Leading to Strong Account Expansion by Existing Customers
Vancouver, British Columbia--(Newsfile Corp. - April 30, 2019) - MediaValet Inc. (TSXV: MVP), a leading provider of cloud-based enterprise digital asset management (DAM) and creative operations software, is proud to report an increase in user adoption across the Company's customer base, resulting in increased account expansions in Q1 2019. This follows the successful migration of all customers to MediaValet's innovative new V4 platform in September 2018. Since its launch, V4 has set new benchmarks for application speed and global platform scalability.
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"Maintaining and growing subscriptions of existing customers is the Holy Grail of SaaS (Software-as-a-Service) companies," commented David MacLaren, Founder and CEO of MediaValet. "This is a key indicator that we're providing long-term value to our customers and that our product and R&D teams are on the right path. With our recurring revenue base reaching a material size, expansion of our existing accounts has become a major focus of the Company. Thanks to V4 and the efforts of our Product, Support and Success teams, our new fiscal year is off to a great start."
Continued David MacLaren, "We were confident V4 would deliver new levels of enterprise performance, and we're extremely happy our new innovations are leading to increased user experience and adoption, as well as average subscription value, across our customer base. Specific customer feedback highlights the surprising speed of the DAM, the breadth and depth of new advanced features, and efficiency gains from features like the ability to save and pin searches to specific user groups and workflows. These results further cement our commitment to innovation and to applying cutting-edge technologies to solve the chaos that digital media creation, accumulation and distribution can cause."
Q1 subscription expansions included additional system capacity required to keep up with user demand, adoption of new add-on features, and addition of new business units. For example, a large media agency more than doubled their subscription, increasing to U$125,000 per year, in order to streamline their service delivery across an increased number of customers. As another example, seeing the value added by V4, particularly with Advanced Search and Multi-libraries, a long-standing Fortune 50 customer purchased their seventh MediaValet subscription to address the DAM needs of a new operating division; increasing their annual license from U$68,500 to U$95,000.
About MediaValet Inc.
stands at the forefront of the enterprise, cloud-based, digital asset management and creative operations industry. Built exclusively on Microsoft Azure and available within 140 countries, across around the world, MediaValet delivers unparalleled enterprise class security, reliability, redundancy and scalability while offering the largest global footprint of any DAM solution. In addition to providing all core DAM capabilities and local desktop-to-cloud support for creative teams, MediaValet offers industry leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Oracle Marketing Cloud (Eloqua), Drupal 8, WordPress, Hootsuite and many other best-in-class 3rd party applications.
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For further information, please contact:
David MacLaren
Tel: (604) 688-2321
Babak Pedram
Tel: (416) 644-5081
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