Wishpond Technologies Ltd. (TSX-V:WISH, OTCQX:WPNDF) hailed the significant growth in its digital marketing platform, Propel IQ, since its launch one year ago, with 500 customers currently subscribing.
On the anniversary of its launch, CEO Ali Tajskandar credits Propel IQ with setting Wishpond "on track for its next stage of growth."
"We believe that our investment of time and resources in the past year is yielding a very promising growth trajectory for the platform," he said.
He added that transitioning to a self-serve model with a fully integrated and bundled software platform is allowing the company to improve its profit margins and customer retention, with gross margins expected to surpass 80% and 40% lower customer churn compared to other solutions.
"Looking ahead, we anticipate the growth of Propel IQ to continue this trajectory and become a cornerstone for growth and profitability for Wishpond,” he said.
Key achievements in the year include a 10-fold increase in monthly recurring revenue, with Propel IQ having also increased customer lifetime value by over 20%, the company said.
The platform integrates various technologies, including SMS marketing from Winback, referral marketing from Viral Loops, and sales engagement software from PersistIQ.