Bridgeline Digital Inc (NASDAQ:BLIN) said it closed 23 license sales totalling more than $690,000 in annual recurring revenue in the third quarter of the 2022 fiscal year.
During its fiscal 3Q, which ended on June 30, 2022, the company said its cross-selling and upsell strategy remained strong, with 11 license sales to its existing customer base on top of 12 newly won clients.
Bridgeline CEO Ari Kahn said the company continued to win new customers and expand its license revenue within its existing customer base at the strongest rate in its history.
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“Bridgeline’s eCommerce360 strategy is helping us grow not only with new customers through multiple entry points in our product suite, but also through customer expansion with new capabilities that help our customers grow their online revenue,” Kahn said in a statement.
Existing customer renewals represented $1.7 million in total contract value during 3Q, with 118 renewing customers including Bristol Meyers Squibb, 7-Eleven, Shell, and Triumph.
The company also highlighted significant growth during the quarter within the hardware, automotive, and finance industries, adding notable companies such as Federal Credit Union, Belmetrics, and Michael Murphy Sports and Leisure.
Further, Bridgeline noted that its franchise product suite TruPresence continued to bring new opportunities, adding $100,000 in annual recurring revenue during the fiscal year to date.
Bridgeline Digital helps companies grow their online revenue by increasing traffic, conversion rates, and average order value.
Contact the author Emily Jarvie at emily.jarvie@proactiveinvestors.com
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