He is someone who really cares about his employees, he is really, really conscious of the tech burnout, and I think he's kind of a different executive for the tech space. Also, it integrates seamlessly with other systems thanks to its Open API architecture. How Asana helps teams get more work done. Like, you get used by a team at a company, and then all of a sudden, other teams start realizing that this is a really valuable product. Feroldi: My jaw kind of hit the floor when I looked at the Glassdoor numbers here. The focus for this business is making it easier for employees and teams to work together, it's really kind of a productivity software suite type of stuff. She specializes in visual data discovery, cloud-based BI solutions, and big data analytics. Feroldi: Yeah, and they have clearly laid out a plan to scale over time to get their spending, as a percentage of revenue, lower over time and eventually producing, they're actually calling for 30% free cash flow margins at scale. Given the numbers and the margins, that's a good move. Below is a detailed overview of Asana and top five Asana alternatives, including their most distinctive features, advantages and disadvantages, pricing, and other critical elements. Well, according to IDC, they believe that the market for this kind of software is currently worth $23 billion. I think Asana has also been pretty smart over the last couple of years with some of the integrations and some of the partnerships that they've lined up. Lewis: Yeah. In her software reviews, she always focuses on the aspects that let users share analytics and enhance findings with context. It smartly notifies relevant personnel when changes happen and remind them of their tasks. Lewis: That's a good base to build off of. Lewis: [laughs] One of my favorite recurring bits. If you are looking for the top alternative to Asana, monday.com may be the best one. Lewis: A lot of skin in the game. Market data powered by FactSet and Web Financial Group. Haven’t seen many of the ones you recommended before, but I’ll be sure to give them a try. Feroldi: Yeah. As always, people on the program may own companies discussed on the show, and The Motley Fool may have formal recommendations for or against stocks mentioned, so don't buy or sell anything based solely on what you hear. Theirs was one of the first times in a while that we had seen a really popular major issuance go the direct listing route. A number that jumped right off the page at me was gross margin, Dylan, 87% in the most recent quarter. I messed it up at the end there, Brian, but that's what I --. However, I am not exactly comfortable with where the company is in its money-losing cycle just yet. Trello has attracted over five million users, including businesses such as Google, Kickstarter, and PayPal. Feroldi: 100%. That is a lot of competition. Asana is a better more pro design, and has some privacy settings in the upgrade that are nice. So, their big product is called the Work Graph, which is a unified view of all the tasks, projects, milestones, portfolios, goals that exist in a company. No single customer accounting for more than 1% of revenues and the top 100 customers accounting for 9% of revenues for fiscal 2020. The tool removes the need to use email in communicating around projects. When a company goes from being private to being public, the culture can change. Developed by Dynacom Technologies, this project management solution allows you to send invoices and quotes to clients, allowing you to collect payments faster. Brian Feroldi: You did. Lewis: Yeah, the expectation is this company is going to continue to grow over the next three, five years, and it will eventually become profitable. Competitive advantage grows fundamentally out of value a firm is able to create for its buyers that exceeds the firm's cost of creating it. And it's important to emphasize the difference there, this is not a capital-raising event for Asana, this is really just an opportunity for insiders to sell some of their shares. Lewis: Yeah, I think to maybe back this out and give a really easy, simplified example of this for someone who isn't familiar with this type of software, Brian, anyone who watches Silicon Valley or a show that is tech-oriented, and they see the big board with all of the projects and all of the sticky notes on there, and the idea that you are moving the status of a project along in the workflows as things are being accomplished, perhaps adding notes, adding updates, so other team members can see it in a centralized location. It does this with the best of them. Lewis: Yeah. And more importantly, if you drill down a little bit even further, that was their overall net retention rate. When comparing Asana to its top 100 alternatives, SprintGround has the highest rating, with Team.Do as the runner-up, and Asana ranking 58th place. A full transcript follows the video. I mentioned before that it's a crowded space. We don't know how management is going to react once it has a number over its head, if it has the skill to deal with Wall Street. Feroldi: Yeah, it's the same kind of problem that faced Slack (NYSE:WORK). And we just continue to see direct listings, Brian. As we've seen numerous times, Dylan, two classes of stock here: A and B. Basecamp offers a comprehensible solution across various devices. Companies have been using technology as a competitive weapon for centuries. Here’s how Moskovitz and Rosenstein put it: “We leverage our value of mindfulness to regularly and intentionally … And as you might imagine with a freemium model, basically there are certain things that are not a part of that free service that you have to pay up for, and I think teams of a certain size need to start paying for the product. In theory, that gives them a tremendous runway to grow even if they don't add on any more companies, in general. Those are, kind of, two core elements of the valuation that we see today. Investors have noticed Asana's success as well. Wix.com uses it not only for project development but for employee engagement. As of now, it’s considered to be one of the top project management solutions in our directory. ... Asana started trading just a bit after noon … Brian, I think that in all of the debuts that we've seen in 2020, there's one business, that we're going to be talking about today, that has kind of flown under the radar; which is surprising given the pedigree of its co-founder. Other advantages include limited products, services, and markets served, the relatively small resource base, and a limited number of options. Lewis: And what that mission statement gives you a hint of is the fact that this is a collaboration and team-based product. Asana has … Lewis: Now after all that praise, [laughs] we do need to talk about the risks and competition here, Brian. In the case of Asana, I think that the management and the company culture is actually probably one of the strongest points in this being a watch list worthy stock for me. So, like so many other high-growth SaaS companies we've seen, they have spent big to make their product integrate directly with other useful products. Feroldi: To me, there's a lot to like here. On the flip side, they're clearly doing something that stands out in the marketplace. And what the company sees over time is, Asana is used by a small team and then members are added over and over and over again. They actually think there's enormous room for them to grow just within their existing user base. So, last year, the company reported 86% revenue growth to just under $100 million. What makes monday.com unique is that it packs powerful features into a simple and beautiful platform. That's extremely useful. [laughs]. Lewis: [laughs] Yeah. … Feroldi: They have plenty of competition. It gives you options on how to visualize your operations. So, for me, watch list stock -- not something I'm screaming to buy, but I'm curious. And you can imagine how useful this kind of collaboration software would be for big employers. Virginia Tech, Dropbox, Disqus, and Foursquare, are among the huge clients of Asana. Trello is a bit too expensive in my opinion. It is a uniquely structured and highly visual project management tool. So, high top-line growth and very strong margins -- that's a good base to build off of. The tool is mainly used by design teams, healthcare industries, marketing teams, and technology firms. B shares are owned by all the founders and insiders, which gives them complete control of the company, but wow, is there a lot of skin in the game here! And if you just want your shares to have liquidity but you don't need to raise capital, I think we're going to see more and more companies choose this option. Their mission is "to help humanity thrive by enabling the world's teams to work together effortlessly." Lewis: Yeah. Again, that's retention, that's the good one, it includes churn. Thank you again for hopping on, as always, with me to talk to tech. Ryan Bonnici // Chief Marketing Officer. And then, anybody that wants to see what's happening with my project can just click on that. And let's highlight that and sync it up with the strategy for a second, Brian, because this is land-and-expand in action, right? • Task Reminders You can learn more about Asana’s features and pricing plans from our detailed review of Asana. It's more just that the picture is only going to improve so much, you know, what we're going to see from this business and profitability is really going to be a reflection of costs changing, not so much the business becoming more profitable. And unfortunately, we don't have free cash flow to save us in this instance. It's tremendously useful for helping us to manage projects. It can be used for many different projects and industries. You can find more information about how the software works in our detailed review of Trelllo or you can read our comparison or Asana vs Trello. I would want to see them make a little bit more progress there before I would dive in. You can customize your monday.com dashboard to fit your workflow and other needs. You can share files and other media types. Asana is a reasonable solution for companies of all shapes and sizes that need crucial teamwork. Stephanie Seymour is a senior business analyst and one of the crucial members of the FinancesOnline research team. Wrike and monday.com stand out as its top competitors based on similarity, popularity and user reviews. Asana prides itself on providing their customers, for several years now, with the utmost user-friendly program. Trello. But, to me, no doubt, No. So, I totally agree, this is a company that did not get a lot of fanfare when it came public, probably a big chunk of that is because it was coming out public same time as Palantir, which got a whole lot of fanfare. You pointed out that we, at The Fool, use Trello. Don’t know if you have ever tried the app before, but I hope you can tell me your reviews on it if you had. Wrike’s built-in analytics tools, on the other hand, can give companies a quick visual update of their projects’ progress. And the freemium model lends itself so well to growing as your customers grow and really being in a position where you have a symbiotic relationship with your users. The user interface is straightforward, simple, and very intuitive. The tool’s free version can immediately track the time you spent on your projects and quickly generate invoices. With Wrike, your teams can organize tasks and projects in a single, unified workspace. In addition, Nutcache comes with a multilingual capacity, making it a good partner for companies that have a global reach and for firms that are based outside the United States. Competitive edge. Asana is a web and mobile application tool that makes it easy for teams to work together in creating lists, organizing tasks, and keeping track of progress.. Dustin Moskovitz and his co-founder here, Justin Rosenstein, both were early engineers at Facebook. That's why waiting a quarter or two at least before you dive in can make sense. And just to give a couple of small examples of the ways that they tend to look at the culture a little bit differently: There are a lot of firms out there that will make dinner available -- you know, in a period where you're actually able to go to the office -- they will make dinner available, but dinner will be served at 8 p.m. And the idea is, if you want that free dinner, you have to stay there till 8 p.m. Feroldi: Yeah, some of the numbers here are really exciting. Wrike is being used by companies and teams of various sizes, starting from small companies and solopreneurs to big Fortune 500 firms. Lewis: Yeah. And if you can sidestep all of that, why not? Now, there are only 222 total reviews, so it's not like we have thousands we're working with here. And one of the metrics that they report to investors is what percentage of their free customers convert to being paid customers; that's a big part of the thesis here. I continue to strike out with trying to get you to mess up. Not 99%, 100%. • Webpage+mobile app quick sync The McKinsey survey said that 28% of employees' time is spent answering email, 19% is spent gathering information, 14% is spent on internal communication; you add all that up and that's 60% of the average knowledge worker's time is spent on work about work. We hinted at before, but it's work management and it's really, kind of, a focus on institutional knowledge. It's unbelievably useful. Any company can go on here and get a basic account up-and-running basically instantaneously. Be nice. They also talk about the management and work culture of the company, its financials, its land-and-expand strategy, its growth potential and competitive position, and much more. How useful is Slack if there's one user in your organization? And if you remove these software solutions, no, you can't. JIRA’s cloud-hosted version offers the following benefits: JIRA’s on-premise version offers the following benefits: You can find a more comprehensible look at this software in our detailed review of JIRA. However, there are several Asana competitors that also offer quality solutions and may be viable alternatives for your company. Team members can communicate and work on projects easily and accurately. I mean, if you took away Slack from The Fool right now, we would all be extremely upset having to go back to email. So, this is a case where I'm guessing this number was temporarily lower based on their smaller customers, but they're clearly winning and doing a great job with enterprises. Brian Feroldi has been covering the healthcare and technology industries for The Motley Fool since 2015. That's exactly what we should want to see as investors. Lewis: Yeah, I'll put it on the watch list. So, he still owns about a third of it; at current prices, that's more than $1 billion. And I think Dustin Moskovitz is firmly in the "doesn't need the money" camp, [laughs] you know? Basecamp web portal has a to-do list and a discussion board, enabling your group members to comment on various tasks, while at the same time serving as a streamlined hub for your file sharing needs that you can quickly integrate with your email. You can find more information about why this software is so awesome in our detailed review of Wrike. There’s a flip side – not everyone is a happy with Asana. To be frank, Asana … Moreover, Asana considers its culture to be a competitive advantage. I mean, if you want to get your hands on a high-quality stock, you really have to pay through the nose these days. I saw an interview with him where it's like, you know, they're targeting, like, 6 p.m. or 6:30 p.m. for those dinners. Its highly visual approach is complemented by productivity tools such as timelines, calendars, and Kanban among others. He is certainly a high-profile co-founder and he is heavily invested in this business. 4. ProductBoard. There's nothing in here that really surprises me. So, I think that that's just a leadership team that's doing a lot to retain talent, understands the work/life balance and understands that it's a competitive advantage and it's a good thing to do for their employees. That's pretty spread out. The starting price for this software is pretty reasonable. Asana, this is a company that was co-founded by Dustin Moskovitz. And I think for this space, Brian, because there are so many players, at a certain point, [laughs] it comes down to who the advocate is internally that is trying to get people to use the software, how compelling and how accessible they make it to people. And I think the biggest one, and maybe listeners are anticipating this one already is, this is a crowded space. Adopted from a Kanban model, Trello basically runs like a company bulletin board where you can use and pin virtual 3×5 cards. Lewis: That's the kind of closing commentary you'd expect from the salty super superstar sultan of stratospheric SaaS stocks. And as we've said over and over again. And they're probably punching a little bit about their weight class on my watch list because of that, but it's a company that I'm rooting for, because I think they're doing a lot of things right, doing right by their employees, they seem to be doing right by their customers. One of the things I saw in their registration statement was that their employee retention rate in their engineering department was over 90%. And that actual name suggestion came from Robotro5 on Twitter. Lewis: Yeah. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. From there, Asana tries to convince its customers to upgrade to get more advanced features and add more and more users. But this is one I'd be watching. Lewis: Yeah. So, it seems like an affordable price tag for even small businesses to try. 1 thing that sticks out to me for its awesomeness. So, Asana integrates directly with Gmail, so Google Calendar, Chrome, all of the Microsoft products -- so, Teams, Outlook -- they integrate directly with Slack, with Dropbox, with Box, with GitHub, with Jira; over 100 third-party applications in total. Its early start, economies of scale, strategic partners, and ability to upsell will make it tough for competitors to catch up. Lewis: It doesn't. So, these are not all small businesses, they do have some big businesses in there. Feroldi: And this is a founding story that we've heard over and over again. It boasts a phenomenal track record with a lot of popular companies such as Twitter, National Geographic, and Nike. A competitive threat is competition that hasn't occurred but has potential to occur. Another Asana competitor is Basecamp. You know, Spotify kind of broke the mold a couple of years ago when they listed their shares. Lewis: Yeah. Nutcache provides users with a platform that offers collaborative boards, a useful project dashboard, as well as invoicing and time management tools. On the disadvantage side, some equally significant issues exist. At any given time, your employees can easily access the uploaded files. VISIT WEBSITE FREE TRIAL. 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Market is JIRA an organization to attract and retain the best SaaS deals out there and... Is Slack if there 's a good base to build off of really good product that is at Glassdoor... To rip the software out discussions, manage schedules using interactive Gantt charts, all in real-time designed for purposes!
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