Total contract wins in 2018 to date rises to $105 million of annualized revenue at full run rate
InnerWorkings, Inc. (NASDAQ:INWK) a global leader in marketing execution, announced today that the company has received significant new work from two of its long-term clients. These new wins will add approximately $20 million of annualized revenue for the company at full run rate, bringing the total awarded to $105 million through the first eight months of 2018.
“We are particularly proud when our clients, who are among the best run companies in the world, ask us to meaningfully increase our support of their brands”, said Rich Stoddart, Chief Executive Officer for InnerWorkings. “There is no better testimonial to the positive impact we make as we execute their marketing campaigns. Our new bookings thus far in 2018 are ahead of our pace in the last two years, with half coming from existing clients expanding their relationship with InnerWorkings.”
One of the new expansions comes from one of the world’s largest producers in the beer, wine, and spirits vertical, a client that InnerWorkings has been supporting for more than 10 years. The legacy solutions primarily involve luxury packaging in Europe and point-of-sale materials throughout Latin America. The new contract announced today is for their largest market, the United States, as well as Canada, and covers a broad range of marketing materials, including point of sale, value-added packaging, and promotional items. At the heart of the solution is InnerWorkings’ proprietary VALO software platform, which will facilitate automated ordering windows allowing for the organized purchasing of branded materials in bulk for both this client and for their distributors. The result will be lower costs, greater transparency, and better adherence to brand standards. InnerWorkings has already deployed an on-site team and will begin realizing meaningful revenue under this new contract in the first quarter of 2019.
The other expansion announced today is with one of the world’s leading manufacturers of consumer goods, specializing in cleaning products. InnerWorkings has been supporting this client since 2014, managing promotional items and printed marketing collateral in the United States and Canada. The new contract expands the relationship to include permanent retail displays. InnerWorkings’ expertise in creative and structural design combined with overseas sourcing and logistics knowledge will help drive incremental sales for this client in the retail environment while lowering the cost of the displays.
“Our efforts to expand our existing clients with new geographies and additional categories of marketing spend are paying off for both InnerWorkings and for our clients”, said David Duysen, Vice President, Business Development for InnerWorkings. “Meaningful opportunities exist to further increase our work with both of these two clients beyond these latest wins, as well as with many other clients in our portfolio.”
For more information about InnerWorkings, visit www.inwk.com.
InnerWorkings, Inc. (INWK) is the leading global marketing execution firm serving Fortune 1000 brands across a wide range of industries. As a comprehensive outsourced enterprise solution, the Company leverages proprietary technology, an extensive supplier network and deep domain expertise to streamline the production of branded materials and retail experiences across geographies and formats. InnerWorkings is headquartered in Chicago, IL and employs 2,100 individuals to support global clients in the execution of multi-faceted brand campaigns in every major market around the world. Among the many industries InnerWorkings serves are: retail, financial services, hospitality, consumer packaged goods, not-for-profits, healthcare, food & beverage, broadcasting & cable, automotive, and transportation. For more information visit: www.inwk.com.