Virtual Events Leader Grows 40% in 2008, Leverages Emerging Market Trends
SAN FRANCISCO, CA – February 23, 2009 – ON24, Inc., the global leader in webcasting and virtual events solutions, has released its 2008 annual performance report, and the results include significant growth, innovative additions to the company’s product roadmap and global expansion.
“2008 was our best year ever,” said ON24 CEO Sharat Sharan. The privately held company grew 40% last year and increased its client base to 700 customers, including a number of leading multinational enterprises and channel partners. “We have an impeccable reputation for quality, reliability, cutting-edge technology and global customer service. As the leader in virtual events solutions, we are well positioned for both the current business climate and the long term,” Sharan continued.
Fueling the company’s growth is unprecedented demand for effective, efficient corporate communications and marketing solutions. “Organizations are seeking new ways to reach, engage and interact with their customers, prospects and employees. It is clear, however, that even as their need to communicate grows, companies must reduce travel and costs. Virtual events are the ideal solution, the increasingly popular alternative to meeting in person,” Sharan explained. This was confirmed by a survey of enterprise executives conducted by ON24 earlier this year. A full 76% of the respondents said their companies will be replacing some of their physical events with virtual events in 2009.
Other achievements in 2008 include:
- $8 million in new financing to fund continued expansion and investments in R&D
- New Asia Pacific headquarters in Singapore, increasing ON24’s global footprint and support to multinational clients
- Strengthened sales, marketing, client service and channel sales groups to better meet customer needs and support the expansion of ON24’s global reseller partnerships
- Significant infrastructure investments, including a fully redundant second data center — the first in the industry — to expand capacity and ensure unsurpassed reliability and scalability
- ON24 Virtual Show. A best-of-breed integrated webcasting and virtual events platform, ON24 Virtual Show provides an engaging and interactive virtual venue for events such as trade shows, conferences and corporate meetings.
- ON24 Virtual SKO. A unique ON24 Virtual Show application, ON24 Virtual SKO is a virtual environment designed specifically for annual sales kick-off meetings.
- Live and on-demand streaming webcasts using Adobe Flash technology. The new ON24 console offers greater multi-platform and browser support, and new streaming features greatly enhance the viewing experience.
- Mobile virtual events. ON24 developed the industry’s first virtual events solution for mobile devices, positioning the company as the leading innovator in the mobile application space and driving ubiquitous access for event participants.
Product Development and Innovation
As a result of successful product development initiatives, ON24 made several key additions to its product roadmap in 2008:
About ON24, Inc.
ON24, Inc. is the global leader in webcasting and virtual events. ON24 provides a full range of innovative solutions for applications such as demand generation, corporate communications and training and continuing education. More than 700 organizations in publishing, technology, life sciences, government, and financial services rely on ON24, including IBM, Cisco, United Business Media, Credit Suisse, GE Healthcare, Hewlett-Packard, Motorola and the National Science Foundation. ON24 is headquartered in San Francisco, with offices in New York, London and Singapore.