BlueRush Inc has announced net growth in second-quarter recurring revenue bookings of $314,000 as the company secured a number of new financial services customers and sold its first deals in its telco and utilities verticals.
The company reported total contracted annual recurring revenue (CARR) above $3.1 million for the three months to January 31, 2022, with professional services bookings of $956,000.
Additionally, it said it achieved positive net dollar retention (NDR) in the quarter, a significant sign of health in the business which shows it is growing before the addition of new customers.
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BlueRush attributed its continued success in growing its customers base to the strong results achieved and investment in a dedicated Customer Experience Management team.
"Our IndiVideo platform is very well suited to add value in these new (Telco and Utilities) verticals,” CEO Steve Taylor said in a statement.
"Our Utilities customers will use IndiVideo to explain changes to statements month over month, make personalized recommendations on how to reduce the energy bill, divert expensive calls from the call centre, and over time, reduce the costs associated with sending printed bills in the mail.”
BlueRush said the Utilities project was secured through its partner, Nikia DX, which has developed a significant footprint creating an opportunity to replicate the first Utilities project into a large number of additional Utilities customers.
The company said the new Telco vertical opportunity also has significant potential and was sold through a South American partner, Percus.
Len Smofsky, chief customer success officer with BlueRush commented: "With Telcos, the bill or statement is an excellent opportunity to deliver a superior customer experience, reduce customer service and print costs and cross-sell to other products with targeted and personalized offers."
BlueRush said video sales and marketing is a fast-growing category, and it has unique capabilities that help customers sell more of their products and services through digital channels.
“Our partners are delivering revenue and new verticals, our direct team is firing on all cylinders and the market is providing a tailwind for the business," Taylor added.
The company highlighted other 2Q achievements as follows:
- Gross margins on services expected to exceed 40%
- New CARR of $219,000 from a number of international customers
- Two new major North American Insurance customers
- One new financial services customer
- Addition of first North American energy customer
- Addition of first telco customer
- Net expansion CARR of $95,000 from several existing customers
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