BlueRush Inc (CVE:BTV) (OTCQB:BTVRF) is reporting that its third-quarter SaaS revenue increased by double digits year-over-year.
For the period ending April 30, the company said it generated SaaS revenue of $517,878, a 44% increase compared to the year-ago quarter.
In addition, BlueRush said it has pulled in year-to-date SaaS revenue of $1,487,018, a 63% increase.
READ: BlueRush inks US$200,000 deal with major North American lender to enhance its digital client experience
The revenue growth, the company said, is primarily due to new customers, expansion of existing customers, and increasing traction with its growing partner network.
BlueRush also said SaaS gross margins year-to-date grew from 68% to 82%, driven by the company’s dynamic rendering capability due to the efficient use of cloud resources.
And the company added that the contract renewal rate remains above 95%, as BlueRush continues to report very low churn with its customers. That high rate is driven by the results that the IndiVideo platform generates for its clients and the work of its Customer Success team.
"We are happy to report continued progress on the key metrics that are driving our success and increasing value for our shareholders,” said CEO Steve Taylor in a statement. “SaaS revenue continues to grow with a 63% increase year to date, gross margins now exceed 80% and our renewal rate remains at an impressive 95%.”
Taylor added: "Our ability to deliver personalization at scale, create meaningful touchpoints in the digital channels and drive measurable ROI sets us apart. We work with an increasing number of leading brands committed to delivering a high value, engaging and personalized experience to their customers, which have embraced IndiVideo to fulfill this promise."
Now trading on OTCQB
In other company news, BlueRush announced that its common shares have commenced trading on the OTCQB Market under the ticker symbol "BTVRF” after the company raised $5 million in the third quarter to fuel its growth and meet working capital needs.
“And with this OTC-QB cross-listing, the company anticipates the benefits of increased US ownership and liquidity enhancement, ultimately leading to share value creation in both home and international markets," said Ankur Gupta, CFO of BlueRush.
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