VANCOUVER, BC—(Marketwired – April 29, 2016) –
- Launched first commercial version of MediaValet (v3.0)
- Completed first phase of sales and marketing expansion
- Grew annual recurring revenue (ARR) by 141%
- Raised $3.3 million through new equity issues
- Strengthened Board and management with SaaS veterans
MediaValet Inc. (TSX VENTURE: MVP) (the Company), a leading provider of cloud–based digital asset management software, is pleased to report its annual and fourth quarter results for 2015.
Summary of Quarterly Results (Unaudited)
3 months ended
3 months ended
|Annualized Recurring Revenue||Â||$ 968,773||Â||$ 401,210||Â||Â||Â||Â|
|Revenue from Operations||Â||$ 942,684||Â||$ 421,653||Â||$ 237,359||Â||$ 118,992|
|Net Loss from Operations||Â||$ (3,559,232)||Â||$ (2,766,587)||Â||$ (1,210,674)||Â||$ (940,613)|
|Loss per share from Operations||Â||$ (0.05)||Â||$ (0.05)||Â||$ (0.02)||Â||$ (0.02)|
|Total Assets||Â||$ 1,018,219||Â||$ 1,366,184||Â||Â||Â||Â|
“2015 was a foundational year for all of us at MediaValet,” commented David MacLaren, founder and CEO of MediaValet. “We hit a number of significant milestones, including launching the first commercial version of our DAM software, adding a top–tier institutional investor, and completing the first phase of our sales and marketing expansion.”
Continued David, “I couldn't be happier with the talent we've added on our sales and marketing teams and with the resulting growth of our sales pipeline. The wave of momentum that's building behind us reaffirms our expectations that we will continue gaining market share in the burgeoning, multi–billion dollar, digital asset management industry. This momentum has enabled us to complete another private placement earlier this month and I'm pleased to announce that it's allowed us to expand our sales and marketing team to 17.”
“In addition, subsequent to year end, we've made significant progress on our 3rd party integration strategy,” said Mr. MacLaren. “In January, we announced our long awaited integration with Microsoft Active Directory and we expect to announce additional strategic integrations with other best–in–class software vendors in the coming months.Â We expect these integrations will further entrench MediaValet as an integral part of our customers' operational and go–to–market strategies.”
Fourth Quarter Fiscal 2015 Highlights:
- The Company completed the first phase of its go–to–market expansion, increasing its sales and marketing team to 10 people from zero at December 31, 2014 and 2 at September 30, 2015, leading to a significant increase in pipeline activity, customer engagement and sales momentum;
- Grew quarterly revenue to $237,359 for Q4'15, a 99% increase from Q4'14;
- Increased gross margins to 62% from 25% in Q4'14 as a result of increasing sales volume and improved operating efficiencies from product enhancements;
- Reported a net operating loss from continuing operations of $1.2 million in Q4'15, compared to $0.9 million in Q4'14, reflecting the Company's strategic investments in infrastructure, technology, and sales and marketing;
- Announced a number of new customer wins, including one of Canada's largest sporting goods retailers and Canada's largest outdoor advertising company;
- Launched SkyViewâ¢, MediaValet's cloud–based publishing service which enables the seamless integration of MediaValet with 3rd party software solutions.
Full Year Fiscal 2015
- The Company grew annualized recurring revenue (“ARR”) to $968,773, a year–over–year increase of 141%, compared to $401,210 at December 31, 2014;
- Achieved revenue of $942,684 for the year ending December 31, 2015, a year–over–year increase of 124%, compared to revenue of $421,653 in the prior year
- Increased annual gross margins to 65% from 46% in the prior year as a result of increasing sales volume and improved operating efficiencies from product enhancements;
- Reported a net operating loss from continuing operations of $3.6 million for the year ending December 31, 2015, compared to $2.8 million in the prior year, reflecting the Company's strategic investments in infrastructure, technology and sales and marketing
- Selected by Brand USA, the tourism board for the United States, to manage 50 TBs of media assets promoting the United States;
- Selected by one of the top National Football League (NFL) franchises to provide a central media library to house 10 TBs of team–related photos, videos and other related brand assets;
- Raised gross equity proceeds of $3.3 million through a combination of private placements, conversion of debentures and exercise of warrants and options;
- Appointed software–as–a–service (SaaS) executive management veteran, Rob Chase, as Chairman of the Board;
- Appointed Cloud/SaaS sales executive veteran, Raja Nucho, as Global VP of Sales in August 2015;
- Announced a strategic partnership with Orckestra, a leader in .NET e–commerce solutions, where Orckestra will offer MediaValet as part of its overall Commerce–as–a–Service solution to ensure marketing teams and agencies gain fast, consistent, secure and controlled access to their product catalogues and brand materials;
- Received Microsoft Gold competency status for exceeding customer expectations, distinguishing MediaValet within the top one percent of Microsoft's global partner ecosystem.
Subsequent to December 31, 2015:
- The Company grew its sales and marketing team to 17 to further accelerate sales growth and increase brand awareness, and increased overall headcount to 41 to accelerate its product roadmap;
- Announced a number of new customer wins such as the Pancreatic Cancer Action Network, the Portland Japanese Garden, Canadian Blood Services and the National Ballet of Canada;
- Announced full support for 4k video files up to 200GB in size;
- Added integration with Microsoft Azure Active Directory enabling: (1) organizations to quickly reset and delete passwords, update user account information, manage security settings, and enable group permissions in MediaValet through their central Active Directory console; and (2) Users to enjoy an enterprise–scale single sign–on (SSO) environment that will allow them to login to MediaValet using the same username and password that they use for all corporately approved and Active Directory supported applications across their organization; and
- Completed a broker–led private placement for gross proceeds of $1.5 million. The proceeds will be used to fund operations, continue developing new product features, and driving sales and marketing efforts.
MediaValet's full financial statements and related MD&A are now available on SEDAR.
About MediaValet, Inc.
MediaValet stands at the forefront of the cloud–based digital asset management industry. Built exclusively on Microsoft Azure and available on 26 highly secure and hyper scalable Microsoft data centers around the world, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting–edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's DNA — ensuring exceptional customer and user experiences are delivered at all times.
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