Vancouver, British Columbia--(Newsfile Corp. - January 25, 2023) - MediaValet Inc. (TSX: MVP) (the Company), a leading provider of enterprise digital asset management and creative operations software, is pleased to announce a $135,000 expansion under the master services agreement with one of its largest customers and one of the world's leading entertainment companies ("the Customer"). This is the fourth expansion of digital asset management ("DAM") services since winning the Customer in September 2019, which has tripled its original annual recurring revenue ("ARR") effective with its December 31, 2022 renewal cycle. In addition, the Customer has engaged MediaValet's recently launched professional services team for a statement of work ("SOW").
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This expansion and SOW are the next steps in progressing the Customer's DAM goals of implementing a global enterprise-wide "single source of the truth" for centralizing all of the organization's rich media assets. Much of the Customer's digital media is still decentralized and siloed both regionally and globally, resulting in asset duplication, access and speed limitations, unnecessary processes and general inefficiencies. The ARR expansion is the result of additional assets and libraries being added to their MediaValet DAM. The SOW is for the delivery of deduplication, metadata and library services aimed at increasing efficiency, reducing operating costs and infrastructure complexity, and expanding global access to their assets. While not part of ARR, revenue from the SOW will be recognized over the next six to nine months as the project is delivered.
"We're known for our ability to meet the digital asset management needs of any size organization - no matter where they are in the world, how large their assets are or how many they have - and for our customer support, training and professional services," commented David MacLaren, Founder and CEO of MediaValet. "We focus on making DAM easy, even for the largest and most complex of organizations. We believe this makes us unique as not many DAM solutions, let alone cloud-native ones, can handle the scale and complexity that we can. This platform expansion and engagement with our Professional Services team speaks volumes to both the scalability of our platform as well as to the overall value that we bring to our customers."
Continued Mr. MacLaren, "In times of economic uncertainty, we see some organizations pull back and take a conservative stance, while others lean in to get a step ahead of their competitors. While this may lengthen deal cycles for new customers, it's often offset by existing customer expansion. Those that lean in tend to focus on increasing their operational efficiencies by doubling down on the systems having the biggest impact on their operations. We know this to be true of DAM and see it time and time again due to the strong ROI, low total cost of ownership and quick time to value of cloud-native DAM. We're pleased to see this continuing to be the case for us and expect to deliver over 100% net dollar retention for Fiscal 2022 as a result."
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/152414
