Venzee Signs New Upfront Revenue-Based Contract with Enterprise Solution Provider
Venzee Technologies Inc. has secured a significant upfront revenue-based contract with a major digital product content provider. This agreement enhances Venzee's ability to distribute product data at scale, aiding brands in North America, the EU, and Asia-Pacific. CEO John Abrams highlighted the contract as validation of Venzee's AI technology meeting market demands. Additionally, the company is negotiating with two more content providers, potentially exceeding its 2022 sales target of 13,000 Mesh Connectors™. This development underscores Venzee's competitive edge in the evolving supply chain landscape.
- Secured a major upfront revenue-based contract, expanding market reach.
- Validation of technology as a critical last-mile component in digital supply chains.
- Potential partnerships in advanced negotiations could exceed 2022 sales goals.
- No guaranteed closure of the additional partnerships currently in negotiation.
Significant Mesh Connector™ Purchase Provides Content Distribution Scale, Speed, and Competitive Advantage in Rapidly Changing Supply Chain Market
CHICAGO, Oct. 21, 2021 /PRNewswire/ - Venzee Technologies Inc. (TSXV: VENZ) (OTCQB: VENZF) ("Venzee'' or the "Company"), the artificial intelligence (AI) platform for product data, is pleased to announce an upfront revenue-based contract with a leading global provider of digital product content solutions.
The new Venzee client, a leading provider of retail solutions to major retail brands, is trusted globally to accurately convey product information for tens of millions of retail goods across major consumer markets in North America, the European Union, and Asia-Pacific regions.
Contracting for Venzee's AI-based services will help the partner accelerate and scale product data distribution to its many brands actively looking for modern, platform-based supply chain solutions driven by intelligent technology rather than human labor.
Venzee CEO John Abrams said, "Though Venzee is young in the market, this contract is another example proving Venzee's advanced technology fills a void that the largest brands and retailers in the world struggle to fill. It is very exciting that after only a year of being in the market, we are already winning engagements with the largest digital content providers serving the top tier of global Fortune 500 companies. These are companies that could require hundreds — even thousands — of retailer connections that need the advantage our platform provides in the delivery of up-to-date and relevant digital product content."
As part of the client's Initial Onboarding, a set of multinational brands — using a single data model — mapped to and activated several retail Mesh Connectors™, demonstrating Venzee's ability to offer rapid Mesh Connector™ deployment across a broad, global base of brands.
According to Joel Carstedt, Senior Director of Sales at Venzee, "The speed at which we are able to activate numerous Mesh Connectors™ under this agreement validates Venzee's intelligent technology as a critical last mile component in the digital supply chain, opening additional growth opportunity and significant revenue scale for Venzee."
Additionally, the Company discloses it is in advanced contract negotiations with two additional content service providers, which, if secured — with immediate Initial Onboarding commitments — suggest a combined sales opportunity well in excess of the Company's 2022 ambitious revenue goals. There is no certainty that these partnerships will close.
The announced contract unlocks massive revenue scale with the total opportunity identified in excess of Venzee's previously announced 2022 Mesh Connector™ sales goal of 13,000.
With more than 400 retail Mesh Connectors™ instantly available to brands, Venzee has become a revolutionary tool in the simplification and automation of syndication processes for consumer brands globally.
About Venzee Technologies, Inc.
Venzee (TSXV: VENZ) (OTCQB: VENZF) is the leading artificial intelligence platform for product data used by global brands to speed time to market and create competitive supply chain advantages. Venzee's intelligent platform automates inefficient last-mile retail processes with a frictionless, machine-driven solution for sending and receiving product data.
Venzee believes intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers. Venzee is building the foundation for a future where seamless, accurate, automated data flow simplifies processes, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.
Venzee unlocks shareholder value by carrying out its mission to create intelligent technology that removes friction from the global supply chain. Its Mesh Connector™ product disrupts and displaces inefficient manual processes in favor of integrated, machine-driven solutions.
To learn more about the Venzee platform, visit venzee.com
Twitter: @usevenzee
LinkedIn: https://www.linkedin.com/company/venzee-inc/
Podcast: https://www.venzee.com/resources/podcast
On Behalf of the Board,
Peter Montross
Chief Operating Officer
Forward-Looking Information
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 terms of the Offering, the completion of the Offering and 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 the quarter ended August 29, 2019, 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.
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SOURCE Venzee Technologies Inc.
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