We believe the addressable market for our offering is considerable. The investments in the platform, the expansion of the offering, the increasing regulatory environment and the growing list of blue-chip reference customers, provide us with a strong basis for continued new customer acquisition.
Land and Expand
A core element of Windward’s strategy is to focus on deepening its customer relationships through expanding the level and range of services it offers to customers following an initial project. We have built a SaaS platform, delivering our solution over a cloud infrastructure and contracting with clients on a subscription basis. This ensures not only high levels of recurring revenue and visibility of revenue but also underpins our key strategic opportunity of upselling additional services and modules to our clients as we develop and release them.
In 2022, in view of the increased need to monitor maritime compliance requirements, ongoing supply chain delays and the ongoing drive to secure efficiencies across all industries, many of the Company’s customers expanded their use of the platform in the year.
Commercial NRR grew from 99% to 109%.
Key expansions with existing customers in the year include: ● a significant upsell with an existing US Federal customer, representing a 70% contract growth and extending the contract period for up to five years
● growth in one of our supermajor accounts
● tripling of ACV for a RoW Caribbean customer, including a multi-year agreement
● two year extension with an Indian Government customer, representing 50% growth in ACV.
WINNING NEW ENTERPRISE AND GOVERNMENTAL CUSTOMERS
Windward segments its customers into three areas; Commercial, US Government and Rest of World (RoW) Government. Across these areas, Windward continued its rate of customer acquisition during the period, adding more than 50 new customers in the year, taking our total to over 130.
In line with its diversification strategy, Windward saw strong growth in its US Government and Commercial segments in particular during the year, with these segments now accounting for over 50% of the ACV.
Key new customers secured during the year included:
● a three-year enterprise contract with one of the world’s largest publicly traded international oil and gas companies, adding to the existing blue-chip energy firms already utilising Windward’s services
● a two year contract with a North American Energy company
● a $6m three-year contract with an EMEA government customer.
Having launched our Ocean Freight Visibility (OFV) solution in February 2022, we signed over 20 new customers for this service from across the significant new market segments opened up by this product, including freight forwarders and cargo owners. Key customers include DSV, LF Logistics and Nippon Express.
EXPANDING THE GO-TO-MARKET APPROACH TO FURTHER INCREASE THE ADDRESSABLE MARKET
While our sales are typically carried out directly, and we expect this to be the primary route to market for some time to come, we have begun to explore new initiatives to widen our market reach, such as the announcement during the year of a partnership with Sea/, the world’s first end-to-end digital shipping platform, which will see the joint delivery of a solution to enable Sea’s customers to increase efficiency in chartering negotiations by streamlining compliance and due diligence processes.
INNOVATION / PRODUCT EXPANSION
Ensuring our platform remains an innovative and compelling option across our target markets is a core priority for Windward.
Accordingly, as part of its strategy, the Company has focused on increasing the number of solutions and insights to support existing customers and target new markets during the period. These enhancements help to further embed our relationships with existing customers as well as opening up Windward to new customers and markets.
Key solutions released in 2022 include:
Ocean Freight Visibility
In February, the launch of our ground-breaking Ocean Freight Visibility solution to resolve one of the most critical issues currently affecting the maritime ecosystem – the lack of visibility over the supply chain. Powered by large datasets, the solution alerts freight forwarders and cargo owners to any potential delays to the shipping of their cargo, in real time, enabling these stakeholders to prepare for changes, communicate properly to their customers – and ultimately improve their planning.
New AI prediction capabilities were launched in June to complement the OFV solution, which provide accurate and reliable estimated time of arrival predictions and real-time visibility into container and vessel journeys, meaning customers can plan according to ongoing changes and disruptions to their supply chain.
“Russia” sanctions solution
In March we launched our “Russia” sanctions solution to support organisations in navigating newly introduced sanctions.
API Insights Lab
In June, we launched our API Insights Lab, meaning customers and partners are able to integrate Windward’s artificial intelligence
directly into their internal systems. We have seen first revenues from this product during 2022 and expect further growth in 2023.
Vessel Fuel Consumption API
In October, we launched our Vessel Fuel Consumption API, a differentiated AI solution providing fuel consumption assessments with up to 95% accuracy on average per voyage, as well as actionable insights.
Other areas of expansion include the introduction of a Non Maritime Counterparty Due Diligence (CDD) capability, enabling Windward’s customers to complete their due-diligence process with full third-party screenings all in one platform; and the expansion of Windward’s maritime risk Insights platform to include illegal, unregulated, and unreported (IUU) fishing, provide law enforcement and government agencies a holistic view of the implications of this practice.