Receives Multiple Six Figure New and Renewal Deals VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)(OTC PINK:SNIPF), a Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector, is pleased to announce that it has signed two new marquee deals.
Snipp has signed a new deal with the Canadian entity of a long standing Snipp client ("Client"). The Client is the world's leading producer of cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and veggie foods. The Client's products are manufactured in 18 countries and marketed in more than 180 countries. Earlier this year Snipp had announced its single largest ever contract with this Client for the US market worth USD $1.98MM across three years - please refer to press release dated February 4, 2021. The Client has been piloting Snipp's industry leading SnippCARE (Customer Acquisition Retention and Engagement) Platform in various international markets and the Canadian market represents the first such international market for this Client that will deploy the SnippCHECK module of the SnippCARE Platform exclusively across its 2022 promotions in Canada. Contract values are in the six figures. Discussions are ongoing with other markets for deployments in 2022 and beyond.
Snipp has also signed a renewal license agreement with one of the largest energy drink manufacturers in North America and for the US market. The renewal contract for 2022-23 for the US market is for the base implementation of the SnippCARE Platform and is worth over USD $350,000 with the option of buying additional implementations for additional promotions and represents a 40%+ increase from the initial contract value for the base implementation of the SnippCARE Platform which was signed for the 2020-21 period. As an indication of the potential for 2022-23, the previous period's license for 2020-21 represented less than 20% of the overall revenue recognized from this client in 2021 of over USD $600,000. Discussions are ongoing for other deployments not represented by the core 2022-23 license agreement in the US market as well as preliminary discussions have begun for certain international markets.
"As we head deeper into the fourth quarter, we are excited by the momentum we are seeing not only from our existing clients but also from new clients with whom we have been in planning for 2022 and beyond. We expect renewals to come in as planned over the next six weeks as we come to an end of this year and to announce significant new and strategic wins that will give us great momentum as we look into the new year. We are winning by going deeper and broader with our existing clients across not only their product portfolios but also the geographies they operate in. In addition, we are gaining traction in new industries and adding to our roster of clients while continuing to build our long-term recurring revenue streams," said Atul Sabharwal, Founder of Snipp.
https://www.accesswire.com/674012/Snipp-Interactive-Receives-Multiple-Six-Figure-New-and-Renewal-Deals
