Creative Realities Inc. Renews 3-Year Digital Signage Software Contract for a Large-Scale Retailer
Creative Realities, Inc. (NASDAQ: CREX) has announced a significant three-year renewal of its software as a service contract with a major retail customer. This renewal follows the recent merger with Reflect Systems, enhancing the company's service offerings and customer trust. CEO Rick Mills emphasized the unusual nature of such long-term agreements in their industry and highlighted the successful custom development tailored to the client’s needs. The merger positions the combined entity for accelerated growth in SaaS revenue across diverse markets, including retail and digital-out-of-home advertising.
- Renewed a significant three-year SaaS contract with a major retail client.
- Merger with Reflect Systems enhances service offerings and market position.
- Custom software development surpassed client expectations, bolstering trust.
- Dependence on large retail contracts for revenue may pose risks if client relationships falter.
- Integration of Reflect Systems' operations may present operational challenges.
A significant achievement in the hyper competitive, often commoditized digital signage segment
LOUISVILLE, Ky. and DALLAS, April 28, 2022 /PRNewswire/ -- Digital signage leader Creative Realities, Inc. ("CRI", NASDAQ: CREX, CREXW) announced today that one if its long standing retail customers agreed to a three-year term for the company to continue delivering software as a service to its vast fleet of store locations throughout the US.
This important decision comes shortly after the merger of Creative Realities and Reflect Systems, Inc., now operating as Creative Realities under CEO Rick Mills' leadership. "A consecutive 3-year term is an unusual occurrence in our business. This is a clear indication of our customer's comfort level with our combined team, and our commitment to improving the ways software can be utilized to spark new ways to solve problems," comments Rick Mills.
Unlike traditional Digital Out of Home [DOOH] or other conventional ad-revenue experiences, retail content is geared toward removing guess from decision making for customers at the store – which can be overwhelming. The ReflectView software connects with digital displays to help differentiate key strategic zones to take the guess work out of shopping.
"We embarked on a custom development journey to achieve specific goals unique to this client ecosystem, allowing our client to test and learn, with or without our assistance. We're thrilled we lived up to our client's high expectations and, in doing so, earned the trust than continues to foster our service culture," notes Rick Mills.
About Creative Realities, Inc.
Creative Realities helps clients use place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. The company designs, develops and deploys digital signage experiences for enterprise-level networks, and is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues.
With its recent acquisition of Reflect Systems, Inc., a leading provider of digital signage software platforms, the company is poised to extend its product and service offering and accelerate growth in SaaS revenue. While Reflect provided a broad range of digital signage solutions, the company's flagship products are the market-leading ReflectView digital signage platform and Reflect AdLogic ad management platform. ReflectView is the industry's most comprehensive, scalable, enterprise-grade digital signage platform, powering enterprise customer networks. Meanwhile, Reflect AdLogic has become the benchmark for digital signage powered ad networks, delivering nearly 50 million ads daily. The acquisition of Reflect also brought to the business a media sales division with the expertise and relationships to help any digital signage venue owner develop and execute a monetization plan for their network.
The combined company has operations across North America with active installations in more than 10 countries.
Cautionary Note on Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and includes, among other things, discussions of our business strategies, product releases, future operations and capital resources. Words such as "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, conditions or results. They are based on the opinions, estimates and beliefs of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are outside of our control, that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some of these risks are discussed in the "Risk Factors" section contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and the Company's subsequent filings with the U.S. Securities and Exchange Commission. Important factors, among others, that may affect actual results or outcomes include: our ability to effectively integrate Reflect's business operations, our strategy for customer retention, growth, product development, market position, financial results and reserves, our ability to execute on our business plan, our ability to retain key personnel, potential litigation, supply chain shortages, and general economic and market conditions impacting demand for our products and services, including those as a result of the COVID-19 pandemic. Readers should not place undue reliance upon any forward-looking statements. We assume no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Creative Realities, Inc.
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