Vancouver, British Columbia--(Newsfile Corp. - April 21, 2022) - MediaValet Inc. (TSX: MVP) (the Company), a leading provider of enterprise digital asset management and creative operations software, is pleased to announce that it was selected by a leading manufacturer of physical security products ("the Customer"). Commenced on March 31, 2022, and with first-year billings of $75,000, the auto-renewing subscription ("Subscription") includes MediaValet's enterprise digital asset management ("DAM") platform; Audio/Video Intelligence ("AVI") engine; Active Directory single sign-on module; CreativeSPACES; and professional services covering implementation, and ongoing training and support.
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Over its 40+ year history, the manufacturer has developed a successful household brand that is synonymous with innovation, safety, quality, value and service. The Customer has long known that they will need to digitize to ensure the continuity and ongoing success of their business, and in fact, originally purchased MediaValet in 2013 for this very purpose. However, after experiencing difficulty aligning their teams behind the timing of their digital transformation plan, the company decided to put their DAM initiative on hold. Eight years later, the team is aligned and ready to initiate their original vision and plan for their digital transformation. After an extensive review of the current DAM market, MediaValet was selected again as their trusted DAM vendor.
"This is a very meaningful win for us," commented David MacLaren, Founder and CEO of MediaValet. "It's one of those instances where the hard work we've put into building our product is on full display. The Customer was amazed at the progress we've made on our vision, and the powerful and innovative solution we've continued to develop since they originally experienced it eight years ago. At the end of 2013, MediaValet was in its infancy with just 25 customers and a small team, compared to today with over 400 customers and a team of over 100 employees. Since that time, we can proudly tout a number of first-to-market differentiators that highlight our innovative approach, including CreativeSPACES and our AVI engine which were licensed by the Customer. We truly stand apart from our competition with these types of innovations, along with our go-to-market strategy and our long-term vision for DAM. Besides the best-of-breed aspects of our business and products, our proven commitment to solving the DAM challenges faced by organizations today continues to benefit the long-term continuity and success of our customers."
Added Dave Miller, CFO, "We're pleased to see the accelerating DAM market trends translating to another positive development for MediaValet. We generally announce meaningful wins if they are more than double our average ARR size, and we've now announced four large new and expansion wins for Q1'22 for a total of $0.41 million in new business. This far exceeds the large new customer and expansion wins announced in Q4'21 ($0.29 million) and Q1'21 ($0.16 million). We see this as a positive sign that the momentum reported in Q4'21 - generating our second-largest net new ARR quarter in history - is continuing into Q1. This gives us increased confidence and validates our decision to double down on our long-term vision for DAM. As mentioned in our Q4 results, we expect our operational expansion in 2021 to start impacting our ARR growth in 2022 and believe we're seeing the early signs that it's unfolding as expected."
About MediaValet Inc.
MediaValet stands at the forefront of the cloud-native, software-as-a-service, enterprise 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, Drupal, WordPress and many other best-in-class 3rd party applications.
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