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Everbridge Idea Proposal (EVBG)

Everbridge Idea Proposal (EVBG)
 

Are Everbridge’s mass notification customers adding new applications to their existing plans? Will Everbridge continue adding new customers at its current pace?

Report Available: February 7, 2018

 

Blueshift’s initial research found EVBG, provider of a cloud-based software that automates and manages responses to public safety threats and critical business events, experiencing a breakout year in 2017 as it continues to sign up new customers in major categories, while also emphasizing the expansion of those services with its existing customers. EVBG added high-profile clients with multi-year, multi-product contracts, launched new and enhanced products, and received positive recognition from the security industry. Yet EVBG faces significant challenges to maintain and expand its growth both with new and existing customers. The security/safety system and solution industry is highly competitive, highly fragmented, and subject to swift technical innovation improvements that can shift market share quickly.

 

Observations

  1. EVBG reported a strong Q3, beating expectations with revenue up 37% year to year. Total customer count at the end of Q3 was up 16% over the prior year, sitting at 3,560 including 8 of the 10 largest U.S. cities, all 25 of the busiest North American airports, 9 of the 10 largest investment banks, and 4 of the 10 largest U.S.-based healthcare providers. The company’s eight applications – Mass Notification, Incident Management, Secure Messaging,Community Engagement, Crisis Commander, IT Alerting, Safety Connection,and Visual Command Center – address three market segments with a TAM of $40 billion plus.
  2. In each of the past three years, EVBG has drawn over 80% of its total revenue from its Mass Notifications business. EVBG sent over 20 million messages in Florida via Mass Notification during Hurricane Irma. With the dominance of Mass Notification, EVBG is pushing to diversify its product base. Its land-and-expand strategy is gaining momentum as it saw a 31% increase in the number of multi-product deals in Q3 2017 compared to the prior year (from 42 to 55), raising average sales price 32% year to year. This is also helping renewal rate as customers with two or more applications have a higher renewal than those with only one, while customers with three or more products renew at nearly 100%.
  3. EVBG’s growth is being driven by recent headline-grabbing contract wins. In September, New York State selected the EVBG platform to power its NY-Alert state-wide emergency notification system. In December, the state of Vermont selected EVBG as the service provider for it VT-Alert program, worth $540,000 over four years with the first two years expiring in October 2019 and two subsequent one-year renewal options. This month, New York City announced the selection of EVBG’s Critical Event Management platform to power its Notify NYC program. Over 30 different NYC emergency response and managements agencies will now be using EVBG’s platform. The company boasts customers in three main categories: Enterprise (50%), Government (35%) and Health (15%).
  4. The market for mass notification, IT alerts and secure messaging is very competitive and highly fragmented, with a number of companies fighting for business, including large companies with multiple solutions to challenge EVBG or those with products serving niche customers displaying expertise in a single area, like education.

 

Is EVBG best in class for mass notification? Which competitors are challenging EVBG for share? Will EVBG mass notification customers adopt additional applications and products? What are EVBG’s customer satisfaction levels?  What would motivate EVBG customers not to renew their contracts? Can EVBG continue its growth trend? To answer these and other questions, Blueshift will gather data and issue a market research report from independent sources in the following areas: EVBG customers, Customers of other security notification companies, EVBG partners, Competitors, and Industry specialists.

  

Companies: Blackberry (BB), Eaton Corp. (ETN), Everbridge Inc. (EVBG), Federal Signal Corp. (FSS), Nuance Communications Inc. (NUAN)

 

Research Begins: January 22, 2018

 

Are you aware Intro-act, our corporate access solution, is part of the Blueshift Research ecosystem? To learn more, go to Intro-act.com.