Bridgeline Digital Inc (NASDAQ:BLIN) announced that it has received 28 software as a service (SaaS) license sales totaling over $1 million in total contract value, with $340,000 in annual recurring revenue (ARR), for its fourth quarter of fiscal year 2022, which ended September 30.
The cloud-based digital experience software provider said its cross-selling and upsell strategy remains strong, with 13 license sales to its existing customer base on top of 15 newly-won customers.
“In 2022, Bridgeline acquired customers in new industries and expanded customer licenses through cross-selling,” Bridgeline Digital CEO Ari Kahn said in a statement.
READ: Bridgeline Digital announces strong growth in revenue and gross profit for its 3Q
“This incremental license ARR has helped us deliver double-digit growth in fiscal year 2022,” Kahn added.
Bridgeline noted its existing customers, including HP, 7-Eleven, and SAGE Publishing, expanded their commitment to the company this quarter with further investments in Bridgeline software and services.
The company added that it also saw outstanding customer subscription renewals with more than 100 renewing customers including Caterpillar, AstraZeneca, Hammacher Schlemmer, and Coca-Cola Europacific Partners.
Last quarter more than 80% of Bridgeline’s revenue was from subscriptions and this is expected to continue with subscriptions representing the vast majority of its revenue, according to the company.
As well, Bridgeline reported that it is expanding its executive team for 2023 with the appointment of John Murcott as its executive vice president, products & strategy.
Murcott has more than 20 years of experience in the marketing technology sector and was a founding member of Ari Kahn’s first MarTech company, FatWire, which he helped build into an industry leader in content management before it was acquired by Oracle in 2011.
The company also revealed that its eCommerce 360 growth strategy in fiscal year 2022 included partner-driven customer acquisitions and a focus on cross-selling within Bridgeline’s product suite, which it says has continually led to a strong growth rate and more online revenue for Bridgeline customers.
Bridgeline intends to announce its full fiscal year 2022 results in December.
Bridgeline Digital helps companies grow their online revenue by increasing traffic, conversion rates, and average order value.
Contact Sean at sean@proactiveinvestors.com