- Srock positions the Mendix Platform in the Center of Enterprise Application Development
- 300% growth in annual recurring revenue since Siemens acquired Mendix
- Mendix achieves impressive growth in customers, partners and geographical expansion
Mendix, a Siemens company and global leader in modern enterprise application development, is experiencing rapid growth. Tim Srock, who succeeded Derek Roos as CEO six months ago, leads Mendix into the next phase of hypergrowth, outlining his vision and focus for the coming period. According to Srock, Mendix belongs at the heart of the software stack. He has a broader vision for Mendix, placing the company at the center of an ecosystem that responds to the many critical demands of the digital-first economy. In the short term, the focus is on hyper-automation for greater operational efficiency and hyper-personalization for good customer experiences.
Since Srock joined Mendix, first as CFO, later as CEO, the company has more than tripled in both staff and revenue. “Our strategy for the future is clear,” says Srock. “We are solidly established as a leader in low-code. Now we are taking advantage of that leadership to build an expansive ecosystem and take our place as the platform that helps companies transform. We position ourselves at the center of business application development and as the ideal platform for virtually any industry. “
The Mendix ecosystem includes a fast-growing Mendix partner program designed to drive growth by focusing on compelling technology and go-to-market partnerships that make building low-code solutions faster and easier. An example of this is the expansion of the partnership between Mendix and Amazon Web Services (AWS), which was recently announced by making the Mendix low-code platform available in the AWS market. For example, AWS customers have access to smart automation solutions in various sectors such as financial services and the manufacturing industry.
New and expanded collaborations
Mendix is also expanding its partnership with go-to-market partners such as Dutch CLEVR, which helps organizations get off to a flying start on their Mendix journey. CLEVR also builds its own applications for customers with Mendix.
In addition, the Mendix ecosystem includes the Mendix Academy, App Factory, Digital Execution Practice, and a committed community of 50 million licensed users. In 2021 alone, 230,000 developers and more than 300 certified partners have built 120,000 Mendix applications.
Momentum by Mendix
At Mendix World 2021, the company introduced powerful new industrial clouds designed to boost the Mendix ecosystem, originally for manufacturing and financial services. The following are vertical clouds for the public sector, education and healthcare. The company also completed the acquisition of TimeSeries, a Dutch-born international IT service provider specializing in vertical solutions developed on the Mendix platform.
Mendix’s more than 300% growth in annual recurring revenue (ARR) since the acquisition of Siemens includes growth across a wide range of vertical markets, from financial services and insurance to retail, transportation, public sector and manufacturing. The Mendix platform is a core component of Xcelerator, Siemens’ integrated portfolio of software and services, and is used by companies of all sizes to solve their challenges and drive digital transformation through low-code.
Mendix has added many clients to its portfolio, including Schaeffler, a global supplier to the automotive and industrial sectors and a trusted partner to make movement and mobility more efficient, intelligent and sustainable. Other new customers include a large multinational conglomerate in the Philippines; a major transport and logistics company, also based in the Pacific; and an eight-digit agreement with one of the world’s largest car companies.
In 2021, the company expanded to China, Japan, Korea and Australia / New Zealand (ANZ). Mendix also strengthened its presence in the DACH region (Germany, Austria, Switzerland) and established its presence in the Middle East. It also expanded its European presence in France, Italy and the Scandinavian countries.
Mendix’s position as a leader is recognized by several analysts. For the fifth year in a row, Mendix was named Head of the Gartner Magic Quadrant for Low-Code Enterprise Application Platforms and Head of the Gartner Magic Quadrant for Multiexperience Development for the third year in a row. Mendix has also been a leader in Forrester Low-Code Wave for four consecutive years.
“Tim has been instrumental in achieving Mendix’s industry leadership and contributing to the success of the company,” said Tony Hemmelgarn, President and CEO of Siemens Digital Industries Software. “He understands the company and its culture, and he sees the enormous opportunities for Mendix. The world has changed dramatically in the last 24 months, and companies in virtually every industry need to make a U-turn to be relevant in the new digital-first economy. Tim is focused on giving Mendix the flexibility, solutions, new technology and employee and customer centrality that companies need to succeed. “
Background information Tim Srock
Tim Srock began his career at Siemens in 2014 in the company’s Finance Excellence Program, a two-year accelerated program sponsored by the Siemens CFO that rotates across three different roles. In 2016, Srock was appointed corporate finance manager at Siemens. A year later, he was promoted to senior director of financial planning and analysis.
A year later, he was promoted to senior director and joined Mendix as the new CFO following the acquisition of Siemens. His role quickly expanded beyond the typical CFO field. He was asked to lead several important initiatives, including the Mendix Marketplace. Srock also led the acquisition of TimeSeries to accelerate the development of solutions for specific industries. Acquisition is an important factor in building the Mendix ecosystem. In addition, Srock Mendix monitored the geographical expansion, specifically the expansion into the Asia-Pacific region.
“I was involved in the acquisition of Mendix on the Siemens side in 2018 and did not hesitate for a moment to switch to Mendix as CFO,” Srock said. “It was a great opportunity for me to play a significant role at the forefront of business application development. Our customers are dramatically accelerating their digital transformation with low code – a critical requirement to remain competitive in the digital-first economy boosted by the pandemic. They are ready to build on new possibilities such as intelligent automation and hyperpersonalization. “
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