Posted on Friday, May 15th 2015
According to IDC’s Worldwide Business Analytics Software 2014–2018 Forecast, the global business analytics software market was estimated to be worth $37.7 billion in 2013. The researcher predicts the market to grow 9.4% annually over a five year period to be worth $59.2 billion by the year 2018. While bigger players like Oracle and SAP lead the market with 17.9% and 14.9% market share, respectively as of 2013, other vendors are also making their presence felt. Billion Dollar Unicorn club member Tableau Software (NYSE: DATA) is one such player which continues to deliver blockbuster results.
For the recently reported quarter, Tableau’s revenues grew 75% over the year to $130.1 million, ahead of the Street’s target of $115.3 million. EPS of $0.08 was also significantly ahead of the market’s forecast of a loss of $0.03 per share.
During the quarter, license revenues increased 74% to $84.4 million and maintenance and service revenues grew 75% to $45.7 million. International revenues grew 89% over the year to $31.7 million.
The company continues to add clients at a strong pace. They added over 2,600 new customer accounts in the recent period and reported nearly 250 transactions worth more than $100,000.
Tableau forecast the current quarter’s revenues at $135 million-$140 million, ahead of the Street’s consensus of $131 million. Tableau expects to end the year with revenues at $600 million-$610 million, again, beating the market’s forecast of $587 million.
Tableau’s Cloud Expansion
As part of their growing cloud offerings, Tableau recently released the Tableau 9.0 free web platform. Tableau Online version 9.0 comes with enhanced features such as faster performance, additional live database connection support, and single sign-on capabilities. Tableau’s cloud analytic solution is their fastest-growing product that offers an enterprise-grade cloud business intelligence solution. Besides being faster, the new version is expected to be more scalable. It allows more data connections with new support to let people connect directly to popular databases like MySQL, PostgreSQL, and SQL Server. It will enable organizations to keep on-premises data in sync with the data in the cloud while ensuring additional security. As part of the upgrade, they have also redesigned the Tableau Public Web platform that will provide users with access to a curated gallery for improved visualization graphs and facilitate sharing and discovery within the user community.
Tableau 9 has already received strong reviews. The company saw 78% more registration than they did with the 8.2 release.
The market is pleased with Tableau’s performance. Their stock is trading at $110.84 with a market capitalization of $7.9 billion. It touched a high of $113.62 soon after their result announcement.
While the market is full of Billion Dollar Unicorns that do not have revenues to justify their high valuations, Tableau has steadily delivered real revenue growth, and the two years that they have been in the public market have seen their stock price climb steadily as well. The stock had opened two years back at $31 per share, and has climbed over 3.5x. Valuation went from $2 billion during the IPO to $8 billion.
This is certainly one of those rarer than rare unicorns that is solidly backed by fundamentals. By the way, the company raised only $20 million in pre-IPO funding, so they have essentially turned $20 million to $2 billion before taking any further money. There’s a certain discipline and execution savvy in the company that has always thrilled me, ever since I first met Christian Chabot back in the spring of 2010.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns. Unicorns will also be discussed with some special guests during our 1M/1M Roundtable programs over the next few weeks. To be a part of the conversation, please register here. The term Unicorn was coined in a TechCrunch article by Aileen Lee of Cowboy Ventures.
This segment is a part in the series : Billion Dollar Unicorns
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Is Stitch Fix the Next Blue Apron? . Atlassian is Doing Everything Right, But is it Too Expensive? . How Does Domo's Valuation Compare with Tableau's? . Is the Duopoly Keeping AppNexus from Listing? . Why Doesn't Adyen Want to Go Public? . Will Zuora be able to Compete with Oracle? . Will DocuSign Cave in to Potential Buyers? . Should Xiaomi List at a $50B+ IPO Valuation? . What is Marketo's Roll-up Strategy? . Will Apptio Expand Internationally? . What is Anaplan's Product Strategy? . Will Apttus Take the Plunge? . How Will Nutanix Control Dell? . Does New Relic Plan to Consolidate the APM Market? . What is Coupa's Next Acquisition? . Will Medallia Help Consolidate? . How Will Ellie Mae Handle Looming Mortgage Worries? . Will Zoom Go Public or Get Acquired? . Is GoodData Ready to Go Public? . Will a Sales Strategy Change Help Cloudera? . Can Splunk Sustain its Price Point? . Can Fortinet Get to $10 Billion in Revenue? . What Other MarTech Startups Will HubSpot Acquire Next? . What is Okta's Inorganic Growth Narrative? . What Will Atlassian Acquire Next?