BlueRush Announces Business Update Outlining Significant Growth in Subscription Bookings
TORONTO, Sept. 9, 2021 /CNW/ - BlueRush Inc. ("BlueRush" or the "Company") (TSXV: BTV) (OTCQB: BTVRF), an emerging personalized video Software as a Service (SaaS) company, is pleased to announce significant recent growth in subscription bookings..
BlueRush added $1,057,963 of new and expansion subscription bookings in fiscal 2021. These bookings are expected to have similar gross margins to existing subscriptions.
New bookings – New logo customers accounted for $260,951 and $812,456 of additional subscription bookings in Q4 2021 and fiscal 2021, respectively. New bookings is an important metric as it demonstrates the Company's ability to secure new customers. New customer examples include:
- Enhancing customer statements - Major U.S. insurer, secured through one of the Company's US-based channel partners, utilizing IndiVideo to turn basic statements into an important touchpoint with their customers
- Wealth manager sales enablement - Leading U.S. fintech solution provider arming wealth managers with IndiVideo to enhance their ability to engage new and existing clients
- Supporting new insurance product launch - Leading Mexican insurance provider leveraging IndiVideo to launch and sell a new insurance product
Expansion bookings - Our existing customers accounted for $245,507 in expansion subscription bookings in fiscal 2021. Expansion bookings is a significant health indicator as it indicates that existing customers see value in the technology and support they receive from BlueRush, leading to incremental revenue. Select examples include:
- Boosting sales for automotive insurance - Top 10 North American Bank will leverage IndiVideo to support automotive insurance sales
- Amplifying direct marketing - Leading Retirement Fund, based on a 3X lift in email opening rates, is increasing their spend on IndiVideo to support additional direct marketing projects
- Increasing digital performance - Retirement plan provider, and one of America's oldest fiduciaries, expanding their use of IndiVideo to enhance their digital engagement strategy
"Historically, there has been a lag between our July 31 year end and our disclosure of year end results and so, going forward, BlueRush will provide an interim financial update to ensure our shareholders have a current view on the significant progress the company is making. We are particularly pleased to see such a strong mix of results coming from new logo customers as well as from expanded relationships with our existing customer base," said Steve Taylor, CEO of BlueRush.
"Personalized video is at an inflection point. We are seeing more and more inbound inquiries as companies have started embracing this technology as a core part of their marketing and sales toolset. Our continued momentum in direct sales, customer expansion and channel activities position BlueRush extremely well to exploit this exciting market opportunity and create value for our shareholders," concluded Mr. Taylor.
About BlueRush
BlueRush develops and markets IndiVideo™, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversions to more engaging statements and customer care. IndiVideo enables BlueRush clients to capture knowledge and data from their customers' video interaction, creating new and compelling data driven customer insights.
For more information visit: http://www.bluerush.com
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Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including, without limitation, statements with respect to the Company's anticipations and outlook or guidance in respect of various financial metrics, including bookings and gross margins, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; the general impact of the COVID-19 pandemic; as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
SOURCE BlueRush Inc.
Company Contact: BlueRush Inc., Steve Taylor, CEO, Tel: 416-457-9391, Email: [email protected]; Investor Relations Contact: Skyline Corporate Communications Group, LLC, Lisa Gray, Senior Account Manager, One Rockefeller Plaza, 10th Floor, New York, NY 10020 USA, Office: (646) 893-5835, Email: [email protected]
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