Sep 28, 2023
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MediaValet Announces Expansion by Large Media and Entertainment Customer
January 13, 2022 7:45 AM EST | Source: MediaValet Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 13, 2022) - MediaValet Inc. (TSX: MVP) (the Company), a leading provider of enterprise digital asset management ("DAM") and creative operations software, is pleased to announce a $120,000 expansion under the master services agreement with one of its largest customers and one of the world's leading media and entertainment companies ("the Customer"). This is the Customer's fourth expansion of the Company's services since choosing MediaValet in 2019; more than doubling its original annual recurring license for services to $774,000, effective with its December 31, 2021 renewal.
Figure 1
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The original vision of the Customer was to implement a DAM capable of centralizing all of the organization's digital media in a highly secure, redundant and accessible global platform. This was a shift from the Customer's previous approach of decentralized and siloed management of their assets. The Customer expected this shift to increase efficiency, reduce operating costs and infrastructure complexity, and increase the reach and ROI of their assets.
"We believe this expansion, along with the other three since 2019, speaks volumes of our success in delivering an enterprise-class cloud DAM solution that meets the demanding and ongoing requirements of an enterprise organization of the scale and worldwide presence that puts it in the top ten of global media companies," commented David MacLaren, Founder and CEO of MediaValet. "Simply put, we win by helping our customers win, and winning with a customer of this size is highly impactful across our business. It not only helps us grow our revenue base directly, but also our capabilities overall as they continually challenge us to push the limits of scalability that only a small handful of vendors can achieve today. We're extremely proud to be among this group - especially as the only 100% cloud-based DAM vendor."
Continued Mr. MacLaren, "We're truly building something different; a pure, cloud-based DAM that can meet the enterprise DAM needs of any size company, no matter where they're located or how many locations, people, partners, vendors or assets they have - we simply can't be outgrown. Announcements like today's reinforce that our vision and strategy are working. As the DAM market accelerates towards US$10 billion in 20261, we're confident that the lion's share of the growth will come from addressing enterprise DAM use cases across all company sizes and industries. We believe that our vision and strategy are tightly aligned with these market trends and that we're on the right path to materially increase our market share as a worldwide leader in DAM in the years ahead."
1 Source: Research & Markets Global DAM Market forecasts 2019 to 2026, dated: October 2021
About MediaValet Inc.
MediaValet stands at the forefront of the cloud-native, software-as-a-service, enterprise digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data center regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability; while offering the largest global footprint of any DAM solution. In addition to providing enterprise, cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Wrike, Monday.com, Drupal, WordPress and many other best-in-class 3rd party applications.
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For further information, please contact:
David MacLaren
Tel: (604) 688-2321
david.maclaren@mediavalet.com
Babak Pedram
Tel: (416) 644-5081
babak.pedram@mediavalet.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109980