TORONTO, April 03, 2023 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") (TSXV:BTV; OTCQB:BTVRF), a leading personalized video Software as a Service ("SaaS") company, today announced its financial results for Q2 2023.
SaaS Revenues Continue to Grow
“We are pleased to see continued growth in the SaaS business as IndiVideo continues to deliver powerful results for our clients in helping them acquire, onboard and retain customers,” said Steve Taylor, CEO of BlueRush. “We continue to secure new large enterprise customers and, at the same time, we have now begun to see an acceleration of lead generation and deals for our IndiVideo for Sales platform.”
SaaS revenues increased by 26% for the second quarter, growing to $734,051 from $538,240 in Q2 2022
SaaS revenues increased by 34% for the six months ended January 31, 2023, growing to $1,499,075 compared to $1,121,962 for the six months ended January 31, 2022
SaaS gross margins were 94%
IndiVideo for Sales Gaining Momentum
IndiVideo for Sales, which allows sales, service and marketing resources to integrate personalized videos quickly and easily into their sales sequences, leading to higher email open rates, more meetings and, ultimately, better sales results. The demand for this capability has been positive with an increase in activity as well as closed deals. Over 50 meetings with prospects were booked in Q2 and the number has accelerated through the 3rd quarter. Approximately 50% of these calls are converting into qualified opportunities. These results reinforce that the IndiVideo platform presents a valuable opportunity for the Company to reach new businesses and customers.
The platform's affordability and ease of use make it an attractive option for companies in the financial services vertical, as evidenced by BlueRush's current and prospective large customers who represent thousands of potential seats. Moreover, the platform's accessibility extends beyond the financial sector. Even small businesses with just five or more salespeople and a basic marketing function can leverage IndiVideo to enhance their sales, service, and marketing sequences. This broad appeal expands BlueRush's potential customer base and positions their platform for widespread adoption.
BlueRush adds Savitri Ponnambalam as Chief Customer Officer
Savitri Ponnambalam has joined BlueRush as Chief Customer Officer. “We are delighted with the addition of Savitri to the team where she will oversee our efforts to grow out enterprise accounts, manage our service delivery team and also assume leadership of our Marketing function,” said Mr. Taylor. Savitri brings over 20 years of marketing experience to BlueRush, having worked at and consulted to an impressive list of Financial Services customers. “Savitri is an industry thought leader with agency and client-side experience that will help us strengthen our role as thought partners with our customers, build senior level relationships and ultimately aim to grow revenue,” continued Taylor.
Sandra Clarke joins the team as Chief Financial Officer
Sandra Clarke has been appointed the new CFO of BlueRush. Sandra is a seasoned financial professional with over 20 years’ experience helping companies of various sizes with accounting, reporting, compliance and operations. Sandra will be an excellent addition to the BlueRush team as a fractional CFO leading the streamlined finance function at BlueRush.
Financial Results for Q2 2023
The unaudited interim consolidated financial statements and management's discussion and analysis for the three and six months ended January 31, 2022, have been posted under the Company's profile on SEDAR (www.sedar.com). The financial information included in this news release is qualified in its entirety and should be read together with the unaudited consolidated financial statements and management's discussion and analysis, including the notes thereto.
BlueRush develops and markets IndiVideo™, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer lifecycle, from increased conversions to more engaging statements and customer care. IndiVideo enables BlueRush clients to capture knowledge and data from their customers' video interaction, creating new and compelling data driven customer insights. For more information visit https://www.bluerush.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release may constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including: the Company’s expectations for the use and potential growth of IndiVideo; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; state of the capital markets; the availability of funds and resources to pursue operations; a novel business model; dependence on key suppliers and local partners; competition; the outcome and cost of any litigation; the general impact of COVID-19 pandemic, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
For further information please contact:
Chief Executive Officer
Director of Marketing