MediaValet Inc. - VRXWF STOCK NEWS

MediaValet Inc. announces that shareholders will receive a cash payment of $1.71 per share, representing a 30% premium to the closing price prior to the announcement. The Board recommends voting for the arrangement, providing immediate liquidity and value certainty.

MediaValet Inc. (TSX: MVP) has entered into an arrangement agreement with STG for the acquisition of all outstanding common shares for $1.71 per share, representing a 30% premium to the closing share price. The transaction values MV at approximately $80 million and is expected to close in Q1 2024. The acquisition provides immediate liquidity and certainty of value to shareholders.

MediaValet Inc. (TSX: MVP) has launched MediaValet Mobile, a new user experience with unrivalled mobile upload functionality in the digital asset management (DAM) market. This enhancement aims to drive new user adoption and offers increased control, ease-of-use, and new use-case activation. The company plans to deliver expansive DAM value within organizations in 2024.

MediaValet Inc. (MV) announced expansions under the master services agreement with a global leader in the entertainment industry, increasing annual recurring revenue (ARR) by $524,000 in fiscal 2023. The expansions include multi-library support for an additional operating division of the Client and an upgrade to MV's premium cognitive suite of services, including AI features for face recognition, audio-visual indexing, and a private-preview version of visual search. MV's private-preview visual search solution is currently available only to this Client and is scheduled for general availability in 2024. The company's HotDAM! vision and mission to be number one in adoption, along with best-in-class ratings from G2 for service and support, have driven this expansion and upgrade.

MediaValet Inc. (TSX: MVP) reports strong YoY growth in revenue, up 26%, and ARR, up 27%. The company attributes this to the robust demand for DAM in the market, driven by the need for marketers to build rich digital content pipelines. Q3 2023 highlights include revenue of $4.12 million, a 26% increase from Q3'22, and ARR of $17.40 million, a 27% increase from Sep. 2022. Gross margin remained strong at 81%, and Adjusted EBITDA loss improved by 51% in Q3'23.

MediaValet Inc. (TSX: MVP) has rescheduled its third quarter 2023 reporting date to November 14, 2023, and will host a live video Zoom webcast to discuss the results at 5:30 pm Eastern Time. The webcast will feature the CEO and CFO, with a Q&A session to follow.

MediaValet Inc. has been selected by a national governing body for a professional sport association as their new DAM provider. The two-year subscription includes the MV DAM platform, AVI engine, CDN linking, branded portals, CI-Hub connector, API access, implementation services, and training and support. The prepaid first-year billings amount to $115,000. The Client chose MV for its capability to manage high-definition video, including up to 8K, and the power of its AVI engine, which enriches video metadata and makes videos searchable in various ways.

MediaValet Inc. (TSX: MVP) will report its Q3 2023 financial results on November 9th, 2023. The live video Zoom webcast to discuss the results will be hosted by the CEO and CFO. Conference call details can be found at the provided link.

MediaValet Inc. has been selected by a global leader in public relations and communications to provide its enterprise digital asset management (DAM) platform. The two-year subscription includes prepaid first-year billings of $125,000 and offers various features such as the MV DAM platform, Audio/Visual Intelligence engine, CDN Linking, Branded Portals, and API access for custom integrations. The Agency chose MV after an extensive bid process and competitive pilot project. MediaValet is known for its best-in-class security, upload volume, file size, geographical reach, and AI-assisted search.