CAMBRIDGE, Mass. - Forrester (NASDAQ: FORR), a prominent research and advisory firm, today announced the appointment of Bob Bennett to its board of directors. The addition of Bennett, a seasoned entrepreneur recognized for his leadership in high-growth technology companies, is effective immediately. This move expands Forrester's board to nine members, following the recent induction of Cory Munchbach and preceding the retirement of long-serving member Gretchen Teichgraeber in May.
Bennett's business acumen is well established through his co-founding of InvoiceCloud, a successful web-based billing and payment solutions provider. His strategic leadership there led to significant organic growth and the establishment of EngageSmart, which went public in 2021. Bennett, who stepped down as CEO of EngageSmart in April 2024, maintains advisory roles as an independent board member for InvoiceCloud and SimplePractice.
In addition to his corporate endeavors, Bennett is actively involved in community and philanthropic efforts in Boston, working with organizations such as EforAll and The Boston Foundation to promote entrepreneurship in underprivileged communities. His extracurricular interests include squash, boating, and sports.
With a background in creating scalable go-to-market strategies, Bennett's expertise is expected to enhance Forrester's focus on growing the contract value of its Forrester Decisions platform. George F. Colony, Forrester's chairman and CEO, expressed enthusiasm for Bennett's role in driving value for customers and shareholders and acknowledged Teichgraeber's contributions during her 20 years on the board.
Bennett shared his admiration for Forrester's impact on client growth and expressed eagerness to contribute to the company's ongoing success, particularly through the Forrester Decisions platform and its genAI capabilities.
Forrester is globally recognized for its influential insights, assisting leaders across various business functions to foster customer-centric growth. The firm's research and advisory services are informed by extensive surveys and rigorous methodologies, including Forrester Wave™ evaluations.
In other recent news, Forrester, a leading research and advisory firm, reported a decline in Q1 2024 revenues and earnings per share. Despite a 4% decrease in contract value and lower revenues across its advisory, consulting, and events businesses, the company remains committed to its strategic shift towards the Forrester Decisions platform. Forrester's Q1 2024 revenues declined to $100.1 million from $113.7 million in Q1 2023, with operating income and net income falling by 54% and 46% respectively.
In other developments, the company has appointed Cory Munchbach, CEO of BlueConic, to its board. Munchbach, who has an extensive background in customer data and marketing technology, is expected to contribute to Forrester's growth, particularly in enhancing Forrester's Decisions portfolio and refining its market strategy.
Despite the challenging macroeconomic climate, Forrester remains optimistic about its long-term business strategy and anticipates stabilization and growth in client count and contract value in the latter half of the year. The company continues to invest in generative AI research, launching the AI tool Izola for clients, and maintains its 2024 revenue guidance, projecting revenues between $430 million and $450 million.
InvestingPro Insights
As Forrester (NASDAQ: FORR) welcomes Bob Bennett to its board of directors, the company's financial health and market performance remain a focal point for investors. Forrester's commitment to growth and innovation is reflected in its financials, with notable highlights from InvestingPro data indicating a market capitalization of $353.1 million and a robust gross profit margin of 57.22% for the last twelve months as of Q1 2024. Despite facing a revenue decline of 11.26% during the same period, Forrester's gross profit stands at a solid $267.3 million, showcasing the company's ability to maintain profitability amidst market fluctuations.
InvestingPro Tips reveal a mixed outlook for Forrester. The company is lauded for holding more cash than debt on its balance sheet and for its impressive gross profit margins, which could signal a strong financial position to support strategic initiatives like the Forrester Decisions platform. Moreover, Forrester has consistently raised its dividend for seven consecutive years, reflecting a commitment to shareholder returns. On the other hand, analysts have revised their earnings expectations downwards for the upcoming period, and a high earnings multiple of 764.17 suggests the stock may be trading at a premium.
To gain deeper insights into Forrester's financial performance and future potential, including additional InvestingPro Tips, visit InvestingPro. Readers looking to explore these insights further can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With 11 more InvestingPro Tips available, investors can make more informed decisions by leveraging comprehensive analysis and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.