BlueRush Inc. (TSX-V:BTV) has announced that its revenue jumped by a third for the first quarter of fiscal 2022 as it achieved a number of significant milestones in terms of new and existing customers.
The company reported revenue of $1,110,078 for the three months ended October 31, 2021, up 33% from $836,511 in 1Q 2021. Total gross profit increased by 69% to $795,711 from $470,053 in the prior comparable quarter, with the contribution from software as a service (SaaS) gross profit rising to 90%.
"We are extremely pleased with the way the fiscal year has started for BlueRush as we continue to see acceleration in terms of new signed customers, expansion from our existing customers and contribution from our growing partner network,” CEO Steve Taylor said in a statement.
"Marketers and sales teams are rapidly adopting personalized video in order to drive increased conversion metrics and provide more precise and relevant communications to their customers and prospects,” he added.
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BlueRush said new and expansion SaaS CARR (contracted annual recurring revenue) for the quarter was $367,963. New logo customers contributed $111,440, with the expansion of existing customers making up $256,523. It noted that it experienced zero gross churn and 100% logo retention in the quarter.
New logo signed customers include:
- Top 15 North American bank (measured by assets under management)
- Top 5 Canadian bank (measured by assets under management)
- Top 10 North American Insurance provider (measured by premiums written)
Expansion with key customers include:
- Two top 15 North American Banks (measured by assets under management)
- Top 5 Global Asset Management firm (measured by assets under management)
- Top 5 North American Insurance provider (measured by premiums written)
BlueRush concluded it has demonstrated the ability to secure, retain and grow these significant relationships, creating a strong foundation for the business going forward.
Bluerush develops and markets IndiVideo, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer life cycle, from increased conversions to more engaging statements and customer care. IndiVideo enables Bluerush clients to capture knowledge and data from their customers' video interaction, creating new and compelling data-driven customer insights.
Contact the author at stephen.gunnion@proactiveinvestors.com