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MediaValet's Advanced V4 Platform Drives Increased User Adoption, Says Company
Thursday, May 16, 2019Company Profile | Follow Company
Vancouver, BC, May 16, 2019--(T-Net)--MediaValet Inc. (TSX-V:MVP), a provider of cloud-based enterprise digital asset management (DAM) and creative operations software, reported today an increase in user adoption across the Company's customer base, resulting in increased account expansions in Q1 2019.
This follows the migration of all customers to MediaValet's new V4 platform in September 2018.
Since its launch, V4 has set new benchmarks for application speed and global platform scalability, according to the company.
"Maintaining and growing subscriptions of existing customers is the Holy Grail of SaaS (Software-as-a-Service) companies," commented David MacLaren, Founder and CEO of MediaValet. "This is a key indicator that we're providing long-term value to our customers and that our product and R&D teams are on the right path. With our recurring revenue base reaching a material size, expansion of our existing accounts has become a major focus of the Company. Thanks to V4 and the efforts of our Product, Support and Success teams, our new fiscal year is off to a great start."
Continued David MacLaren, "We were confident V4 would deliver new levels of enterprise performance, and we're extremely happy our new innovations are leading to increased user experience and adoption, as well as average subscription value, across our customer base. Specific customer feedback highlights the surprising speed of the DAM, the breadth and depth of new advanced features, and efficiency gains from features like the ability to save and pin searches to specific user groups and workflows. These results further cement our commitment to innovation and to applying cutting-edge technologies to solve the chaos that digital media creation, accumulation and distribution can cause."
Q1 subscription expansions included additional system capacity required to keep up with user demand, adoption of new add-on features, and addition of new business units. For example, a large media agency more than doubled their subscription, increasing to U$125,000 per year, in order to streamline their service delivery across an increased number of customers. As another example, seeing the value added by V4, particularly with Advanced Search and Multi-libraries, a long-standing Fortune 50 customer purchased their seventh MediaValet subscription to address the DAM needs of a new operating division; increasing their annual license from U$68,500 to U$95,000.
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available in 140 countries, 54 Microsoft data center regions, around the world, MediaValet delivers unparalleled enterprise class security, reliability, redundancy and scalability while offering the largest global footprint of any DAM solution. In addition to providing all core DAM capabilities and local desktop-to-cloud support for creative teams, MediaValet offers industry leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Oracle Marketing Cloud (Eloqua), Drupal 8, WordPress, Hootsuite and many other best-in-class 3rd party applications.
"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 rele ase."
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