MediaValet Selected by Leading Direct-to-Customer Manufacturer
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2021) - MediaValet Inc. (TSXV: MVP) ("MediaValet" or the "Company"), a leading provider of enterprise digital asset management and creative operations software, is pleased to announce that the Company's cloud-native, software-as-a-service (SaaS) solutions were selected by a leading North American direct-to-customer manufacturer ("Manufacturer" or the "Customer") with over 4,000 employees. Commencing March 31st, 2021, the first-year billing of $156,000 includes an auto-renewing subscription ("Subscription") of MediaValet's enterprise, cloud-native digital asset management platform, CreativeSPACES™ and Branded Portals; integrations with Wrike and Azure Active Directory; Advanced Artificial Intelligence; and professional services covering implementation, training and support.
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Similar to retailer and consumer packaged goods (CPG) companies, as a dynamic direct-to-customer manufacturer, the Customer's business depends on fresh, up-to-date and timely product designs, packaging and branding being available at all times across all of their customer-facing marketing and sales channels. At the same time, the productivity and velocity of their operations require all their teams and vendors to have access to their in-process and latest product designs and specs, as well as marketing and branding material. In their increasingly digital environment, the Manufacturer realized the critical importance of having a highly available, redundant and secure, single-source-of-truth for their product and brand assets. After an extensive review and selection process that began in late 2019, and was subsequently delayed for months due to the pandemic, they selected MediaValet for its global platform and industry-leading enterprise capabilities; ease-of-use; unlimited users, support and training; and innovative add-on modules.
"In today's digital world, DAM has become mission-critical for those organizations streamlining, optimizing and scaling their operations," commented David MacLaren, Founder and CEO of MediaValet. "This is particularly true for the manufacturing sector where we continue to see strong growth, innovation and expansion. If you consider the challenges faced by manufacturers today, it quickly comes apparent why the segment is widely embracing DAM as part of their progressive digital transformation strategies. To be successful today and into the future, manufacturers require a DAM that can provide the accessibility, speed and ease-of-use their users expect - across all departments - while still providing the security, compliance, interoperability and scalability required by their business. This is exactly what we're built for - helping customers win market share by increasing the productivity, velocity, and continuity of their entire business - not just that of single departments or teams."
Mr. MacLaren continued, "Winning this highly competitive bid is a testament to the value that organizations see in our vision for DAM and the path that we lay out, step by step, to get them there - with our help. Wins like this validate our unwavering investment in our platform and our team, and reflect the value our customers see in the unrivalled customer time-to-value and return on investment we deliver. As 2021 begins, we continue to lean in on platform development, enabling us to expand our total addressable market; and on our industry-leading sales, marketing, customer success and support teams, allowing us to further our renowned competitive advantage."
Added Rob Chase, Executive Chair and CFO, "We are now coming out of a full-year business cycle since the pandemic lockdowns began, and while we believe it has bolstered our long-term prospects by making DAM more mission-critical, it has also created a short-term headwind from longer and more complex sales cycles, along with increased churn in certain customer segments as organizations dealt with the economic fallout. Specifically, in Q1 last year the COVID lockdowns negatively impacted our new customer acquisition level, while our existing customer renewals weren't impacted as most were already through the renewal process. In addition, Q1'20 included a $190,000 customer expansion. Since then, new customer acquisition levels have improved each quarter as the pandemic headwinds began to abate - and the win announced today is yet another sign of that trend continuing. In parallel, the pandemic has slightly increased churn levels, particularly in industries like tourism and travel, as well as across our smaller customers. This impacted Q2 thru Q4 last year and we expect it to continue into Q1'21. With the full-year renewal cycle of the pandemic now mostly complete, and the resulting toll it's taken on the tourism and travel industry mostly reflected in our customer base, we expect existing customer net retention levels to start improving in Q2'2021 and beyond."
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise, cloud-native, software-as-a-service 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, WorkFront, Wrike, Drupal 8, WordPress and many other best-in-class 3rd party applications.
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