VANCOUVER, BC, May 5, 2021 /CNW/ - Datable Technology Corporation (TSXV: DAC) (OTCQB: TTMZF) (the "Company" or "Datable"), a software company that provides a marketing automation platform called PLATFORM3 to global consumer brands, announces that it has signed a one-year license and rewards agreement (the "Agreement") for over $150,000 in contracted revenue plus transaction-based fees with a leading hygiene and health company (the "Customer").
The Customer is headquartered in Sweden and sells its products under 30 brands in about 150 countries. This is Datable's first time serving this global consumer goods company. The Agreement provides the Customer with a license to use PLATFORM3 to implement a digital loyalty program in the U.S. and Canada for one of their many leading brands.
Under the Agreement the licence period starts in July 2021 for a period of one year ending July 2022:
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Datable will use PLATFORM3 to configure a microsite portal for consumers of the Customer. The portal will host various modules of PLATFORM3 including Contests and Promotions, Purchase Receipt Validation, Consumer/Transaction Data Capture & Analytics, Loyalty, Rewards, and Gamification, and Social Content Sharing. Consumers will be asked to purchase participating brand products from retailers nationwide in the U.S. and Canada. After the purchase has been validated by PLATFORM3, the consumer will receive loyalty points. The consumers will have the ability to earn additional loyalty points by taking part in actions such as social sharing, watching brand videos, and completing brand related polls. Once a predetermined amount of loyalty points has been accumulated, the consumer will be eligible to redeem them for a reward.
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The Agreement includes contracted revenues and related services for $150,0000 over the one-year term. Datable can earn additional revenues based on the volume of transactions validated and rewards processed on PLATFORM3.
"The addition of this leading global player in the consumer hygiene and health sector is further validation that we are providing differentiated and measurable ROI to a growing number of the world's leading consumer goods companies," said Robert Craig, Datable's CEO. "In 2021, our existing customers have been renewing and upsizing the scope and scale of the licenses and related services we provide. This new customer, like our existing customers, has a large and growing budget for digital marketing platforms that drive measurable incremental revenues, enhance loyalty and collect opt-in consumer data."
Datable now has over $4 million in contracted revenue for 2021 and future periods, of which over $3 million is expected to be recognized as revenue in 2021. The expected recognized revenue of $3 million in 2021 is already equal to revenue growth of over 50% compared to 2020 with eight months left in 2021 to further increase revenue. Datable expects gross margin to be about 55% in 2021. As recently announced (see press release dated March 26, 2021), Datable grew revenue by 26% to approximately $1.97 million for the year ended December 31, 2020, compared to the same period in 2019, with gross margins of 59%.
In March and April of 2021 (see press releases dated March 29, 2021, April 1, 2021 and April 22, 2021), Datable closed on financings raising gross proceeds of over $3.4 million, providing capital to add senior sales executives and project management resources that will support accelerated sales growth of PLATFORM3 licenses and related services. The Company also has the funding to launch new products based on PLATFORM3, including the flexxi rewards network.
About Datable Technology Corporation
Datable has developed a proprietary, mobile-based consumer marketing platform – PLATFORM3 – that is sold to global Consumer Packaged Goods (CPG) companies and consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by CPG companies to engage consumers, reward purchases and collect valuable consumer data. PLATFORM3 incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
For additional information about the company please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Datable Technology Corp.
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