Venzee Technologies Inc (TSXV:VENZ) (“Venzee” or the “Company”) is pleased to provide an update on the Company’s channel partnerships and provide insight for 2019.
Venzee Technologies Inc (TSXV:VENZ) (“Venzee” or the “Company”) is pleased to provide an update on the Company’s channel partnerships and provide insight for 2019. In 2018 Venzee shifted from direct sales to a channel partnership model, which has proven to be highly successful in attracting industry-leading technology partners that recognize the value of Venzee’s Mesh API content delivery solution. These partnerships are gaining industry recognition and building a path for high margin, recurring revenue.
Since announcing the channel partnership model, the Company has executed five agreements, in which two have completed integration, and continues advanced discussions with over 25 potential partners. Through five signed channel partnership agreements, Venzee has access to more than 100,000 brands and manufacturers, while the LOI’s and advanced discussions represent an opportunity many times the size and includes the largest supply chain technology providers in the market. The Company believes it will close additional channel partnerships in 2019.
Channel partners are supply chain technology providers for global brands, manufacturers and retailers which include Product Information Management (PIM), Master Data Management (MDM), Digital Asset Management (DAM), Enterprise Resource Planning (ERP) and Electronic Data Interchange (EDI) companies. Venzee aims to integrate its Mesh API to enrich their core offering as the delivery platform for product information to online retailers. Examples of existing channel partner clients include Amazon, Costco, Walgreens, Loblaws, ConocoPhillips, GAP, General Motors, BMW, Chevron, Indigo, Bosch, Kawasaki, Brightstar, Polaroid, and Weber to name a select few.
The combined solution of our partners’ core technology coupled with Venzee as the delivery platform has been demonstrated to some of the largest brands, manufacturers, and retailers in the world. Using Venzee in their demonstrations, Venzee’s technology partners are winning net new business with improved content distribution capabilities.
Peter MacKay, President and Chief Executive Officer of Venzee, said, “We started 2018 with specific targets in mind. Our goal was to commercialize our API content distribution platform and partner with some of the leading technology partners in retail and e-commerce. The completion of our Mesh API has brought us channel partnerships that open a pipeline of potential end users that include some of the largest brands in the world.” Mr. MacKay continued, “In 2019 we expect to onboard clients, sign more partnerships and expand our distribution across major retailers and brands. In addition, with the completion of our Mesh API technology, we are focused on continuing growth.”
According to CrowdAnalytix, inaccurate product data costs over $100-billion per year in online retail due to inaccurate product descriptions, missing attributes, and incomplete or outdated images. Venzee’s Mesh API enhances retailers, brands and partners technology and content distribution with all touch points of the supply chain.
In a recent report focused on omnichannel commerce, Brendan Witcher, Vice President and Principal Analyst at Forrester Research said, “Rising customer expectations for seamless brand experiences underscore how important it is for commerce solutions to work together more closely than ever to harmonize information across systems and touchpoints.”
Allowing all commerce solutions to work together seamlessly is the core of Venzee’s modern, cloud-based, API framework. The integrated, highly automated content distribution Venzee supports is critical to brands and retailers as the speed of ecommerce today pressures all trade participants to remove friction and operate more efficiently in a dynamic and expanding global market.
John Abrams, Vice President for Partner Engagement at Venzee said, “Manual, spreadsheet-driven processes don’t scale and can’t provide the type of real-time content necessary to meet today’s customer expectations for accurate online product content. Brands and retailers that are winning market share have moved way past spreadsheets and rely on highly automated, intelligent, and tightly coupled systems like Venzee that can scale to meet global consumer demand.”
Venzee is an intelligent content distribution solution that eliminates inefficiencies in the digital supply chain by delivering consumer-ready product information to retailers via a peer-to-peer network. Powered by our core technology, Mesh, Venzee automates content exchange workflows that increase margins and accelerate revenue. Through a suite of products, we provide customized solutions for enterprises of all sizes, meeting each client’s desired level of sophistication and automation.
Venzee operates as a Software as a Service (SaaS), allowing flexibility for enterprise customers of all sizes wishing to improve their digital supply chain solutions. To learn more about Venzee, visit https://venzee.com/
On Behalf of the Board,
Peter MacKay, President and CEO
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 expected use of the net proceeds received by the Company. 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 and Uncertainties” in the Company’s management’s discussion and analysis for the year ended December 31, 2018 and its latest annual information form filed August 29, 2018, which are 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-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
For further information: Investor Relations: Caleb Jeffries, Investor Relations, Kin Communications Inc., 1-866-684-6730, VENZ@kincommunications.com