Leading Supply Chain Technology Partnerships Continue to Build Momentum Positioning Venzee to be a Major Industry Disruptor
VANCOUVER, May 6, 2019 /CNW/ - Venzee Technologies Inc. (TSX-V: VENZ) ("Venzee" or the "Company") is pleased to provide an update on the Company's channel partnerships and provide insight for 2019. In 2018 Venzee shifted from direct sales to a channel partnership model, which has proven to be highly successful in attracting industry-leading technology partners that recognize the value of Venzee's Mesh API content delivery solution. These partnerships are gaining industry recognition and building a path for high margin, recurring revenue.
Since announcing the channel partnership model, the Company has executed five agreements, in which two have completed integration, and continues advanced discussions with over 25 potential partners. Through five signed channel partnership agreements, Venzee has access to more than 100,000 brands and manufacturers, while the LOI's and advanced discussions represent an opportunity many times the size and includes the largest supply chain technology providers in the market. The Company believes it will close additional channel partnerships in 2019.
Channel partners are supply chain technology providers for global brands, manufacturers and retailers which include Product Information Management (PIM), Master Data Management (MDM), Digital Asset Management (DAM), Enterprise Resource Planning (ERP) and Electronic Data Interchange (EDI) companies. Venzee aims to integrate its Mesh API to enrich their core offering as the delivery platform for product information to online retailers. Examples of existing channel partner clients include Amazon, Costco, Walgreens, Loblaws, ConocoPhillips, GAP, General Motors, BMW, Chevron, Indigo, Bosch, Kawasaki, Brightstar, Polaroid, and Weber to name a select few.
The combined solution of our partners' core technology coupled with Venzee as the delivery platform has been demonstrated to some of the largest brands, manufacturers, and retailers in the world. Using Venzee in their demonstrations, Venzee's technology partners are winning net new business with improved content distribution capabilities.
Peter MacKay, President and Chief Executive Officer of Venzee, said, "We started 2018 with specific targets in mind. Our goal was to commercialize our API content distribution platform and partner with some of the leading technology partners in retail and e-commerce. The completion of our Mesh API has brought us channel partnerships that open a pipeline of potential end users that include some of the largest brands in the world." Mr. MacKay continued, "In 2019 we expect to onboard clients, sign more partnerships and expand our distribution across major retailers and brands. In addition, with the completion of our Mesh API technology, we are focused on continuing growth."
According to CrowdAnalytix, inaccurate product data costs over $100-billion per year in online retail due to inaccurate product descriptions, missing attributes, and incomplete or outdated images. Venzee's Mesh API enhances retailers, brands and partners technology and content distribution with all touch points of the supply chain.
In a recent report focused on omnichannel commerce, Brendan Witcher, Vice President and Principal Analyst at Forrester Research said, "Rising customer expectations for seamless brand experiences underscore how important it is for commerce solutions to work together more closely than ever to harmonize information across systems and touchpoints."
Allowing all commerce solutions to work together seamlessly is the core of Venzee's modern, cloud-based, API framework. The integrated, highly automated content distribution Venzee supports is critical to brands and retailers as the speed of ecommerce today pressures all trade participants to remove friction and operate more efficiently in a dynamic and expanding global market.
John Abrams, Vice President for Partner Engagement at Venzee said, "Manual, spreadsheet-driven processes don't scale and can't provide the type of real-time content necessary to meet today's customer expectations for accurate online product content. Brands and retailers that are winning market share have moved way past spreadsheets and rely on highly automated, intelligent, and tightly coupled systems like Venzee that can scale to meet global consumer demand."