MediaValet Announces Large Client Expansion
New Division Expansion and Premium Cognitive (AI) Suite Upgrade
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - MediaValet Inc. (TSX: MVP) ("MV", "our", "we"), a leading provider of enterprise digital asset management (DAM), video content management and creative operations software, is pleased to announce two expansions under the master services agreement with one of MV's largest clients — a global leader in the entertainment industry ("the Client").
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The expansions include: (1) Expansion of MV's DAM services and capacity to provide multi-library support for an additional operating division of the Client; and (2) Upgrade to MV's premium cognitive suite of services which include AI features for face recognition, audio-visual indexing and our private-preview version of visual search. The Expansion increased the Client's annual recurring revenue ("ARR") by $324,000 effective September 2023, and the Upgrade increased ARR by another $200,000 effective November 2023 for a total combined increase of $524,000 in fiscal 2023.
MV's private-preview visual search solution is currently available only to this Client and is scheduled for general availability in 2024. Visual search uses multi-modal AI to bring the cutting-edge power of Visual-Language Models ("VLM") to DAM.
"This is an example of the possibilities that can come from our HotDAM! vision and mission to be number one in adoption," commented Rob Chase, President and CEO of MediaValet. "This is also reflected in our best-in-class ratings from G2 for service and support, and for enterprise DAM. While our service and support have opened the door, it is our new features, solution launches, high security ratings, and product roadmap, that have driven this expansion and upgrade. We are very excited about our product roadmap, which includes impactful launches for every quarter in 2024 that will increase accessibility, discoverability, and granular control. We believe these launches will empower and grow our 70,000+ user base. Our cutting-edge use of VLM to provide Visual Search features is but one of many exciting launches we have planned."
Mr. Chase added, "While we are excited about the impact these can have on our net retention rates ("NRR") and ARR growth, we also recognize that these are challenging economic times. Many of our customers have struggled, and as a result, we have experienced elevated gross churn beyond our normal levels. That said, we are grateful to have many customers like this Client who have expanded with us this year despite the macroeconomic backdrop. Thanks to these expansions, we expect to maintain our 100% NRR for this year and are confident the initiatives we have planned will enable us to achieve >100% NRR for the year ahead."
About MediaValet, Inc.
MediaValet stands at the forefront of the enterprise, cloud-native, software-as-a-service digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data center regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance, and scalability; while offering the largest global footprint of any DAM solution. In addition to providing enterprise cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Workfront, Wrike, monday.com, Drupal, WordPress and many other best-in-class 3rd party applications.
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For further information, please contact:
Corporate Office
Rob Chase, President & CEO | rob.chase@mediavalet.com | (604) 688-2321
Dave Miller, CFO | dave.miller@mediavalet.com | (604) 688-2321
Investor Relations
Babak Pedram | babak.pedram@mediavalet.com| (416) 646-6779
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188665
