HubSpot unveiled several new products and upgrades to existing products at its annual Inbound Conference on Tuesday.
What Happened: HubSpot Inc HUBS is launching a new end-to-end sales hub that it hopes will simplify customer relationship management for middle market companies.
“What we find is that the customer experience for a 500-person company or for a 1,000-person company is quite different, and their expectations are quite different, than a 10-person small business,” said Yamini Rangan, HubSpot's chief customer officer.
The end-to-end process will now include management and system administration along with the sales team. The single integrated solution will include tools for marketing, content management and customer relationship management, according to HubSpot.
HubSpot also announced scalable pricing, upgrades to its marketing hub, service hub enhancements and improvements to its app marketplace at the Inbound event.
Apps from Slack Technologies WORK, Zoom Video Communications ZM, and Microsoft Corporation MSFT will be updated and integrate seamlessly in the HubSpot platform.
Why It’s Important: The COVID-19 pandemic is forcing more inside sales. The new platform gives customers options they didn’t previously have with HubSpot, leading them to find the options elsewhere or bypass HubSpot altogether.
HubSpot was previously focused on small businesses. This new platform will help the company better compete for larger customer accounts against rivals like Salesforce.com CRM.
Financials: HubSpot reported second-quarter revenue of $203.6 million, a year-over-year increase of 25%. The company reported 85,672 customers in the second quarter, representing growth of 34% year-over-year.
The average subscription revenue per customer fell 5% year-over-year to $9,466 in the quarter. This will be a figure to watch going forward with the new offering.
HUB Price Action: Shares of HubSpot were down 0.88% at $282.18 at the close Tuesday. The stock is up 80% year-to-date.
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