End-to-End AI Recruiting Vendor Grows 50 Percent in Q1 and Attains 100 Percent Client Renewals
AllyO, the technology company renowned for its end-to-end AI recruiting solution, announced its first quarter 2019 results. Since the start of this year, the company increased its Annual Recurring Revenue (ARR) by over 50 percent over EoY 2018 and grew 4.5x from 12 months ago. AllyO added 20 percent more customers in the quarter, and 10 percent of all 2018 customers expanded in 1Q19.
Among the latest companies turning to AllyO to automate their full-cycle recruiting processes include a Fortune 50 logistics and business services company, Avis Budget Group, The Cheesecake Factory, Cotton Patch, Delta Companies, Friedman, Owens & Minor, Responsive Education Solutions and Village Hospitality. In addition, AllyO expanded its relationship with a number of existing clients: Brinker International; MasterBrand Cabinets; an American life insurance provider, covering millions of policyholders; an American supermarket chain; and a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.
“AllyO closed 66 percent of open requisitions in two weeks [when we started back in 2017] and has created an amazing experience for our restaurant. All our applicants talk with AllyO first, and if qualified are directly scheduled with the restaurant. This month we happily renewed with AllyO for an additional three years,” said Brooke Burgiel, Director of PeopleWorks, Brinker International.
Having served 10 percent of the Fortune 50, AllyO’s award-winning solution and rapid growth attracted additional funding, this time led by Square 1 Bank, a division of Pacific Western Bank, increasing the total raised to $19M.
“AllyO is exceptional when it comes to the types of customers and their pace of expanding the use of AllyO. In the few months we interacted with AllyO we saw the company grow 2.5x, with some of the largest employers of the world. We are proud to work with Sahil and Ankit as they continue to grow their business and have social impact at scale,” shared Darrell Sorenson, Vice President of Square 1’s technology banking practice.
Continued Growth with Exceptional Unit Economics
Q1 2019 was the largest quarter for AllyO so far, almost 2x of any quarter before. Fifty-five percent of the ARR growth came from new customers and 45 percent from existing customers expanding the use of AllyO, similar to the last quarter of 2018. Looking at AllyO’s blended average ARR per customer, across all customers, AllyO again grew by 25 percent from the end of 2018, and by more than 120 percent from 12 months ago. It is this growth in both revenue and revenue per customer that has allowed AllyO to stand off the chart in terms of SaaS metrics. To add to this, AllyO’s growth has been very economical, with a fully loaded cost to acquire a customer under 70 percent of new customer ARR, even before any expansion.
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“Companies that are able to improve hiring outcomes become more likely to see an improvement in first-year retention and first-year performance. In today’s job market, these metrics matter more than ever – and it all comes back to enhancing the talent acquisition process. AllyO helps companies achieve this, streamlining recruiting from start to finish,” shared Madeline Laurano, Founder of Aptitude Research.
Intensifying its Strong Industry Presence
To support the company’s ongoing development, AllyO appointed two new leaders: Ariel Junqueira-DeGarcia, in Customer Success; and Jade Chen, in Strategy and Operations. During this quarter, the AllyO team grew by 25 percent and almost triple that of one year ago, on track to reach 100 full-time employees in 2Q19.
AllyO was the sole HR solution provider selected as a finalist for the inaugural AI Excellence Awards as well as the MIT Sloan CIO Symposium. The company also recently revealed the members of its advisory board, which includes noted HR industry influencers Jason Averbook, Doug Berg, Steve Boese, Elaine Orler and Kevin Wheeler.
AllyO co-founder Sahil Sahni commented, “It’s tremendous and sometimes daunting to see AllyO grow at such speed. What my co-founder Ankit and I are most proud of is our exceptional team of 95 FTEs, the fact that 94 percent of 15M interactions with candidates have resulted in experience to be great or excellent, and a 97 percent CSAT score from customers thanks to our 1.5 hour request resolution time. This year, 3 percent of America will find their job interacting with AllyO, and that is very gratifying.”