PandaDoc Drives Strong Momentum Helping Sales Teams Close Over $20 Billion in Deals
New Web-based Document Editor and State of Deals Research Report Strengthen Position as the Leading Document Automation Platform for Fast-Moving Sales Teams
San Francisco – March 11, 2020 — PandaDoc, the leading document automation software for small and medium sized businesses, today announced accelerated company momentum driven by exceptional customer results and revenue growth. With a focus on supporting growing sales teams, PandaDoc achieved 60 percent annual recurring revenue growth in 2019, underscoring a surge in the demand for sales document automation software. The PandaDoc customer base has grown to over 17,000 companies including industries such as software and technology, marketing and advertising as well as construction and professional services.
The top-rated proposal and contract software, PandaDoc’s continued success is driven by the success of its customers. In 2019, PandaDoc empowered sales organizations to close more than $20 billion in deals, representing an 84 percent increase in deal volume over 2018. On average, new customers double their number of closed deals within the first 90 days. The platform’s powerful document creation and workflow capabilities helped sales teams shorten their time-to-close by 30 percent. A total of 6.6 million documents were created in 2019, and today, a deal is closed using PandaDoc every 7 seconds.
In addition, the most active PandaDoc customers are accelerating deals and winning more by using templates to create 76% of their sales documents, which cuts their time-to-send to only 4 minutes. With the ability to send documents faster, companies are sending 65% more documents, with an average close rate of 60%.
“At PandaDoc, our customers are at the center of everything we do – if they win, we win. We’re honored to serve over 17,000 happy customers and are thrilled to see the measurable success that PandaDoc has helped them achieve,” said Mikita Mikado, CEO and co-founder of PandaDoc. “With new product offerings and the release of our first annual State of Deals report, PandaDoc is continuing its commitment to provide customers with a platform and the resources to crush their competition.”
Introducing the NEW PandaDoc
For 2020, PandaDoc has released a new web-based document editing experience that provides users with a significantly faster and more intuitive editing experience including a new quote builder.
“From our customers, we’ve learned that sales teams need to improve deal workflows and speed without compromising customer experience,” continued Mikado. “We’re excited to offer an evolution of our product that was specifically created to help improve sales cycle efficiency and effectiveness. With the new PandaDoc, we are doubling down on our promise to empower sales teams to win more deals.”
Features exclusive to the new PandaDoc include:
- Visually Stunning Design: New themes, backgrounds, layout options to create beautiful documents that stand out from the competition and impress recipients.
- Faster & More Intuitive Document Editing Experience: Professional documents can be built, customized, and sent even faster using an expanded feature set and a more intuitive design interface.
- Enterprise-Ready Real-Time Document Collaboration: New multi-user simultaneous editing and Download to Word document versioning, allowing for streamlined internal and external document collaboration to get proposals and contracts sent and signed even faster.
“There is no doubt in my mind that the new PandaDoc was a substantial leap forward and there is no way I would want to go back. To whoever did this: ‘Bravo!’” says Brian Marek, president of Northtowns Remodeling Corp., a PandaDoc customer since 2017.
State of Deals 2020: The New Sales Framework for Today’s Buyers
PandaDoc is committed to being a true asset to sales teams. To further this commitment, it is proud to release the first annual State of Deals research report, conducted in partnership with G2, the world’s largest B2B tech marketplace and review site for software and services.
State of Deals 2020: The New Sales Framework for Today’s Buyers is written specifically for sales leaders with tactics to achieve quota targets consistently and insights into what successful deals look like.
Through analysis of hundreds of surveys and interviews with sales leaders, as well as aggregate PandaDoc platform data, the report examines the inner workings of a deal and the relationship between buyer and seller, including:
- The ways in which deals constantly evolve and change, and how sales teams can be better prepared for dynamic deals.
- The glaring discrepancies between buyers’ expectations and what sellers deliver.
- What sets successful deals apart from deals that fail.
To learn more about PandaDoc, visit pandadoc.com.
Founded in 2013, PandaDoc is an all-in-one document automation software that streamlines the process of creating, approving, and eSigning proposals, quotes, and contracts. Backed by Microsoft Ventures, HubSpot, and Rembrandt Venture Partners, over 17,000 customers use PandaDoc’s powerful document creation and workflow capabilities. Using PandaDoc, sales teams can provide their customers a more professional, timely, and engaging experience, which led to over $20B in closed deals in 2019. For more information, visit www.PandaDoc.com.