Snipp Grows Q4 2020 Bookings 145% YOY To USD $4.88mm. Largest Quarterly Bookings in Snipp's History
Snipp Interactive achieved record sales bookings of US$4.88 million in Q4 2020, marking a 145% year-over-year increase. Annual bookings grew by 23.8%, driven by a diverse array of clients across multiple industries and new geographic markets, including the US, Canada, Europe, and Asia. The company introduced innovative features like cryptocurrency incentives and expanded its global reach with the SnippRewards platform. CEO Atul Sabharwal highlighted the resilience and strategic execution during the COVID-19 pandemic, setting a strong foundation for continued growth in 2021.
- Achieved record quarterly sales bookings of US$4.88 million in Q4 2020.
- Year-over-year growth in annual bookings by 23.8%.
- Fourth quarter bookings increased 145% compared to Q4 2019.
- Expansion into new geographic markets including Europe and Asia.
- Diversified revenue streams across 80+ unique clients in 20+ industries.
- Introduction of innovative features such as cryptocurrency incentives and global language capability.
- Significant number of bookings canceled or postponed due to COVID-19 pandemic.
VANCOUVER, BC / ACCESSWIRE / February 16, 2021 / Snipp Interactive Inc. ("Snipp", the "Company") (TSX-V:SPN; OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce that it achieved US
Bookings were made across 80+ unique clients for 200+ standalone programs across 20 diverse industries such as Baby Products, Personal Care, Food & Beverage, Alcohol & Spirits and Pharma to name a few. In addition, 2020 also marked Snipp's foray into a number of new geographic markets and industries with bookings across US, Canada, Europe and Asia (for the first time). The breadth of clients, programs and industries leveraging Snipp's suite of technology solutions reflect the diversity of the Company's revenue streams. Further this multi-product revenue model that includes not only Platform/Software as a Service (PAAS/SAAS) revenue but also performance-based revenue streams, give the company the ability to grow its layered revenue model through multiple pathways.
While the figures mentioned above reflect the total revenues booked, please note that the projects are spread across multiple time periods and the timing of the revenues will be recognized per Snipp's established revenue recognition policies.
"We are thrilled to have achieved a record-breaking quarter of sales bookings during a year in which our momentum built in each successive quarter despite the impact of COVID-19. Despite having a significant number of bookings cancelled and/or postponed due to the pandemic, I am very proud that our team stayed focused and executed on our strategy, leading to one of the largest growth periods in our annual bookings as well as record bookings for the fourth quarter," said Atul Sabharwal, Chief Executive Officer at Snipp. "In addition, I am particularly proud of the work we did on adding innovate features to our platform through the year. Highlights include enabling unique cryptocurrency incentives based on Bitcoin gift cards, deep integrations with leading fin-tech companies that have allowed us to do cash back programs globally and adding global language capability to our market-leading SnippCheck transaction processing engine. These innovations have allowed us to launch our platform globally and have also given us a foothold in new industries such as our recently announced deal with a leading research company that is deploying SnippRewards, our incentive platform across 35+ countries. We look forward to sharing our fourth quarter financial performance and full year audited financials in the coming weeks. I would personally like to thank all our valued customers, partners and investors for their support and look forward to their continued support as we enter 2021 with an even greater commitment to responsibly grow Snipp."
More information about our platform can be found at https://www.snipp.com/
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
SOURCE: Snipp Interactive Inc.
View source version on accesswire.com:
https://www.accesswire.com/629880/Snipp-Grows-Q4-2020-Bookings-145-YOY-To-USD-488mm-Largest-Quarterly-Bookings-in-Snipps-History
FAQ
What were Snipp Interactive's total sales bookings for Q4 2020?
How much did Snipp's annual bookings grow in 2020?
What was the percentage increase in Snipp's Q4 2020 bookings year-over-year?
In which new markets did Snipp Interactive expand in 2020?
What innovations did Snipp introduce in 2020?
