BlueRush Inc. (TSX-V:BTV) has released its results for the first quarter ended October 31, 2002, highlighting a strong period of growth.
“The first quarter was successful in terms of continuing to grow our business,” Steve Taylor, CEO of BlueRush said in the results statement.
“Equally importantly, we continued to aggressively work to exploit the larger down-market opportunity now available to us through our IndiVideo for Sales platform extension. The funnel is growing rapidly and we have already begun to see deals closing with much shorter sales cycles," he added.
READ: BlueRush sees 'growth in every area of the business' in fiscal 2022 results
The company saw its SaaS (software as a service) gross margins increase to 94% during the period. SaaS revenues grew by 40.3% to $756,024 in the first quarter compared with $538,722 in the corresponding period of the previous year, while gross profit increased by 6% to $844,241 from $795,711.
Overall revenue grew by 10% to $1,218,627 compared to $1,110,078 in the same period the previous year. Committed annual recurring revenue, meanwhile, grew by 20.5% to $3,191,841 in the first quarter from $2,649,492 a year earlier.
The company said it continued to execute on its product, sales and marketing roadmap to capture the significant down-market opportunity for personalized video, most notably to enhance sales and marketing performance.
“IndiVideo has been productized to the point where it is no longer affordable only to large enterprises, but also much smaller corporations who want to use video to improve their sales results. We are securing new customers and filling the funnel with opportunities that include companies with as few as five salespeople, which opens a massive and untapped opportunity for BlueRush and our shareholders. At the same time, we continue to delight our large enterprise customers and they will continue to be a source of growth for us through 2023,” noted BlueRush CEO Taylor.
IndiVideo for sales, an extension of the existing IndiVideo platform, allows marketers and salespeople to quickly and easily create high-quality personalized video to enhance marketing sequences or send directly from the sales desktop, the company said.
“Our template-based approach creates tremendous efficiencies for sales and marketing team while also allowing for personalization to happen at scale through integration with the CRM,” said BlueRush chief technology officer Richard Pineault.
“Our unique approach also gives our customers the ability to ‘lock down’ elements of the videos to ensure brand, quality and compliance standards are met," he added.
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.
Contact the author at jon.hopkins@proactiveinvestors.com