DATABLE TECHNOLOGY SIGNS SAAS LICENSE RENEWAL WITH LEADING DIGITAL ENTERTAINMENT COMPANY
VANCOUVER, BC, March 28, 2024 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTC Pink: TTMZF) (the "Company" or "Datable"), the developer of a proprietary, SaaS-based Consumer Lifecycle and Data Management Platform known as PLATFORM3, signed a one-year Software-as-a-Service renewal (the "Agreement") on March 4, 2024 with a leading U.S. based digital entertainment company (the "Customer"), which is owned by a Fortune 500 media and technology company.
In 2023, the Customer accounted for approximately $520,000 in revenues and is expected to meet or exceed its use of PLATFORM3 in 2024. The Customer has licensed PLATFORM3 since 2016, increasing Datable's mandate as it validated ROI and as Datable updated the platform with enhanced functionality and security. The Customer pays Datable annual license fees plus variable fees depending on the number of marketing campaigns it runs, and the number of transactions validated on PLATFORM3.
Under the Agreement, the Customer will renew its SaaS license with Datable for a one-year period starting on June 3, 2024, and ending June 3, 2025. The Customer is under license now pursuant to an existing one-year renewal that will expire on June 3, 2024.
The Customer provides rewards for campaigns launched by leading consumer goods brands in the U.S. The Customer uses PLATFORM3 to engage directly with consumers, who purchase the products of leading consumer goods companies in retail stores, rewarding consumers for purchases and for actions that support their customers' brand.
"This renewal confirms the value we are providing to long-term customers. The Customer has used PLATFORM3 since 2016 and we look forward to serving them in 2024-2025 and beyond, with a view to upsizing the scope and scale of the relationship," said Rob Craig, CEO of Datable. "We continue to make progress with our discussions with LMSG as outlined in our press release dated Feb 20, 2024. Renewals from long-term enterprise customers that generate high-margin recurring revenues and have tremendous cross-selling potential are one of the main reasons that LMSG is keen to collaborate with us."
About Datable Technology Corporation
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds' most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party data. PLATFORM3 incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
About LMSG
Local Marketing Solutions Group (LMSG) was formed in 2012 by the executive management team of JGSullivan Interactive Inc. The purpose of LMSG, through merger and acquisition activity and organic growth, is to continue the expansion of offering the broadest and most efficient marketing solutions to national and international brands that drive revenue through local sales and marketing channels. LMSG provides marketing automation technology and a comprehensive set of supporting marketing services capabilities, allowing corporate marketing control of brand image while facilitating dissemination of product and service content and materials for local channels.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. 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. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Datable Technology Corp.
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