Venzee Exceeds Quarterly Key Performance Indicator Goals
Venzee strongly positioned to achieve annual sales and revenue objectives with more than 790 Mesh Connectors™ sold and a 40% quarterly increase in active pipeline sales opportunities
CHICAGO, July 29, 2021 /PRNewswire/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee" or the "Company"), the leading artificial intelligence (AI) platform for product data, is pleased to announce that the Company exceeded quarterly Key Performance Indicator (KPI) targets for the second quarter of 2021.
Entering 2021, the Company published a set of KPIs to indicate overall performance improvement in critical operational areas. As a Software as a Service platform, the Company tracks and communicates customer churn, available retail channels, pipeline expansion, revenue growth, and sold Mesh Connectors™, which Venzee sells to clients to automate and accelerate the transfer of product data from brands to retailers.
For the second consecutive quarter, the Company exceeded all of its KPI targets and, according to COO Peter Montross, the Company is, "on track to achieve its ambitious goal of more than 2,000 sold Mesh Connectors™ and $195,000 in monthly recurring revenue by the end of 2021 — in line with an approximate 6-month lag in revenue recognition following the Company's SaaS-based monthly-recurring revenue model."
Overall, Venzee continues to exceed all of its quarterly KPI targets. The Company sold more than 790 Mesh Connectors™ as of the end of Q2 2021, a 17% increase from the 675 Mesh Connectors™ sold as of the end of Q1 2021.
Churn, or the number of clients that have discontinued use of the platform, remains at zero.
Sales pipeline growth remains strong with more than 7,000 active sales opportunities — a 40% increase from the end of Q2 2021. As a competitive advantage, Venzee continues to expand the number of retail channels available to clients, increasing its inventory from 405 retail channels in Q1 to 412 available retail channels in Q2.
"Venzee's rapid growth this quarter positioned us to once again exceed quarterly KPI targets and keep the Company on track against our aggressive year-end goal of 2,000 sold Mesh Connectors™," said John Sexton Abrams, CEO of Venzee Technologies. "Venzee is gaining undeniable traction in the market and clients continue to see positive results after implementing our advanced technology platform. We anticipate strong additional growth in our sales pipeline acrossall our target personas, which bodes well for achieving our 2021 goals. We will continue to deploy the necessary resources to ensure Company growth targets are met or exceeded."
Radically simpler than alternatives, Venzee's Mesh Connectors™ are unique in the market, system agnostic and infinitely scalable. Venzee's intelligent platform offers partners and brands a reliable, machine-to-machine interface that accelerates the distribution of product information to any retail destination.
With more than 400 major retail connections available on its platform, Venzee has become an important tool in the simplification and automation of product content distribution for brands globally.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to speed time to market and create competitive supply chain advantages. Venzee's intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.
To learn more about the Venzee platform, visit venzee.com
On Behalf of the Board,
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2018, and the quarter ended August 29, 2019, which are available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Venzee Technologies Inc.
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