BlueRush Announces Q3 Revenue Increase of 14%

BlueRush (TSXV:BTV), a digital experience and technology leader creating software creating software as a service (SaaS) solutions for leading financial institutions announced financial results for three and nine month period ending April 30, 2018.

The company said that its SaaS revenue grew 10 percent in Q3 of 2018 as compared to Q3 2017. Its gross margin grew 83 percent on the SaaS portion of the business with the overall revenue growing at 14 over Q3 2017.

As quoted in the press release:

BlueRush CEO Steve Taylor said, “We have made tremendous progress in a very short time in terms of growing out sales funnel, developing key partnerships with companies like Microsoft, and working through our technical roadmap. The gross margin improvement in our SaaS business is a meaningful demonstration of our transition into a SaaS vendor. Our solutions now deploy from an Azure-hosted multi-tenant environment meaning we can activate customers more quickly and more cost effectively while providing them with the best available software security and performance. This quarter marks a significant milestone for BlueRush.”

Steve Taylor also said, “Another important part of our strategy was to begin to grow outside of Canada. We have made rapid progress on this front with projects commencing in the US and in South America through our wonderful partners at Kunder.”

Growth in the SaaS business – Management is pleased to see growth in the recurring revenue component of the business as this has been the key focus of our efforts and investments over the past year.

DigitalReach and IndiVideo are now driving higher gross margins – The dramatic improvement in SaaS gross margins are a direct result of our R&D investments in the past three quarters. DigitalReach and IndiVideo are now deployed on a cost-efficient and multi-tenant environment. We continue our transition away from legacy vendors and toward Microsoft Azure which we highlighted in previous disclosures.

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