Bridgeline Digital Inc (NASDAQ:BLIN) announced that it signed more than $6 million in new license contracts and had a revenue renewal rate of more than 90% for fiscal 2023.
The marketing technology software company said its site search solution HawkSearch’s product line led the success, with HawkSearch growing to nearly 50% of its revenue with a revenue renewal rate of more than 95%.
"By powering product discovery, our platform enables businesses to grow revenue. Not only do we drive more visitors to websites, but we also ensure those visitors become customers and make larger purchases," Bridgeline CEO Ari Kahn said in a statement.
"Our consistent track record of boosting online visits by up to 25%, elevating conversions by 35%, and raising the average transaction value by 25% attracts many to our software."
Ahead of the release of its full fourth quarter fiscal year 2023 financial results in December, the company said during the quarter it achieved an additional 27 sales for $900,000 in contract value, which added $375,000 in annual recurring revenue.
Bridgeline said it exited the quarter with a 92% renewal rate for $2 million in contracts, totalling $9 million in renewals for the year.
New customers include technology providers Spectrum Control, Saviynt and Project Insight and industrial distributors Trident and Filters Fast, and renewals include leading companies across the retail and consumer goods, healthcare and life sciences, industrial suppliers, manufacturing, and higher education sectors.
Bridgeline helps companies grow their online revenue by increasing traffic, conversion rates, and average order value.
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