PALO ALTO, Calif., Feb. 20, 2020 (GLOBE NEWSWIRE) -- AllyO, the fastest-growing provider of conversational AI recruiting automation, today announced its 2019 results. Similar to 2018, AllyO experienced 3.3x increase in Annual Recurring Revenue (ARR) with more than 97 percent of current customers renewing their contracts and, on average, doubling their spend with AllyO. The company’s overall customer base also nearly doubled. As a result, AllyO’s net dollar renewal rate was over 200 percent. Combined with a 2.5x growth in new customer commitments, AllyO’s blended average ARR per customer grew 2x in 2019.
Further, AllyO’s growth efficiency in 2019 continued to be very high, with a magic number of 1.0, which is comparable with top-tier tech companies. This rapid and sustained customer acquisition momentum has resulted in an AllyO growth rate of 11x in the past 24 months. AllyO investors have stated that this two-year acceleration makes the company one of the fastest-growing HR tech startups in the US. Today’s news folIows AllyO’s 2019 $45M Series B announcement, the largest-ever in AI recruiting, raising the company’s total funding to $64 million in less than three years.
Driving the company's sharp revenue trajectory is demand for AllyO's AI recruiting solutions, including its patent-pending conversational interface using intuitive natural language processing for on-demand answers and insights.
AllyO has helped employers engage 3.2 million candidates and employees, schedule 300,000 interviews and exchange 75 million messages to date.
Fortune 500 employers, including Staples, are increasingly using AllyO recruitment automation to engage candidates in 24/7 conversations via SMS/text, web and WhatsApp channels. AllyO’s markets of accelerated adoption include retail, restaurants, hospitality, healthcare, financial services, logistics and staffing.
By automating repetitive talent acquisition tasks, AllyO reduces recruiters’ time spent on administrative work, which lessens waste and increases productivity. One example is a 15,000-employee customer that realized a 92 percent increase in scheduled interviews. This employer also achieved a 30 percent reduction in time-to-find and a 25 percent reduction in time-to-fill. Subsequently, its recruiters’ efficiency improved, saving an average of 14 hours per week in screening and scheduling, plus an additional 12 hours per week in other repetitive administrative tasks. In addition, AllyO automation provides a delightful recruiter and candidate experience with 91 percent of applicants completing their conversations with AllyO, and 94 percent reporting an ‘excellent experience’ with the interface.
Another national retailer with 5,000+ employees used AllyO recruiting solutions to improve applicant-to-hire conversion by 200 percent while yet another reduced its time-to-hire by 61 percent. Also, one AllyO customer was able to repurpose 67 percent of its recruiter headcount to other high-value roles. Finally, a national grocery chain that improved its job fill rate to 95 percent.
Another Award-Winning Year for HR Tech Innovation
AllyO has earned 14 industry awards for technology innovation over the past 24 months, including 10 in 2019 alone. The company received the prestigious Top HR Product award for the second year in a row, and was named among Awesome New Technologies by Human Resource Executive®. AllyO received a Recruiting Service Innovation (ReSI) award for Most Innovative AI (Artificial Intelligence) Solution. HRO Today Magazine chose AllyO as a 2019 TekTonic Award winner for Talent Acquisition. Most recently, the company was recognized as Tracxn Top Emerging HR Tech Startup and Nucleus Research Hot Companies to Watch in 2020.
“Since AllyO entered the market, they’ve experienced strong growth and adoption by catering to organizations’ needs,” says Trevor White, research analyst at Nucleus Research. “Based on the company’s solid performance to date, along with its rapid development of useful features and functions, it seems certain that AllyO will continue innovating the HR technology space moving forward.”
Continuing Technology Development and Future Expansion
In 2019, AllyO advanced its patent-pending, ontology-based algorithm for intuitive, insightful natural language conversations. Additional compliance advancements were delivered, such as inclusion and accessibility and SOC 2 data security standards. Further, new technology partnerships were launched, including Alexander Mann Solutions, eRecruit and iCIMS.
To meet growing demand, AllyO scaled its own workforce in 2019, growing from 70 to nearly 200 full-time employees and opening its first international office in Palo Alto. Three members were added to its leadership team: Mike Goos, Head of Product and Design; Marty Rawle, Head of Solutions; and David Murphy, Head of Marketing.
Sahil Sahni, co-founder of AllyO said, “We are very humbled with the enormous growth and success we have had in our few years of existence. Our customers and our team define us and we are grateful to the alignment between the two in progressing this antiquated, evergreen industry, especially for businesses that are the largest employers across the world. With the political uncertainties in 2020, we think innovative employers will look to automation even more, and with AllyO they can combine automation with delightful experience for everyone.”
About AllyO
AllyO is an AI technology company with a simple mission – make recruiting delightful and efficient for everyone. It addresses the traditional inefficiencies of lost applicants and conversions due to poor candidate experience, the high cost of recruiting due to overburdening of administrative tasks on hiring teams and lack of visibility and control for HR leadership. It utilizes deeply conversational AI to fully automate an end-to-end recruiting workflow by intelligently engaging via texting over mobile and web. It is used by Fortune 500 enterprises that have experienced a 2-6X increase in applicant capture and conversion rate, 91 percent application completion rate and over 50 percent reduction in cost and time to hire.
AllyO is backed by leading investors such as Gradient Ventures (Google’s AI fund), Randstad Innovation Fund, Sapphire Ventures, Bain Capital Ventures, Cervin Ventures and Scale Venture Partners. AllyO is headquartered in Palo Alto, California. For additional information, please visit us at allyo.com, LinkedIn or Twitter.