Good morning! Australia elects first female leader of Liberal party, General Motors announces new EV battery tech, and a CFO pitches enterprise tech’s biggest growth story.
– Grow, grow, grow. It’s relatively rare for a software company to pass $10 billion in revenue, Gina Mastantuono says. Besides the top dogs like Microsoft and Oracle—which generally expand beyond software—most enterprise tech businesses don’t reach that scale. ServiceNow did that last year, and my colleague Sheryl Estrada has a new interview with Mastantuono, its CFO, talking about how.
ServiceNow isn’t in the sexiest of categories. It originally was known for automating IT support requests, and has since added HR operations and customer relationship management to its product suite. By entering the CRM space, ServiceNow is competing with industry giant Salesforce. That’s a strategic expansion, Mastantuono says, widening the remit of what ServiceNow is.
Existing customers grew their $5 million-plus contracts by 40%, adding upsold services as ServiceNow expanded. An AI assistant offering is expected to contribute $1 billion in revenue by 2026. ServiceNow’s growth depended on offering more to existing customers, not just wooing new ones.
In 2025, the company expects to reach $12.7 billion in revenue, it has told investors. Since debuting on the Fortune 500 in 2023, it has so far climbed the ranks of that elite list.
“I’ve had a front-row seat for what I think is one of the most remarkable growth trajectories in enterprise tech,” Mastantuono, who joined in 2020, told Sheryl.
Read the full story here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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ALSO IN THE HEADLINES
- Liberal leader. Sussan Ley was elected as the leader of Australia’s Liberal party, making her the first woman to lead the center-right party since its founding over 80 years ago and the first woman ever to lead the country’s opposition. Ley has been serving as the party’s deputy leader for the past three years. Bloomberg
- First to market. Mary Barra’s General Motors shared its plans to develop new electric vehicle battery technology; GM expects to be first to market for the tech. The batteries will be used in the automaker’s largest EVs, like the Chevrolet Silverado, and will be made with less expensive minerals than the ones GM currently uses—which should help lower costs and increase profitability. CNBC
- Stock sale. Tesla’s board chair Robyn Denholm has made $198 million in the past six months selling stock in the company—despite Elon Musk’s messaging to employees to avoid selling stock as share prices dropped. New York Times
- Docuseries development. Amazon announced at its upfront presentation on Monday that Serena Williams will be executive producing a six-part docuseries for Prime Video about female CEOs. In addition to featuring Williams herself, the project will profile multi-hyphenates like Dee Ocleppo Hilfiger and Winnie Harlow. Deadline
MOVERS AND SHAKERS
Jen Rubio is stepping down as CEO of luggage company Away, which she cofounded. Rubio was named executive chairwoman and Jessica Schinazi, president of the company, was named the next CEO.
Chronicle Heritage, a heritage-focused management consulting firm, named Jonielle Dedman CEO. Previously, she was COO at Equipment Management Service and Repair.
Iodine Software, an AI-powered revenue cycle solution, appointed Valerie Mondelli as chief commercial officer. Most recently, Mondelli was chief commercial officer at RevSpring.
Pico, which provides the financial markets with technology services, named Holly Meacham chief sales officer. Most recently, she was global head of sales and marketing at Curinos.
Your Part-Time Controller, which provides nonprofits with accounting services, appointed Kathleen Larkin as chief people officer. She was previously chief people officer at AnewHealth.
ON MY RADAR
Cassie’s trip from star to star witness may spell trouble for Sean Combs New York Times
Why juggling IVF with work can be a career killer Bloomberg
They had the ultimate exit. Here’s why they bought their companies back Inc.
PARTING WORDS
“I’m not scared of Sundays.”
— HubSpot CEO Yamini Rangan on how she structures her weekends to avoid the Sunday scaries
