BlueRush Inc an emerging personalized video software as a service (SaaS) company, said it has recorded significant recent growth in subscription bookings.
BlueRush’s proprietary technology, IndiVideo, enables its clients to capture knowledge and data from their customers' video interaction, creating new and compelling data driven customer insights.
According to the statement, BlueRush added $1,057,963 of new and expansion subscription bookings for its fiscal 2021.
The new bookings are anticipated to have similar gross margins as the company’s existing subscriptions.
Broken down, new logo customers accounted for $260,951 and $812,456 of additional subscription bookings in Q4 2021 and fiscal 2021, respectively.
New bookings are considered an important metric in demonstrating the company's ability to secure new customers.
New customer examples include:
- Enhancing customer statements - Major US insurer, secured through one of the company's US-based channel partners, utilizing IndiVideo to turn basic statements into an important touchpoint with their customers;
- Wealth manager sales enablement - Leading US fintech solution provider arming wealth managers with IndiVideo to enhance their ability to engage new and existing clients;
- Supporting new insurance product launch - Leading Mexican insurance provider leveraging IndiVideo to launch and sell a new insurance product; and
- Expansion bookings - Our existing customers accounted for $245,507 in expansion subscription bookings in fiscal 2021. Expansion bookings are a significant health indicator as it indicates that existing customers see value in the technology and support they receive from BlueRush, leading to incremental revenue.
"Historically, there has been a lag between our July 31 year end and our disclosure of year end results and so, going forward, BlueRush will provide an interim financial update to ensure our shareholders have a current view on the significant progress the company is making. We are particularly pleased to see such a strong mix of results coming from new logo customers as well as from expanded relationships with our existing customer base," Steve Taylor, CEO of BlueRush said in a statament.
He went on to note: "Personalized video is at an inflection point. We are seeing more and more inbound inquiries as companies have started embracing this technology as a core part of their marketing and sales toolset. Our continued momentum in direct sales, customer expansion and channel activities position BlueRush extremely well to exploit this exciting market opportunity and create value for our shareholders.”
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