Venzee Technologies Inc. (TSXV:VENZ) (“Venzee” or the “Company”) is pleased to introduce its new enterprise pricing model and enterprise channel partner opportunities that has come into effect.
Venzee provides a middleware software (SaaS) data transformation technology that improves product information workflow between vendors (suppliers and manufacturers) and their retailers by eliminating spreadsheets and costly manual labour. It solves a legacy technology issue, and improves data quality and data transmission speed, while eliminating manual labour and human error, to increase efficiencies for its customers.
Venzee plugs, as a plugin or API (application programming interface), into existing systems such as Product Information Management (PIM), Enterprise Resource Planning (ERP) or Warehouse Management Systems (WMS), which systems have supported the retail and supply chain market for thirty years. Venzee does not compete with these systems, which have significant market share, but rather complements their technology to significantly improve product information flow and data transmission.
Enterprise License Pricing Changes
New pricing features have been updated to reflect the growing industry adoption of Venzee.
The “freemium” model has been removed, and pay-for-use basic, premium and enterprise licenses are in place. A small portion of the previous “freemium” users have converted to paying basic users.
A basic license starts at US$79 per month and allows the client to use limited or restricted features of Venzee.
A premium license begins at US$249 per month and is subject to further monthly fees which are dependent on how often and to how many retailers the vendors upload product information. Additional setup fees may apply to premium monthly packages.
Enterprise licenses for suppliers and manufacturers are much higher value monthly customized licenses to meet the needs of suppliers/manufacturers with much larger distribution channels and retailers that sell their products. Enterprise licenses are subject to additional set up fees.
Peter Mackay, CEO of Venzee states, “Venzee’s growth strategy to date has been primarily driven by our internal sales team and onboarding staff but we believe channel partners and system integrators will further expand and accelerate the reach of Venzee into new verticals, new geographies, and growing high margin revenue.”
Channel Partner Opportunities
Venzee’s channel partners are primarily technology-focused companies and global system integrators who benefit by providing Venzee’s solutions to their current and future customers.
Channel partners significantly expand the Company’s ability to introduce, educate, and sell Venzee content exchange products across multiple retail, distribution and manufacturing clients.
Venzee’s targeted channel partners act as a marketing and sales “force multiplier” validating and endorsing the Venzee platform while promoting the Venzee value proposition across a significant customer base.
The Venzee platform compliments the majority of content management systems used today by mid-market and larger retail, distribution, and manufacturing companies. The Venzee platform provides any content management system with scalable, reliable, and efficient content ingestion and distribution capabilities.
Venzee is currently in advanced discussion with more than twenty potential enterprise channel partners, many of which have a strong market share in their respective verticals in North America. The response of these prospective partners has been positive. Targeting additional channel partners remains a strong focus of the Company to increase industry-wide adoption of the Venzee platform.
Venzee anticipates one or more large-scale channel partnerships to be executed in the current quarter.
Beyond the channel partnership relationships, Venzee has also established a co-marketing agreement with a major retailer with more than 9,000 suppliers – many of which use manual labor and spreadsheets to distribute product information. Venzee is now working with this retailer to convert their vendors to the Venzee platform and simplify their product information workflow.
John Abrams, VP of Enterprise Partnerships at Venzee states, “The response from potential channel partners is very strong and confirms our industry experience that the vendors and retailers are in dire need for a data transformation platform such as Venzee’s middleware to allow incompatible technology to now efficiently exchange data.”
Venzee is a SaaS (software as a service) company that launched in 2014 to help e-commerce vendors and retailers easily share product information in a US$23 trillion retail industry (source: Statista). Traditionally, this was achieved by using spreadsheets, which created a labor-intensive, error inducing process that delayed products from reaching the marketplace. Venzee’s technology streamlines product information management, allowing vendors and retailers to seamlessly share information, avoiding delays and getting products to market faster than ever. To learn more about Venzee, visit https://venzee.com.
On Behalf of the Board,
Peter Mackay, CEO
Investor Relations, Kin Communications Inc.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the execution of the Company’s growth strategy, the onboarding of new customers and the development and execution of new channel partner opportunities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors” in the Company’s filing statement dated December 12, 2017, which is available under the Company’s SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.