RALEIGH, N.C. - Bandwidth Inc. (NASDAQ: NASDAQ:BAND), a prominent enterprise cloud communications firm with a market capitalization of $468 million, has named Devesh Agarwal as its new Chief Operating Officer, effective as of January 1, 2025. Agarwal, who previously held the position on an interim basis since July 2024, brings a wealth of experience from his time at Oracle (NYSE:ORCL) and other large organizations, as well as his role as Bandwidth's Chief Software (ETR:SOWGn) Strategy Officer since July 2022. According to InvestingPro data, the company has demonstrated strong revenue growth of 19% over the last twelve months.
In his previous role, Agarwal spearheaded the development of Bandwidth's global Universal Platform and played a pivotal role in the launch of the Bandwidth Maestro™ platform. His tenure is marked by a track record of innovation, holding 25 patents in the technology sector.
David Morken, CEO of Bandwidth, expressed confidence in Agarwal's vision and leadership abilities, emphasizing his contribution to the company's mission and culture. Agarwal's responsibilities will include leading Bandwidth's strategic execution, engaging with global customers, driving innovation, and achieving operational excellence.
Agarwal acknowledged the significance of his appointment during a crucial phase of Bandwidth's growth and expressed eagerness to collaborate with the team to further the company's market leadership and product innovation.
Bandwidth, known for its Communications Cloud that spans over 65 countries, is recognized for its comprehensive suite of communication solutions, including voice calling, text messaging, and emergency services. Its platform is utilized by industry giants such as AWS, Cisco (NASDAQ:CSCO), Google (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT), as well as numerous Global 2000 enterprises and SaaS developers.
This announcement is based on a press release statement from Bandwidth Inc.
In other recent news, Bandwidth Inc. reported a record revenue of $194 million in Q3 2024, marking a 28% increase year-over-year. The company's adjusted EBITDA also rose significantly, showing a 74% increase to $24 million. These recent developments are attributed to growth in direct enterprise customers and a rise in programmable communications services.
Bandwidth's full-year revenue outlook has been raised to $742 million, indicating a projected growth rate of 23%. The company also achieved a record average revenue per user (ARPU) of $212,000. Bandwidth's free cash flow for 2024 is expected to exceed $50 million.
Despite a 7% increase in operating expenses, mainly due to investments in research and development, Bandwidth's commercial messaging revenue grew by 32%. The company's net retention rate also improved to 117%, reflecting effective customer acquisition and market share expansion.
Bandwidth anticipates continued profit growth into the next year and expects political campaign revenue to contribute significantly to cloud communications revenue, with $25 million anticipated in Q4. The company's focus on the quality and regulatory compliance of its vertically integrated platform, especially in AI use cases, is also noteworthy.
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