SharpSpring Adds 223 New Customers in Q1 2018

SharpSpring Inc (NASDAQ: SHSP), a leading cloud-based marketing automation platform secured 223 new customers for its flagship marketing automation platform during the first quarter of 2018.

The company said that the figure is up six per cent from Q1 of last year.

As quoted in the press release:

At quarter-end, the company had 1,414 agency partners and more than 6,950 businesses using its marketing automation platform. Recurring revenue from the new customer additions over the first year are expected to be approximately $1.6 million.

“Coming off two consecutive quarters of record new customer wins, our results for the first quarter were in line with our previously stated expectations, which reflect the typical seasonality we experience in Q1,” said company CEO Rick Carlson.

“We continue to execute against our strategic plan and are on pace to reach our customer acquisition goals for 2018. Our recent $8 million financing bolstered our balance sheet, allowing us to strategically ramp sales and marketing initiatives to accelerate customer acquisition and revenue growth. And in addition to strengthening our balance sheet, we have also further solidified our leadership team, as evidenced by our recent appointments of Jeff Imm to the new position of COO and Dan Allen to our Board of Directors. Put together, SharpSpring is in excellent position for both 2018 and the years ahead.”

SharpSpring plans to report its complete financial results for the first quarter of 2018 in May. The conference call details will be announced approximately a week prior to the call.

Please note that starting this quarter, the Company recalibrated its agency partner count, causing a reduction in the total number of agency partners. This one-time recalibration was the result of refinements to the counting methodology, and not the result of lost customers.

Click here for the full text release.