monday.com reaches $1 billion in annual recurring revenue

An announcement was made by Monday.com Ltd., a prominent multi-product platform that controls the fundamental areas of work, that it has attained one billion dollars in annual recurring revenue (ARR). A mere ten years have passed since the birth of the company’s Work Operating System (Work OS), and it has been eight years since the company generated its first one million dollar annual revenue. This marks a significant milestone.

Roy Mann, co-founder and co-CEO of monday.com mentioned that in 2014, they aimed to disrupt traditional work software, and over the past decade, they have developed a product that has become central to businesses worldwide. Reaching $1 billion in ARR is a major milestone in their journey to seize the vast opportunities in the work software industry. They believe that software can be both a beloved platform and a powerful tool to solve critical business challenges in a scalable and robust manner. This achievement wouldn’t have been possible without the dedication of their monday.com team, partners, and customers.

Launched in 2014, the monday.com Work OS is a low-code, no-code open platform that enables consumers, teams, and enterprises to create and customise the tools necessary to achieve business success. Previously, companies were confronted with limited options: either complex enterprise software with high implementation and maintenance costs or rigid, off-the-shelf point solutions that were unable to scale.

From the very beginning, Monday.com had the intention of resolving these challenges by establishing a platform that was able to do the fundamental tasks of every work. The platform is made up of modular building blocks that are simple enough for anyone to put together by themselves, but powerful enough to enable the creation of solutions that are capable of driving the core activities of any organisation, regardless of the industry. As Monday.com continues to develop into a multi-product firm, the company’s emphasis on comprehending and catering to the ever-evolving requirements of its clientele has consequently resulted in the creation of the Work OS product suite. Monday Work Management, Monday CRM, Monday Development, and Monday Service (which is presently in beta) are all included in this suite. Each of them was developed with a particular use case in mind.

Eran Zinman, co-founder and co-CEO of monday.com mentioned that reaching $1 billion in ARR reflects the value they provide to their customers, and they are committed to ongoing innovation to ensure monday.com remains a leader in the industry. They take pride in their product development, agility, and continued strategic investments in their infrastructure, as demonstrated by the release of mondayDB. These efforts allow them to adapt to their customers’ evolving needs. Their transition from a single product to a multi-product company, along with their expansion into mid-market and enterprise markets, sets the stage for future growth and the broadening of their offerings.

CFO Eliran Glazer adds, “We’ve always believed that one of our unique strengths lies in achieving growth while maintaining operational efficiency. Reaching $1 billion in ARR in just ten years is proof of that. As we move into the next phase as a multi-product company providing solutions to enterprises, I’m excited about the journey toward our next milestone.”