VANCOUVER, BC, May 17, 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 short-term license and rewards agreement (the “Agreement”) for approximately $66,000 with a leading advertising agency (the “Customer”) on behalf of the dental care brand of one of the world’s largest consumer goods companies (the “End User”).
The Customer is the digital marketing division of the global advertising agency that signed approximately $1.8 million in contracts with Datable in 2020, compared to $180,000 in 2019. In 2020, the Customer licensed PLATFORM3 on behalf of six leading consumer goods companies, including the End User. Datable continues to work with the Customer to expand the scope and scale of the digital marketing programs for a growing number of global brands.
Under the Agreement the program starts in August 2021 and runs until November 2021:
- The Agreements include license fees and rewards for a total of approximately $66,000. The mix of products and services in the Agreements is expected to generate gross margins consistent with Datable’s estimated gross margin of 55% for year ended December 31, 2021.
- Datable will use PLATFORM3 to configure a microsite portal for consumers of the End User’s products. The portal will host various modules of PLATFORM3 including Contests and Promotions, Purchase Receipt Validation, and Consumer/Transaction Data Capture & Analytics. Consumers will be asked to purchase participating products from retailers nationwide in the U.S. After the purchase has been validated by PLATFORM3, the consumer will receive a reward based on the value of their purchase. The PLATFORM3 software services will be deployed on the End User’s web, social media and mobile initiatives.
“The revenues generated from our relationship with this leading advertising agency have grown rapidly since we started working with them in 2019 because we have delivered compelling and quantified ROI for their customers,” said Robert Craig, Datable’s CEO. “This agreement is for a leading dental care company that first used PLATFORM3 in 2020. The agency is actively working with us on a number of projects with new and repeat customers and has provided great feedback and advice regarding enhancements to PLATFORM3 that are expected to drive more value for leading consumer brands.”
Datable now has approximately $4.64 million in contracted revenue for 2021 and future periods, of which over $4 million is expected to be recognized as revenue in 2021. The expected recognized revenue of $4 million in 2021 is already equal to revenue growth of over 100% compared to 2020 with seven 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 April 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%.
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.
For further information: Datable Technology Corp., Robert Craig, Chief Executive Officer, (604) 639-5441, email@example.com