Mendix, a Siemens business and global leader in modern enterprise application development, recently promoted CFO Tim Srock to be the company’s new CEO. Srock, who replaces co-founder Derek Roos, takes the reins at a time during which Mendix has enjoyed impressive growth in customers, partners, and geographic reach, while increasing annual recurring revenue (ARR) by more than 300% since Siemens acquired Mendix in August 2018.
In his new role, Srock will lead the company in its next phase of hypergrowth to place Mendix and its market-leading low-code application development platform at the heart of the enterprise software stack. He will promote a broader vision of Mendix at the center of an ecosystem that addresses the many critical requirements of the digital-first economy, with a near-term emphasis on hyper-automation for greater operational efficiencies and hyper-personalization for outstanding customer experiences.
“Tim has been instrumental in building Mendix’s industry leadership status and contributing to the company’s success,” said Tony Hemmelgarn, president and CEO of Siemens Digital Industries Software. “He understands the company and its culture, and he recognizes the huge opportunity being presented to Mendix today. The world changed dramatically in the past 24 months, and enterprises in virtually every industry must pivot to stake their claim in the new digital-first economy. Tim is focused on ensuring Mendix delivers the agility, the solutions, the emerging technology, and the employee- and customer-centricity that enterprises need to succeed.”
“Our strategy going forward is clear,” Srock said. “We are firmly established as the low-code leader. Now, we are leveraging that leadership to build a comprehensive ecosystem and take our place as the ‘business transformation platform.’ We are staking out our position at the center of enterprise application development and as the ideal platform for virtually any vertical.”
That Mendix ecosystem includes a rapidly expanding Mendix partner program designed to drive growth by focusing on compelling technology and go-to-market partnerships that make low-code solutions faster and easier to build.
For example, Mendix and Amazon Web Services (AWS), recently announced an expansion of their seven-year relationship, making the Mendix low-code platform available on the AWS marketplace and providing AWS customers with intelligent automation solutions across industries including banking, insurance, and manufacturing.
Additionally, the Mendix ecosystem includes the Mendix Academy, App Factory, Digital Execution Practice, and an engaged community of 50 million licensed users. In 2021 alone, 230,000 developers and more than 300 certified partners built 120,000 Mendix applications.
These resources are brought together in holistic fashion to enable and empower customers with a powerful roster of tools, and an actual path, resources, and support structure to quickly reach their business transformation goals. As part of that, these organizations are creating digital business ecosystems that enable collaboration between the business and IT as well as the company and its partners and customers. Working closely together, these digital ecosystem participants are able to co-create new solutions, bring them to market faster, accelerate innovation cycles, and create new revenue streams.
New and expanded partnerships. Meanwhile, Mendix’s other go-to-market partners are introducing their clients to Mendix. One example is CLEVR, a Netherlands-based consulting and software development firm that helps organizations jumpstart their Mendix journey. CLEVR also builds its own applications with Mendix that are sold to its customer base.
Mendix’s momentum accelerates
In April of 2021 Mendix raised the bar for enterprise application development – again – with the general release of Mendix 9, the industry’s first all-in-one low-code platform designed to extend the benefits of low-code to data integration, intelligent workflows, mobile development, and more.
At Mendix World 2021 in September, the largest virtual gathering of low-coders ever, the company launched powerful new industry clouds designed to turbocharge the Mendix ecosystem targeting, initially, manufacturing industries and financial services. Next up are vertical industry clouds targeting the public sector, education, and healthcare.
The company also completed its acquisition of TimeSeries, a leading international IT services provider specializing in vertical industry solutions developed on the Mendix platform.
For the fifth straight year, Mendix was a Leader in the Gartner Magic Quadrant for Low-Code Enterprise Application Platforms and, for the third straight year, a Leader in the Gartner Magic Quadrant for Multiexperience Development. For the fourth straight year, Mendix was a leader in the Forrester Low-Code Wave.
300% growth. Mendix has seen more than 300% growth in annual recurring revenue (ARR) since being acquired by Siemens, spanning a broad swath of verticals, from financial services and insurance to retail, transportation, the public sector, manufacturing, and industrial. The Mendix platform is a core component in Xcelerator, Siemens’ integrated portfolio of software and services, and is being leveraged by companies of all sizes to solve their challenges and drive digital transformation through low-code.
Industrial manufacturing. The Mendix low-code platform allows enterprises to deliver adaptable, modern, and personalized cloud-native solutions executed by Siemens Digital Industries portfolio offerings and Xcelerator. Mendix is helping industrial customers on their transformation journey towards a connected digital enterprise bridging the gap between IT and operational technology (OT), by creating open, extendable solutions. Thanks to Siemens’ leadership in the industrial space, Mendix’s customer base has grown substantially since the acquisition. And most recently, Mendix launched its industry clouds initiative, dedicated to driving rapid growth within industrial manufacturing verticals augmenting Siemens Digital Industries go-to-market strategies.
New customers. Mendix has added a host of marquee customers, including Schaeffler, a leading global supplier to the automotive and industrial sectors. Schaeffler is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable.
“With Mendix, we establish a new digital capability across our company to modernize enterprise systems, improve operational efficiency and enhance employee and customer experiences,” said Juergen Henn, Schaeffler’s senior vice president of strategic IT & digitalization.
Other new logos signed recently include a major multinational conglomerate in the Philippines; a major transportation and logistics company, also headquartered in the South Pacific; and an eight-figure deal with one of the world’s leading automotive companies.
Expanded geography. In 2021, the company expanded into China, Japan, Korea and Australia/New Zealand (ANZ) . Mendix also boosted its presence in the DACH region (Germany, Austria, Switzerland), established its presence in the Middle East, and expanded its European footprint to include France, Italy, Austria, Switzerland, and the Nordic countries.
Tim Srock’s path to Mendix CEO
Tim Srock began his career at Siemens in 2014 in the company’s Finance Excellence Program, a two-year fast-track program sponsored by the Siemens CFO. The program involves three rotations across a range of businesses and 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.
Srock joined Mendix as its new CFO following the Siemens acquisition. His role quickly expanded beyond the CFO’s typical purview. He was tapped to head up several key initiatives, including the Mendix Marketplace. Srock also spearheaded the Time Series acquisition to accelerate the development of solutions and resources for specific industries. The acquisition is a core enabler for building the Mendix ecosystem. In addition, Srock helped oversee Mendix’s geographic expansion, most notably its expansion into the Asia-Pacific region.
“I was involved in the Mendix acquisition on the Siemens side in 2018 and didn’t hesitate to make the move to Mendix as CFO,” said Srock. “It was a great opportunity for me to play a key leadership role at the cutting edge of enterprise application development. Our customers are dramatically accelerating their digital transformation with low-code — a critical competitive requirement in the digital-first economy that the pandemic helped usher in — and they are poised to build new capabilities such as intelligent automation and hyper-personalization.”
Since Srock joined Mendix, the company has more than tripled in both headcount and revenue. His charter as CEO is to maintain the company’s hypergrowth while positioning Mendix at the center of the enterprise software development stack.