BlueRush Inc. (TSX-V:BTV) has reported a strong rise in second-quarter Software-as-a-Service (Saas) sales as demand for its IndiVideo platform continues to grow.
The Toronto-based company said SaaS revenues increased by 26% to $734,051 in the three months to January 31, 2022, taking six-month sales 34% higher to $1,499,075 compared to $1,121,962 in 1H 2022. SaaS gross margins were 94%.
“We are pleased to see continued growth in the SaaS business as IndiVideo continues to deliver powerful results for our clients in helping them acquire, onboard and retain customers,” BlueRush CEO Steve Taylor said in a statement. “We continue to secure new large enterprise customers and, at the same time, we have now begun to see an acceleration of lead generation and deals for our IndiVideo for Sales platform.”
READ: BlueRush sees 'growth in every area of the business' in fiscal 2022 results
The company said demand for IndiVideo for Sales — which allows sales, service and marketing resources to integrate personalized videos quickly and easily into their sales sequences, leading to higher email open rates, more meetings, and, ultimately, improved results — has been positive with increases in activity as well as sales.
Over 50 meetings with prospects were booked in 2Q and the number has accelerated through 3Q, it said, adding that approximately 50% of these calls are converting into qualified opportunities. These results underscore the IndiVideo platform's value in reaching new businesses and customers, the company said.
BlueRush said the platform's affordability and ease of use make it an attractive option for companies in the financial services vertical, as evidenced by its current and prospective large customers who represent thousands of potential seats. Moreover, it said the platform's accessibility extends beyond the financial sector. Even small businesses with just five or more salespeople and a basic marketing function can leverage IndiVideo to enhance sales, service, and marketing sequences. It said this broad appeal expands BlueRush's potential customer base and positions its platform for widespread adoption.
New appointments
The company also announced that Savitri Ponnambalam has joined as chief customer officer, noting that she brings over 20 years of marketing experience with an impressive list of financial services customers.
“We are delighted with the addition of Savitri to the team where she will oversee our efforts to grow out enterprise accounts, manage our service delivery team and also assume leadership of our Marketing function,” Taylor continued. “Savitri is an industry thought leader with agency and client-side experience that will help us strengthen our role as thought partners with our customers, build senior-level relationships and ultimately aim to grow revenue.”
Also, it said Sandra Clarke has been appointed as the new chief financial officer of BlueRush.
It noted that Clarke is a seasoned financial professional with over 20 years of experience helping companies of various sizes with accounting, reporting, compliance and operations.
"Sandra will be an excellent addition to the BlueRush team as a fractional CFO leading the streamlined finance function at BlueRush," the company said.
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 stephen.gunnion@proactiveinvestors.com