Moogsoft Announces Q1 Financial Momentum, Turning a Profit and Improving Gross Retention Rate to Nearly 100%

SAN FRANCISCO — June 22, 2021 — Moogsoft, the AI-pioneer, AIOps and Observability leader, today announced significant financial achievements over the past quarter, including turning a profit, improving its gross margin by 20 percentage points compared to the previous year, achieving a gross retention rate of 99.6%, doubling new bookings from Q4 2020, and increasing its customer base by 15% in one quarter.

Throughout the past year Moogsoft has recorded significant momentum, including adding Minami Coirin Rojas as Vice President of Growth, closing $20 million in funding, and doubling its sales team.

“We are in a transformative time in the world of Observability and AIOps, and Moogsoft is playing a critical role in shaping the future of the industry,” Rojas said. “As we execute with a renewed product-led, high-velocity, frictionless model, our customers and partners have seen tremendous momentum. Our engagement in the market has skyrocketed as brands realize the power of observability with AIOps quicker through our product, and we’re looking forward to only seeing this growth increase from here.”

In Q1, Moogsoft also released new product features to add simplicity and optimize user experience, enhancing its platform to empower development, ITOps and SRE teams to work more efficiently. A notable feature is the industry-first ML powered auto classification capability. All new features are underpinned by our robust API making toolchain automation a reality for our customers.

“Moogsoft is stampeding forward with record growth and achievements that are a testament to the work our team has put in to help customers succeed with observability and AIOps and propel our business forward,” said Phil Tee, CEO and founder of Moogsoft. “Turning a profit, smashing new customer acquisition rate records, retaining the confidence of our current customers, and continuing to expand our footprint with companies across the globe are just the first step on our growth trajectory as we continue to serve as an AIOps pioneer and market leader.”

For more information about Moogsoft and its recent achievements, please visit Moogsoft Blog.