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Red Violet, Inc. (NASDAQ: RDVT) is a leading software and services company specializing in big data analysis. At the core of its operations is the CORE™ data fusion platform, which transforms vast amounts of data into meaningful intelligence for enterprises across various industries. Red Violet offers cloud-based, mission-critical information solutions, empowering organizations with insights into individuals, businesses, and assets.
Founded with a belief that time is the most valuable asset, Red Violet utilizes cutting-edge proprietary technology and a comprehensive data repository to provide real-time intelligence. This enables clients to efficiently manage risk, conduct investigations, detect and prevent fraud, and ensure regulatory compliance. Notable brands under Red Violet include IDI and FOREWARN.
Red Violet has demonstrated robust financial performance, achieving record revenues and earnings. For instance, in the third quarter of 2023, the company reported record revenue of $15.8 million and an EPS of $0.87. This growth highlights the company's strong value proposition and the increasing demand for its advanced data solutions, even amidst broader economic challenges.
Recent developments include strategic partnerships, such as with MLS United to enhance real estate agent safety through FOREWARN services. Additionally, Red Violet has seen a significant increase in its share repurchase program, reaffirming management's confidence in the company's future prospects.
Overall, Red Violet’s solutions are pivotal in promoting safer business practices, reducing operational costs, and enabling smarter decision-making through data-driven insights.
Red Violet, Inc. (NASDAQ: RDVT) announced it will report its third-quarter financial results for the period ending September 30, 2021, after market close on November 9, 2021. A conference call will take place on the same day at 4:30 PM ET to discuss these results and provide a business update. Investors can access the call via phone or through a webcast on the company’s website. The company specializes in analytics and information solutions, delivering identity intelligence powered by its CORE™ platform.
Red Violet (NASDAQ: RDVT) announced a contract with Greater Chattanooga REALTORS® to provide FOREWARN services for over 2,400 REALTOR® members, enhancing agent safety in southeast Tennessee and northwest Georgia. FOREWARN offers real-time identity verification, criminal history checks, and client information validation via phone number. This service is accessible to members at no extra cost, equipping agents with a critical tool for safe real estate engagements.
FOREWARN, LLC, a red violet company (NASDAQ: RDVT), has announced a partnership with the Northern Virginia Association of REALTORS® (NVAR) to provide its services to over 13,000 REALTOR® members. This collaboration aims to enhance agent safety by offering FOREWARN’s risk mitigation solutions at no cost to members. FOREWARN’s platform analyzes extensive data to verify identities and check criminal histories using just a phone number. The initiative underscores NVAR's commitment to member safety, with the CEO emphasizing the importance of this tool for real estate agents.
Red Violet, Inc. (NASDAQ: RDVT) has launched its “Innovations in Identity” Advisory Board to provide strategic guidance for expansion in existing and new markets. The board includes industry leaders like Dan Hesse, Lou Anne Alexander, and Ralph A. Rodriguez, aimed at strengthening the company's position in identity solutions. The CEO highlighted the importance of these advisors in navigating the evolving identity landscape. The advisory board's formation is a significant step in the company's growth strategy, leveraging diverse expertise to enhance its capabilities in identity analytics.
FOREWARN, LLC, a red violet company (NASDAQ: RDVT), has partnered with the Northwest Arkansas Board of REALTORS® (NABOR) to provide its services to over 3,200 REALTOR® members aimed at enhancing agent safety. Available via mobile and online, FOREWARN utilizes extensive data analysis to mitigate risks by verifying client identities and checking criminal histories. This service will be provided at no extra cost to agents. The implementation of FOREWARN comes as a response to growing safety concerns in real estate transactions, allowing agents to proactively identify risks.
Red Violet (NASDAQ: RDVT) reported a record revenue of $10.9 million for Q2 2021, reflecting a 54% increase year-over-year. Net income reached $1.8 million, aided by a $2.2 million one-time gain from debt forgiveness. Adjusted EBITDA skyrocketed 245% to $3.1 million, with a gross profit of $6.9 million, up 95%. Customer contracts contributing to revenue hit 81%, adding over 230 new customers. Cash from operations was $2.3 million, with total cash at $13.9 million.
Red Violet Appoints New EVP for Property Solutions
Red Violet, Inc. (NASDAQ: RDVT) has announced the appointment of James Frasche as Executive Vice President, Property Solutions. Frasche brings nearly 20 years of experience in property analytics and business development, previously serving as EVP at GeoPhy and Chief Client Officer at Equifax. His expertise is expected to enhance Red Violet's data unification technology in the real estate sector, aligning with the company's strategy to address blind spots in real estate analytics.
Red Violet, Inc. (NASDAQ: RDVT) appointed Lisa Stanton as an independent director of its Board, effective immediately. Stanton, with extensive background in FinTech and data security, is expected to enhance the company's focus on identity solutions. Previously, she held leadership roles at American Express and was CEO of InAuth. Her experience in risk management and identity verification aligns with Red Violet's mission to deliver advanced identity intelligence through its CORE™ platform, which aids in fraud detection, compliance, and business operations.
Red Violet, Inc. (NASDAQ: RDVT) will announce its second-quarter financial results for the period ending June 30, 2021, after market close on August 11, 2021. A conference call to discuss these results will take place on the same day at 4:30 PM ET, with a live webcast available on the company's investor relations website. Red Violet specializes in analytics and information solutions, providing critical identity intelligence for various applications including fraud detection and regulatory compliance.
Red Violet, Inc. (NASDAQ: RDVT) will participate in the D.A. Davidson Bison Select Conference on August 4, 2021. CEO Derek Dubner and CFO Daniel MacLachlan will host virtual 1-on-1 meetings.
Red Violet specializes in analytics and information solutions, delivering identity intelligence through proprietary technologies. Their platform, CORE™, aids in real-time identification of individuals and assets to mitigate risks, ensure compliance, and prevent fraud. For more details, visit www.redviolet.com.
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