VANCOUVER, BC, September 9, 2022 /CNW/ – Datatable Technology Corp. (TSXV: DAC) (OTCQB: TTMZF) (the “Company” or “Datable”), the developer of a proprietary SaaS-based consumer lifecycle and data management platform called PLATFORM3, is pleased to provide an update regarding the renewal signed earlier this year of an annual license agreement (the “Agreement”) with a leading digital media and entertainment company (the “Client”). See the press release of February 172022.
The client is the digital division of a leading global media and technology company, which owns and operates business units that provide cable, entertainment (major theatrical films, broadcast television and theme parks) and streaming. This Agreement renews the license, which was to expire in June 2022 for an additional year until June 2023.
The one-year renewal includes a Software as a Service (SaaS) license for approximately $140,000 plus transaction fees based on the number of consumer programs and engagements hosted by PLATFORM3. In 2021, the Company invoiced the Client approximately $500,000 SaaS license and transaction fees, an increase of 20% over 2020. In 2022, Datable expects to charge the customer more than $500,000with over $300,000 in contractual revenue at August 31, 2022. The client’s gross margin should be above the gross margin of 42% June 30, 2022due to the product mix.
From August 31, 2022Datatable’s top five customers, which accounted for more than total revenue of $2,700,000 (average $550,000 each) in 2021, have all renewed their agreements with Datatable and are expected to generate revenue in 2022 and 2023.
“This customer is using PLATFORM3 since 2016 to connect directly with consumers and reward them for purchasing the products of many major consumer brands using online movie tickets as rewards while collecting valuable consumer data,” said Robert Craig, CEO of Datatable. “With theaters opening at full capacity, we are well positioned to support the customer in their digital and physical businesses. We are very encouraged by renewals with our key customers in 2022, some of whom have been customers since the programs trial in 2018. We expect to sign a number of new clients in 2022 based on our track record and growing number of successful case studies showing compelling ROI.
Datable now has more $4.7 million in contracted revenue for 2022 and future periods, of which over $3.8 million is expected to be recognized as a product in 2022. This includes more than $4.3 million contracted revenue close to $400,000 in the Client’s expected program fees. Datable expects gross margin to be between 40% and 50% in 2022, depending on the product line.
About Datatable Technology Corporation
Datable developed PLATFORM3 a proprietary consumer and data lifecycle management platform that is sold to global consumer brands. PLATFORM3 is provided as a subscription service (Software as a Service model) and used by some of the world’s most valuable consumer brands to access and engage new consumer communities while collecting, analyzing and managing their first-party data. PLATFORM3 incorporates proprietary technology to monetize consumer data, including demographics and shopping behavior, by sending consumers targeted offers via email and SMS. For more information, visit datatablecorp.com.
For more information about the company, please visit www.sedar.com. The TSX Venture Exchange Inc. has in no way passed on the merits of the transaction and has neither approved nor disapproved of the content of this press release. Neither the 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 press 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 expectations. 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 statement, whether as a result of new information, future events or otherwise.
SOURCE Datatable Technology Corp.
For further information: Datatable Technology Corp., Robert Craig, President and CEO, (604) 639-5441, [email protected]