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- Bamboo Rose achieves notable growth in 2023 with acquisitions, increased revenue and expanded management team
BOSTON, Jan. 11, 2024 /PRNewswire/ -- Bamboo Rose, the leading collaborative product development, sourcing and supply chain platform for retailers and brands around the world, is excited to announce its massive expansion and major milestones in 2023.
With strategic acquisitions, record revenue growth and the addition of key leaders, Bamboo Rose has solidified its position as a market force in retail technology, actively helping to manage more than $1 trillion annually in retail revenue.
"2023 was a record year for us in several areas. We have added world-class talent across the organization, enabling corresponding growth in world-class client logos, along with outstanding expansion of the current installed client base. "explained Matt Stevens, CEO of Bamboo Rose. "Time and time again, we are selected as the supplier of choice for global retailers who require a partner and platform that accelerates collaboration, increases operational efficiency and boosts supply chain resilience."
"We are proud of our achievements in 2023 and are honored by the growth and development of our team," said Mike Mattei, chief revenue officer at Bamboo Rose. "Our strategic acquisitions, logo expansions and leadership consolidation have positioned us incredibly well for continued success in 2024 and beyond."
Acquisitions driving expansion
In March 2023, Bamboo Rose acquired Backbone PLM, a designer-focused product development platform. Since joining Bamboo Rose, the ARR of the Backbone PLM product has grown more than 30% in just nine months.
Thanks to the Backbone PLM product, Bamboo Rose welcomes new brands such as Varley and Hill House Home. "With Bamboo Rose's Backbone PLM, we've been able to eliminate multiple tools and put our product development processes into a single system," said Rebecca Bonvissuto, vice president of product development at Movado Group and active member of Bamboo Rose's customer advisory board. .
In late September 2023, Bamboo Rose further expanded its capabilities with the acquisition of Supply Pilot, a leading provider of supplier collaboration and engagement software.
This strategic move has enhanced Bamboo Rose's supplier collaboration capabilities, driving supply chain visibility and supporting seamless supplier onboarding to PLM. The combined company now offers the broadest supplier collaboration platform on the market and customers are lining up to learn more.
Record revenue growth and retention
Bamboo Rose experienced record revenue growth in 2023, driven by product advancements and go-to-market movement. The company successfully closed about 50 business projects in 2023, both new customers and expansion opportunities, particularly the enterprise sourcing platform initiative with Walmart. Bamboo Rose's customer base has exceeded 200.
Bamboo Rose's commitment to delivering value to its customers has resulted in exceptional net retention of over 130%.
Expanded management team
To support its rapid growth and expanding customer base, Bamboo Rose welcomed five senior leaders to the organization in 2023. Reporting directly to CEO Matt Stevens, these individuals bring a wealth of experience and expertise to drive success. Bamboo Rose's continued support as SaaS veterans in their respective countries and functional areas.
New additions within the management team include:
NRF 2024
To celebrate the many successes of 2023, Bamboo Rose will head to NRF 2024: Retail's Big Show this month. Stop by booth 1143 (level 1) or schedule a meeting with our team in advance.
We are going to build something incredible in 2024.
About Bamboo Rose
Bamboo Rose is a global leader in technology solutions for enterprise retail. With a focus on understanding customer challenges and delivering customized solutions, Bamboo Rose enables retailers to achieve positive business outcomes and drive success in an ever-evolving retail landscape. Visit bamboorose.com/ or find us on LinkedIn at linkedin.com/company/bamboorose/ for more information.
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