Bamboo Rose Achieves Remarkable Growth in 2023 with Acquisitions, Revenue Surge, and Leadership Team Expansion
BOSTON, Jan. 11, 2024 /PRNewswire/ -- Bamboo Rose, the leading collaborative product development, sourcing, and supply chain platform for global retailers and brands, is thrilled to announce its massive expansion and milestone achievements 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 in retail revenue annually.
"2023 was a record year for us in several areas. We added world-class talent across the entire organization which empowered corresponding world-class customer logo growth along with outstanding current installed base customer expansion," said Matt Stevens, CEO at Bamboo Rose. "Time and again, we're being selected as the vendor of choice for global retailers requiring a partner and platform that will accelerate collaboration, increase operational efficiency, and empower supply chain resiliency."
"We are proud of our achievements in 2023 and are humbled by the growth and development of our team," said Mike Mattei, Chief Revenue Officer at Bamboo Rose. "Our strategic acquisitions, logo expansions, and leadership team buildout have positioned us incredibly well for continued success in 2024 and beyond."
Acquisitions Drive Expansion
In March 2023, Bamboo Rose acquired Backbone PLM, a designer-centric product development platform. Since joining Bamboo Rose, ARR for the Backbone PLM product has grown more than 30% in just nine months.
Using the Backbone PLM product, Bamboo Rose welcomes new logos such as Varley and Hill House Home. "With Backbone PLM from Bamboo Rose, we've been able to eliminate multiple tools and put our product development processes into a single system," said Rebecca Bonvissuto, VP of product development at Movado Group and an active member of the Bamboo Rose customer advisory board.
In late September 2023, Bamboo Rose further expanded its capabilities with the acquisition of Supply Pilot, a leading provider of supplier engagement and collaboration software.
This strategic move has enhanced Bamboo Rose's supplier collaboration capabilities, fostering supply chain visibility and supporting seamless onboarding for suppliers into PLM. The combined company now offers the most extensive supplier collaboration platform in 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 advancements across product and the go-to-market motion. The business successfully closed on ~50 enterprise projects in 2023 across both new customers and expansion opportunities, notably the enterprise sourcing platform initiative with Walmart. The Bamboo Rose customer roster has grown beyond 200 strong.
Bamboo Rose's commitment to delivering value to its customers has resulted in exceptional net retention of more than 130%.
Expanded Leadership 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 Bamboo Rose's continued success as SaaS veterans in their respective functional areas.
New additions to the leadership team include:
- Shawn Garrett, Chief Financial Officer
- Jennifer Schiffman, Chief Marketing Officer
- Jeff Fedor, Chief Product Officer (former CEO at Backbone PLM)
- Mike Spinale, SVP, People
NRF 2024
To celebrate the many successes of 2023, Bamboo Rose will be heading to NRF 2024: Retail's Big Show this month. Stop by booth 1143 (level 1), or schedule a meeting with our team in advance.
Let's build something amazing together in 2024.
About Bamboo Rose
Bamboo Rose is a global leader in enterprise retail technology solutions. With a focus on understanding customer challenges and delivering tailored solutions, Bamboo Rose empowers retailers to achieve positive business outcomes and drive success in the ever-evolving retail landscape. Visit bamboorose.com/ or find us on LinkedIn at linkedin.com/company/bamboorose/ to learn more.
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