As companies adopted new digital capabilities to function amid the coronavirus pandemic, ServiceNow reached a milestone amongst a key consumer base
As companies adopted new digital capabilities to function amid the coronavirus pandemic, ServiceNow reached a milestone amongst a key consumer base, CEO Invoice McDermott mentioned on CNBC Monday.
Within the third quarter, the cloud providers supplier signed its 1,000th buyer contract valued above $1 million yearly — that is double the quantity the corporate recorded a yr in the past.
“We have been in all probability about half of that [last year],” McDermott instructed “Mad Cash” host Jim Cramer in an interview. “We have made fairly a transfer into the C-suite.”
ServiceNow, whose digital workflows have been a sizzling commodity amongst entities scrambling to regulate to the digital world, landed quite a lot of giant offers within the third quarter, which ended Sept. 30. A few of these enterprise contracts embrace the NBA, WNBA and Dell, in addition to offers with federal and state governments.
ServiceNow reported its greatest quarter amongst federal businesses, together with 9 federal clients with greater than $10 million of annualized contract worth, which measures the anticipated income of every buyer every year.
The Division of Veterans Affairs in April gave ServiceNow the biggest deal on the corporate’s report, a five-year $96 million order to modernize the company’s IT infrastructure. The corporate additionally counts the U.S. Air Pressure and U.S. Military amongst its purchasers.
“At the moment, digital transformation is the chance of this era,” McDermott mentioned.
Shares of ServiceNow rose 1.44% Monday to $533.25. The inventory is up nearly 89% this yr.