Good morning! Australia elects first female leader of Liberal party, General Motors announces new EV battery tech, and a CFO pitches enterprise tech’s biggest growth story.
– Grow, grow, grow. It’s relatively rare for a software company to pass $10 billion in revenue, Gina Mastantuono says. Besides the top dogs like Microsoft and Oracle—which generally expand beyond software—most enterprise tech businesses don’t reach that scale. ServiceNow did that last year, and my colleague Sheryl Estrada has a new interview with Mastantuono, its CFO, talking about how.
ServiceNow isn’t in the sexiest of categories. It originally was known for automating IT support requests, and has since added HR operations and customer relationship management to its product suite. By entering the CRM space, ServiceNow is competing with industry giant Salesforce. That’s a strategic expansion, Mastantuono says, widening the remit of what ServiceNow is.
Existing customers grew their $5 million-plus contracts by 40%, adding upsold services as ServiceNow expanded. An AI assistant offering is expected to contribute $1 billion in revenue by 2026. ServiceNow’s growth depended on offering more to existing customers, not just wooing new ones.
In 2025, the company expects to reach $12.7 billion in revenue, it has told investors. Since debuting on the Fortune 500 in 2023, it has so far climbed the ranks of that elite list.
“I’ve had a front-row seat for what I think is one of the most remarkable growth trajectories in enterprise tech,” Mastantuono, who joined in 2020, told Sheryl.
Read the full story here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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This story was originally featured on Fortune.com
