.
*Note: All figures and statistics mentioned in this press release are based on the fiscal year 2023 financial reports of Momentus Technologies.*
Author: Adam Parry
Adam is the co-founder and editor of www.eventindustrynews.com Adam, a technology evangelist also organises Event Tech Live, Europe’s only show dedicated to event technology and the Event Technology Awards. Both events take place in November, London.
