Digerati Technologies Highlights Accomplishments in FY2023 and Outlines Strategic Initiatives through FY2025
SAN ANTONIO, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Digerati Technologies, Inc. (OTCQB: DTGI) (“Digerati” or the “Company”), a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the small to medium-sized business (“SMB”) market, is pleased to highlight its accomplishments in FY2023 and outline its strategic initiatives through FY2025 with a focus on long-term revenue growth, profitability, and increasing shareholder value.
The Company’s key accomplishments for FY2023 included:
In May 2023, the Company completed the full integration of multiple operating entities serving approximately 45,000 business users and ended its fiscal year July 31, 203 with an integrated platform branded as Verve and optimized for scaling via organic and/or acquisition growth. The full operational integration included combining people, processes, and systems that resulted in single billing, ticketing, CRM, and accounting systems.
As the Company looks to the future, its strategic initiatives to successfully meet its corporate goals and objectives includes:
Digerati continues to participate in a high-growth market driven by demand from the business sector. The global UCaaS market projects to expand from $38.7 billion at a CAGR of 23.5% through 2027, reaching a value of $169.6 billion. Approximately 95% of Digerati’s revenue is contracted monthly recurring revenue.
Arthur L. Smith, CEO of Digerati, stated, “We have stayed the course and our team has continued to deliver on meeting previously stated strategic initiatives while moving well beyond proof of concept with our business model. We have no intention of deviating from the plan we implemented several years ago when we launched our disciplined M&A strategy that resulted in growing from $200K to $32 million in annual revenue. Our leadership team and financial partners are aligned in our strategic vision of combining organic growth with accretive acquisitions in building a formidable UCaaS provider serving the small and medium-sized business market.”
About Digerati Technologies, Inc.
Digerati Technologies, Inc. (OTCQB: DTGI) is a provider of cloud services specializing in UCaaS (Unified Communications as a Service) solutions for the business market. Through its operating subsidiary Verve Cloud, Inc. (f/k/a T3 Communications, Nexogy, and NextLevel Internet), the Company is meeting the global needs of small businesses seeking simple, flexible, reliable, and cost-effective communication and network solutions including, cloud PBX, cloud telephony, cloud WAN, cloud call center, cloud mobile, and the delivery of digital oxygen on its broadband network. The Company has developed a robust integration platform to fuel mergers and acquisitions in a highly fragmented market. as it delivers business solutions on its carrier-grade network and Only in the Cloud™.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements such as achieving record levels of new installed revenue and improved sales and service delivery performance are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, our inability to source suitable acquisition targets, failure to execute growth strategies, lack of product development and related market acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.
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