Reflektive today announced record growth in the first half of 2017, with triple-digit revenue year-over-year growth, now supporting performance management programs across over 300 clients, including Comcast, Juno Therapeutics, Tremor Video, Verve Mobile and Evolent Health.
Reflektive, the performance management company, was founded in 2014 with a mission to replace outdated processes tied to annual performance reviews with real-time feedback, ongoing coaching and talent development-oriented solutions. The company’s record growth, coupled with its 95 percent annual renewal rate, is not only a reflection of its loved performance management suite, but also the company’s relentless dedication and unique consultative approach to customer success.
“The vast majority of companies recognize the urgent need to replace cumbersome, legacy-style annual review processes with continuous feedback that engages and motivates employees, which is fueling market growth for real-time performance management tools,” said Anna Tavis, Ph.D., Associate professor, Leadership and Human Capital Management at New York University.
“Reflektive’s solution is uniquely designed to meet the demand for agility, transparency and effective performance management. It accommodates the needs of the busy manager, demanding employee and a collaborative project team —ƒ all on one screen and just a few easy keyboard strokes away. The future of performance management meets its newest solution with Reflektive.”
Tremor Video, the premium marketplace for brand-effective advertising, sought out a real-time feedback solution that fit their unique performance management objectives.
“We know that our people are a critical component of our company success,” said Adrienne Barnard, senior director of training and development at Tremor Video. “On the People Team, we know that feedback is a gift that enables our teams to grow. In order to support and drive feedback to our people, we sought a tool that would build real-time feedback loops, provide a platform for transparent celebration of success and enable managers to build their teams’ performance stories. Reflektive’s UI, integrations and ease of use kick started a rapid adoption that has helped to expand our culture of transparent feedback, which will enable our long-term success internally and externally.”
Reflektive’s recent customer satisfaction and Net Promoter Score (NPS) surveys reflect this success. The company earned a 95 percent rating on its CSAT, well above industry average of 81 percent, and a 40 percent NPS, significantly above the 30 percent industry average.
“When we selected Reflektive as our performance management solution in 2016, it was an easy decision based on the product’s flexible and intuitive design that met our needs,” said Alex Pearl, talent development specialist at DigitalOcean. “We were pleasantly surprised to find that Reflektive is not a typical SaaS company that onboards you and you never hear from again. Reflektive’s Customer Success team remains actively involved in our ongoing success and helping us iterate as we evolve our performance management processes to meet the needs of our ever-changing business. Renewing our annual contract with Reflektive was an easy decision.”
The record customer growth comes on the heels of Reflektive’s $24M Series B round led by Lightspeed Venture Partners announced earlier this year. With $42M in total investment, Reflektive has doubled down on supporting the needs of a diverse collection of customers across industries ranging from technology to financial services and education to major retail and consumer brands.
“Companies today need agile performance management processes to retain top talent and be successful,” said Lars Dalgaard, general partner at Andreessen Horowitz, former CEO and founder of SuccessFactors and an early investor in Reflektive. “This shift in market need has created a massive opportunity and demand for a forward-thinking technology provider to offer an integrated, easy-to-use, employee-centric performance management solution. Reflektive clearly fills this need today for hundreds of organizations dedicated to employee success. The company’s growth is extremely impressive when compared to enterprise software firms at the same stage.”