Logik.io Grows Revenue by Over 500 Percent In Fiscal Year 2023
Despite economic slowdown and widespread tech layoffs, Logik.io proves vital to companies prioritizing buyer demands and reducing costs
CHICAGO--(BUSINESS WIRE)--Logik.io, creators of Commerce Logic Engine technology powering configuration and guided selling for e-commerce and CPQ experiences, announced today that it increased revenue by over 500% and employee headcount by 110% in fiscal year 2023.
"Logik.io has been one of our highest growth companies in our portfolio this past year," Scott Dorsey, Managing Partner, High Alpha, said. "The Logik.io team has done an excellent job of providing a unique solution that is extremely well-suited for companies who are looking to drive operational and revenue efficiencies in the current market environment. I'm excited to see how the team continues driving even more innovation this year."
The rapid success of the company, after debuting in 2021, demonstrates the need for companies that sell complex products, services, and software solutions – such as those in manufacturing, high-tech, medical devices, and retail – to streamline and simplify operations, while prioritizing self-service and ecommerce strategies.
Other Notable Momentum Drivers:
- E-Commerce Market Penetration: Nearly 50 percent of Logik.io customers are using Logik.io to power eCommerce or omni-channel product configuration and guided selling- filling a critical technology gap that blocked companies from selling many of their products online.
- Enterprise Growth: More than 50 percent of Logik.io’s customers are publicly traded and have an average market capitalization of more than $25 billion.
- Go-to Configuration Engine: Logik.io’s Commerce Logic Engine processed over 400,000 configuration sessions in fiscal year 2023, putting it on pace for well over one million configurations in fiscal year 2024.
"In a time when businesses must prioritize only high-return high-efficiency investments in their tech stack, Logik.io's growth this year has proven that their Commerce Logic Engine solution is a must-have for businesses looking to grow smarter," Godard Abel, Executive Chairman of Logik.io and CEO of G2, said. "Enterprises are actively looking for ways to make their complex selling processes simpler. It's been amazing to see Logik.io's impact in solving these challenges for businesses across industries, and across the globe."
Experienced leadership in enterprise software has also paved the way for Logik.io’s success. Co-founder and CEO Christopher Shutts was an early innovator of Configure, Price, Quote (CPQ) software when he founded BigMachines, which he later sold to Oracle. Mr. Dorsey, Logik.io’s lead investor, co-founded ExactTarget, an innovator in the marketing automation market, that was later sold to Salesforce. Mr. Abel, now CEO of G2, also co-founded BigMachines and later built SteelBrick, which was also acquired by Salesforce. With that track record for success in the space, it’s not surprising that enterprises trust Logik.io.
“Logik.io fills a glaring gap between sales and commerce tech that enables businesses to meet the challenging demands of today’s modern buyer while reducing the cost of sale and driving operational efficiency throughout the business,” Shutts said. “Logik.io’s extraordinary growth during this time of economic uncertainty demonstrates it is a must-have for companies that want to innovate fast and future-proof their business.”
Logik.io’s Commerce Logic Engine makes it simple for businesses to sell even their most complex products across every channel. Using intelligent selling rules, recommendations, and guardrails, Logik.io’s advanced configuration and guided selling tools let businesses build guided quoting experiences in CPQ that help sellers to sell perfect-fit solutions, and guide customers to configure and buy solutions on their own via e-commerce. Created by industry experts who pioneered the CPQ category, Logik.io was purpose-built with innovations that fill critical technology gaps, increase sales efficiency, and reduce operational complexity for enterprise businesses. Logik.io is backed by Salesforce Ventures and High Alpha.