Enterprise annual recurring revenue increased 64% year-over-year and enterprise net revenue retention is more than 127%

Chirag’s experience scaling high-growth businesses will accelerate Motive’s growth as it takes on the $46 billion physical operations market opportunity

SAN FRANCISCO: Please replace the release dated Dec. 4, 2024 with the following corrected version due to multiple revisions.

The updated release reads:

MOTIVE BRINGS ON CHIRAG SHAH AS CFO; REPORTS RECORD BUSINESS GROWTH FUELED BY ENTERPRISE DEMAND FOR AI-POWERED OPERATIONS

Enterprise annual recurring revenue increased 64% year-over-year and enterprise net revenue retention is more than 127%

Chirag’s experience scaling high-growth businesses will accelerate Motive’s growth as it takes on the $46 billion physical operations market opportunity

Motive, the AI-powered Integrated Operations Platform, today announced that Chirag Shah has joined the company as Chief Financial Officer (CFO). With nearly two decades of expertise in strategic finance and operational leadership, Chirag will be instrumental in strengthening Motive’s financial strategy and operations.

Motive announced record growth driven by strong enterprise demand for its AI-powered safety and operations solutions. Annual recurring revenue from the enterprise segment increased by 64% year-over-year with enterprise net revenue retention exceeding 127%. New customers joined from FedEx Freight, CRH Canada, CoolSys, Inframark, Mavis Tires & Brakes, and Lumen.

“With the addition of Chirag to the Motive team, Motive will double down on scaling operations to meet the growing demand for our Driver Safety, Fleet Management, Equipment Monitoring, and Spend Management solutions,” said Motive co-founder and CEO Shoaib Makani. “Chirag’s deep experience leading high-growth organizations will play a critical role in guiding Motive’s next phase of growth and advancing our mission to empower the people who run physical operations with tools to make their work safer, more productive, and more profitable.”

“Motive is uniquely positioned to transform the operations of the businesses that fuel the global economy due to its leadership in AI, its unmatched customer experience, and its ability to bring safety, operations, and finance teams together by working together within a single platform,” says Motive Chief Finance Officer Chirag Shah. “I’m excited to work with Shoaib and the team to expand these solutions across industries worldwide.”

Chirag previously served as CFO at Kong, where he helped the company triple its ARR during his tenure and significantly improve operational efficiency. He also recently facilitated the completion of a successful fundraise at an increased valuation. Before Kong, Chirag was the CFO of Cornerstone OnDemand, where he helped grow the company’s ARR from less than $30 million to nearly $900 million. Chirag led the company’s successful initial public offering in March 2011, as well as its take-private sale transaction to Clearlake Capital for $5.2 billion in October 2021. Prior to Cornerstone, Chirag was an investment banker focused on mergers, acquisitions, and restructurings.

Motive recently promoted Patrick Richards to Chief Information Officer (CIO). In this role, Patrick will lead Motive’s Business Technology strategy, overseeing IT, enterprise systems, business intelligence, and information security. Since joining Motive over three and a half years ago, Patrick has driven critical IPO readiness initiatives and significantly enhanced the efficiency of Motive's enterprise systems. Before Motive, Patrick served as Director of Product Management at Tableau Software, where he was responsible for the company’s customer lifecycle and digital transformations. Before that, he led Amazon’s Partner Integrations team, managing key partnerships with major media companies such as Disney and the NFL.

To learn more about the Motive platform, visit https://gomotive.com/products/platform/.

About Motive

Motive empowers those who run physical operations with tools to enhance safety, productivity, and profitability. The platform unifies safety, operations, and finance functions, enabling management of workers, vehicles, equipment, and fleet-related spend in a single system. Serving over 120,000 customers, from small businesses to Fortune 500 enterprises, Motive is transforming industries such as transportation, construction, energy, and retail.

Visit gomotive.com to learn more.

Fonte: Business Wire