Vancouver, British Columbia--(Newsfile Corp. - April 26, 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 well-known global developer, manufacturer and distributor of pharmaceutical and skincare products ("the Customer"). Commenced on March 31, 2022, with first-year billings of $133,000, the auto-renewing subscription includes MediaValet's enterprise digital asset management ("DAM") platform; Audio/Video Intelligence ("AVI") engine; Salesforce and monday.com integrations; Active Directory single sign-on module; and professional services covering implementation, library management and ongoing training and support.
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The Customer has built an exciting global brand and has been a consistent high-performer on the Inc. 5000 Fastest Growing Companies list every year for nearly the last decade. Their award-winning and science-based consumer products are backed by over 35 years of research and nearly 100 global patents. As with most organizations today, they are increasingly relying on fresh and consistently branded digital content to reach their customers and to continue attaining their growth objectives. At the same time, given the scientific nature of their products, they need to ensure that their high-value content - from designs to patents, scientific papers to clinical studies, product information to educational videos - is secure yet accessible at all times. With the increasing requirement to be a digital-first organization and the proliferation of content to support this initiative, the Customer needed to replace their legacy digital asset management system with a solution that is capable of meeting their rapidly expanding and increasingly mission-critical needs. After an extensive formal review process, the Customer selected MediaValet as their DAM of the future.
"We're proud that our innovative and cutting-edge enterprise DAM offering is resonating with global organizations who have realized that content is now a mission-critical element of their current and future success," commented David MacLaren, Founder and CEO of MediaValet. "We see agreements like the one announced today as ongoing validation that our investment and go-to-market strategies continue to put us at the forefront of the rapidly growing global digital asset management industry. The majority of the growth in the DAM market that we're seeing is from greenfield customers, however, we also believe that pressure is building on legacy vendors, as many are not designed to deal with the mission-critical digital content needs of today's digital-first organizations. We believe this pressure will lead to further disruption in the legacy DAM industry."
Added Dave Miller, CFO, "We couldn't be happier to see 2022 off to the fastest start of any fiscal year to date. This is the fourth large new customer win in Q1'22 and is unprecedented for a first quarter, which is normally our seasonally slowest for net new ARR ("NNARR"). Some of this is likely due to pent-up demand starting to release from the last two pandemic-affected years; however, the work environment - and the demands it puts on organizations - has also changed significantly since March 2020. This Customer in particular began looking into replacing their incumbent DAM and initially contacted us just before the pandemic hit. After going on hold for nearly two years, they reignited their DAM upgrade project early this year and were ready to assess vendors and move quickly - resulting in just a 35-day sales cycle. With this win in place, we are now ahead of plan and are expecting Q1'22 NNARR to exceed all previous Q1's and, for the first time, to exceed the $838,000 reported in Q4'21."
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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For further information, please contact:
David MacLaren
Tel: (604) 688-2321
david.maclaren@mediavalet.com
Babak Pedram
Tel: (416) 644-5081
babak.pedram@mediavalet.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121632
