Marketo has announced its Q3 2013 financial results, with a revenue increase to $25.5 million, a 65% year-over-year increase. Company officials attribute the rise in revenue to cross-selling opportunities from its recently introduced Marketo Financial Management application, along with increased adoption of the company’s Customer Engagement Engine.
Marketo also transitioned its data center, which improved its gross margin, company officials explained.
"In the quarter, our SMB and mid-market business was particularly robust and our competitive win rate continued to be very strong,” said Phil Fernandez, President and CEO of Marketo, in a statement. “I was also particularly pleased to see good initial contribution from several of our key growth initiatives."
For Q4 of 2013, Marketo anticipates revenue growth in the range of $93.9 to $94.4 million.
Other Q3 2013 results include:
- Deferred revenue was $30.6 million, an increase of 86% year-over-year; and
- Total cash and cash equivalents was $140.9 million.