The Promise of DXI: Why Permira is excited to invest in FullStory
At Permira, we love to back product-centric teams. As we got to know Scott and the team at FullStory, we were instantly impressed by their vision on how to use technology to improve digital experiences. And as we dug deeper, the customer feedback was overwhelming - FullStory customers love the product and are eager to use it across their entire organization. This combination of visionary team, product-led growth, and license to scale is why we could not be more excited for our partnership.
As the COVID-19 pandemic has made the world acutely aware, digital experiences are often the first - and sometimes only - interaction consumers have with brands. There’s a baseline expectation for perfect online experiences, and organizations that fail to deliver will directly lose out on revenue and brand affinity. As companies prioritize their digital strategy, the DXI market, which is already expansive and worth over $10 billion, will continue its growth trajectory at an annual rate of 20%+ for at least the next five years.
DXI platforms have become critical to organizations looking to retain customers and find an edge in increasingly competitive spaces. Many legacy website performance and optimization tools fail to offer the full picture of quantitative and qualitative data when it comes to digital interactions. In FullStory’s case, the company is perfectly positioned to leverage its unique platform to help brands understand both what is happening and why across their digital experiences.
By understanding anonymous digital interactions on web and mobile, the platform is capable of indexing and analyzing petabytes of information daily. This yields specific insights and opportunities for cross-functional teams like product, customer success, engineering, and marketing to more deeply understand customer needs and challenges. As the platform scales, the benefits of accumulated data increase as users gain more actionable and valuable signals from the growing volume of data. For one enterprise retailer, FullStory’s data unearthed a three-year ROI of 411% and payback in under three months.
It’s this unique approach that not only makes FullStory stand out in the market but will also be the difference for the brands - JetBlue, Lowe’s, Peloton, and FTD, to name a few - who use the platform to perfect their digital experiences. Not to mention the end customers, you and I, who also benefit.
There’s no doubt we are excited about FullStory, but we’re equally enthusiastic about what we can do to help it scale and grow to the next level. We are looking forward to bring the full weight of Permira’s international footprint - 15 offices with 160+ professionals, 50+ portfolio companies and our broader network of recruiting and customer contacts - to drive value creation through expansion into EMEA and APAC, and continue go-to-market improvements focused on enterprise clients while nurturing the product-led growth engine for SMBs.
We are thrilled to play a part in the next phase of FullStory’s journey as the team pushes forward to create frictionless, privacy-first online interactions for stakeholders across the digital economy. With Permira’s experience scaling some of the world’s leading tech-enabled businesses and the FullStory team’s distinct vision for this promising space, we’re confident in the company’s ability to continue leading the DXI category and revolutionize the digital experience for all.
Find out more about FullStory here.
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