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GlobeNewswire
Verb Technology Highlights Strong Start to 2021 and Growth Potential of its Livestream eCommerce App Platform in April 2021 Shareholder Letter
Verb Technology Company, Inc.
Mon, April 26, 2021, 8:00 AM·11 min read
In this article:
Q1 2021 unaudited projected results indicate more than 30% SaaS recurring revenue growth year over year
Microsoft Outlook integration with VERB’s interactive video sales technology now in public beta testing, with imminent commercial release
New product initiatives for verbLIVE to build leadership in growing and lucrative livestream ecommerce market
verbLIVE now fully integrated with the Salesforce platform and available on Salesforce AppExchange; winner of the Salesforce AppExchange Demo Jam Contest for best Salesforce productivity app
Accretive Solofire acquisition provides immediate entry into attractive healthcare and life sciences market
2020 SaaS recurring revenue up 82% year over year; total VERB platform user downloads up 250% to 1.93 million
NEWPORT BEACH, Calif. and SALT LAKE CITY, April 26, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"
, a leader in interactive video-based sales enablement applications, including interactive livestream ecommerce, webinar, CRM and marketing applications for entrepreneurs and enterprises, released a letter to shareholders from Chairman & CEO Rory J. Cutaia. The complete letter, dated April 23, 2021, follows:
Dear Friends and Shareholders,
I wanted to take this opportunity to share my excitement with you as we drive toward the realization of our shared vision for your company – yes - your company – VERB is as much your company as it is ours. I’m referring to the vision that launched a multi-year journey culminating in the development of assets and the commercial release of products that we believe will produce both near-term and long-term value for you, our shareholders, whom we consider our co-owners, as well as for ourselves. Meaningful value. Indeed, virtually all of us here at VERB are shareholders, and as such, our interests are in complete alignment with yours.
Here’s what I will cover in this update:
Our 2020 Report Card – Performance Quantified and Achievements Recognized.
Our 2021 Performance Outlook – $15M more cash in the bank and Q1 off to an impressive start.
verbLIVE – The burgeoning market for livestream ecommerce coupled with accelerating changes in consumer behavior, and why I believe we are well positioned to lead this exciting and lucrative new ecommerce phenomenon.
Our 2020 Report Card
2020 SaaS Recurring Revenue – Up 82% over the prior year. The amount and rate of growth of SaaS recurring revenue are the most important measures of value for any software business. While we believe our 2020 rate of growth in our core business was impressive, especially in light of the challenges imposed by a global pandemic, we anticipate even greater growth this year.
Total User Downloads – up more than 250% over the same period last year. Now more than 1.93M.
We completed the accretive acquisition of SoloFire, a leading SaaS sales enablement platform for healthcare and life sciences sales. This acquisition provides us with immediate entry into the lucrative medical and life sciences sales market, which we believe is one of the largest and fastest growing markets for the sales enablement software industry. 2020 proforma revenue for that platform was $1M, though we were only able to recognize $130,000 in 2020 due to GAAP revenue recognition rules. However, we will be able recognize most of that revenue this year together with the anticipated and ongoing additional sales growth we expect to generate from that new vertical.
verbLIVE now fully integrated with the Salesforce platform and available on Salesforce AppExchange.
VERB was the winner of the Salesforce AppExchange Demo Jam Contest for best Salesforce productivity app.
In July 2020, we closed an underwritten public offering of common stock without warrants for gross proceeds of $13.8M to beef up our balance sheet.
VERB was selected for inclusion in the Russell Microcap® Index.
Our 2021 Performance Outlook – Q1 off to an impressive start
Our Microsoft Outlook integration of VERB interactive video sales technology is now in public beta testing, with imminent commercial release. Our Microsoft Outlook VERB App add-in availability is anticipated through Microsoft’s Commercial Marketplace and Co-Sell program with Microsoft’s field sales reps. Assuming we can gain access to Microsoft’s Co-Sell program, which based on our communications with Microsoft appears likely, this may be one of the most important revenue and value creators our Company may experience this year and beyond, among a strong field of very promising catalysts.
Q1 2021 unaudited projected results indicate more than 30% SaaS recurring revenue growth over Q1 2020 and up more than 10% over Q4 2020.
We launched verbTEAMS for small businesses and solo entrepreneurs, a new self-onboarding content management and customer relationship management platform with integrated verbLIVE livestream ecommerce capability and one-click synchronization to Salesforce.
Healthy Balance Sheet – Last month we closed a registered direct offering for straight common shares – with no warrants - for gross proceeds of $15M to further enhance our balance sheet.
VERB’s sales enablement platform was ranked #1 by Social Selling News. We led the list with over 100 direct selling clients - almost double our closest would-be competitor, confirming our dominant position as the best performing, most requested sales platform for the direct selling industry.
ESG – We have accelerated our environmental/social/governance initiatives here at VERB, demonstrating with actions – not just – words – that companies at any level, at any scale, can and should take responsibility for change – real change – change that leaves our world in a better place than where we found it – for ourselves and our children. This year we’ve already undertaken a number of ESG initiatives, including helping entrepreneurs and small companies all over the country recover from the impact of COVID-19 on their businesses; we’ve also helped young Olympic hopefuls realize their dreams, and in so doing inspire so many others, among many, many other initiatives through our Verb For Humanity project.
verbLIVE
Marketplace – How do you take livestream ecommerce technology and make it even more fun, engaging, social, entertaining, compelling, and lucrative? Create a 24/7 online destination where anyone can go to experience scores of simultaneous interactive livestream presentations hosted by retailers, consumer brands and influencers across numerous categories, where viewers/customers/fans and followers can go in and out of live events, converse with hosts and other shoppers in real time - browse, shop, chat and simply enjoy the experience of the next generation of livestream ecommerce. That’s VERB MARKETPLACE - it’s built and in active beta testing with numerous retailers. This will be a new revenue model for us as we will participate in the volume of sales generated through the platform.
Attribution Technology – We are nearing completion of our Attribution Technology which we believe elevates the already exciting livestream ecommerce experience to greater heights. Think about the benefits of an affiliate marketing program on steroids. With our attribution feature, sales reps can invite their clients, customers, and prospects to watch a colleague’s verbLIVE event knowing they will get credit for any purchases made by their clients, customers, or prospects at their colleague’s verbLIVE event. Think about how this will drive conference attendance and revenue generation, among other revenue generating applications and opportunities. And think about how this technology will impact participation in VERB MARKETPLACE. This is our technology; we developed it and it further demonstrates our commitment to the leadership position in the new generation of SaaS sales enablement and ecommerce paradigm.
$1M a year clients. This year we’re seeing the average client and deal size increase dramatically, as we target and attract larger businesses for our products and services. We’ve now signed our first $1M-a-year revenue potential client, driven by our verbLIVE product and have several more in our sales pipeline. We’re also adding many more salespeople as we have a clearly defined path to ROI per sales rep.
In addition, we’ve recently added several product professionals, creating a deeper bench for our product teams, and revamped our entire development team and processes, moving to an agile environment which has not only resulted in a more efficient, effective, rapid, and higher quality development cycle, but also resulted in significant cost savings. These cost savings will help us execute our current plan to reduce our burn and drive aggressively toward cash flow positive status through a reduction in operating expenses quarter over quarter, coupled with higher topline revenue generation.
GlobeNewswire
Verb Technology Highlights Strong Start to 2021 and Growth Potential of its Livestream eCommerce App Platform in April 2021 Shareholder Letter
Verb Technology Company, Inc.
Mon, April 26, 2021, 8:00 AM·11 min read
In this article:
Q1 2021 unaudited projected results indicate more than 30% SaaS recurring revenue growth year over year
Microsoft Outlook integration with VERB’s interactive video sales technology now in public beta testing, with imminent commercial release
New product initiatives for verbLIVE to build leadership in growing and lucrative livestream ecommerce market
verbLIVE now fully integrated with the Salesforce platform and available on Salesforce AppExchange; winner of the Salesforce AppExchange Demo Jam Contest for best Salesforce productivity app
Accretive Solofire acquisition provides immediate entry into attractive healthcare and life sciences market
2020 SaaS recurring revenue up 82% year over year; total VERB platform user downloads up 250% to 1.93 million
NEWPORT BEACH, Calif. and SALT LAKE CITY, April 26, 2021 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"
, a leader in interactive video-based sales enablement applications, including interactive livestream ecommerce, webinar, CRM and marketing applications for entrepreneurs and enterprises, released a letter to shareholders from Chairman & CEO Rory J. Cutaia. The complete letter, dated April 23, 2021, follows: Dear Friends and Shareholders,
I wanted to take this opportunity to share my excitement with you as we drive toward the realization of our shared vision for your company – yes - your company – VERB is as much your company as it is ours. I’m referring to the vision that launched a multi-year journey culminating in the development of assets and the commercial release of products that we believe will produce both near-term and long-term value for you, our shareholders, whom we consider our co-owners, as well as for ourselves. Meaningful value. Indeed, virtually all of us here at VERB are shareholders, and as such, our interests are in complete alignment with yours.
Here’s what I will cover in this update:
Our 2020 Report Card – Performance Quantified and Achievements Recognized.
Our 2021 Performance Outlook – $15M more cash in the bank and Q1 off to an impressive start.
verbLIVE – The burgeoning market for livestream ecommerce coupled with accelerating changes in consumer behavior, and why I believe we are well positioned to lead this exciting and lucrative new ecommerce phenomenon.
Our 2020 Report Card
2020 SaaS Recurring Revenue – Up 82% over the prior year. The amount and rate of growth of SaaS recurring revenue are the most important measures of value for any software business. While we believe our 2020 rate of growth in our core business was impressive, especially in light of the challenges imposed by a global pandemic, we anticipate even greater growth this year.
Total User Downloads – up more than 250% over the same period last year. Now more than 1.93M.
We completed the accretive acquisition of SoloFire, a leading SaaS sales enablement platform for healthcare and life sciences sales. This acquisition provides us with immediate entry into the lucrative medical and life sciences sales market, which we believe is one of the largest and fastest growing markets for the sales enablement software industry. 2020 proforma revenue for that platform was $1M, though we were only able to recognize $130,000 in 2020 due to GAAP revenue recognition rules. However, we will be able recognize most of that revenue this year together with the anticipated and ongoing additional sales growth we expect to generate from that new vertical.
verbLIVE now fully integrated with the Salesforce platform and available on Salesforce AppExchange.
VERB was the winner of the Salesforce AppExchange Demo Jam Contest for best Salesforce productivity app.
In July 2020, we closed an underwritten public offering of common stock without warrants for gross proceeds of $13.8M to beef up our balance sheet.
VERB was selected for inclusion in the Russell Microcap® Index.
Our 2021 Performance Outlook – Q1 off to an impressive start
Our Microsoft Outlook integration of VERB interactive video sales technology is now in public beta testing, with imminent commercial release. Our Microsoft Outlook VERB App add-in availability is anticipated through Microsoft’s Commercial Marketplace and Co-Sell program with Microsoft’s field sales reps. Assuming we can gain access to Microsoft’s Co-Sell program, which based on our communications with Microsoft appears likely, this may be one of the most important revenue and value creators our Company may experience this year and beyond, among a strong field of very promising catalysts.
Q1 2021 unaudited projected results indicate more than 30% SaaS recurring revenue growth over Q1 2020 and up more than 10% over Q4 2020.
We launched verbTEAMS for small businesses and solo entrepreneurs, a new self-onboarding content management and customer relationship management platform with integrated verbLIVE livestream ecommerce capability and one-click synchronization to Salesforce.
Healthy Balance Sheet – Last month we closed a registered direct offering for straight common shares – with no warrants - for gross proceeds of $15M to further enhance our balance sheet.
VERB’s sales enablement platform was ranked #1 by Social Selling News. We led the list with over 100 direct selling clients - almost double our closest would-be competitor, confirming our dominant position as the best performing, most requested sales platform for the direct selling industry.
ESG – We have accelerated our environmental/social/governance initiatives here at VERB, demonstrating with actions – not just – words – that companies at any level, at any scale, can and should take responsibility for change – real change – change that leaves our world in a better place than where we found it – for ourselves and our children. This year we’ve already undertaken a number of ESG initiatives, including helping entrepreneurs and small companies all over the country recover from the impact of COVID-19 on their businesses; we’ve also helped young Olympic hopefuls realize their dreams, and in so doing inspire so many others, among many, many other initiatives through our Verb For Humanity project.
verbLIVE
Marketplace – How do you take livestream ecommerce technology and make it even more fun, engaging, social, entertaining, compelling, and lucrative? Create a 24/7 online destination where anyone can go to experience scores of simultaneous interactive livestream presentations hosted by retailers, consumer brands and influencers across numerous categories, where viewers/customers/fans and followers can go in and out of live events, converse with hosts and other shoppers in real time - browse, shop, chat and simply enjoy the experience of the next generation of livestream ecommerce. That’s VERB MARKETPLACE - it’s built and in active beta testing with numerous retailers. This will be a new revenue model for us as we will participate in the volume of sales generated through the platform.
Attribution Technology – We are nearing completion of our Attribution Technology which we believe elevates the already exciting livestream ecommerce experience to greater heights. Think about the benefits of an affiliate marketing program on steroids. With our attribution feature, sales reps can invite their clients, customers, and prospects to watch a colleague’s verbLIVE event knowing they will get credit for any purchases made by their clients, customers, or prospects at their colleague’s verbLIVE event. Think about how this will drive conference attendance and revenue generation, among other revenue generating applications and opportunities. And think about how this technology will impact participation in VERB MARKETPLACE. This is our technology; we developed it and it further demonstrates our commitment to the leadership position in the new generation of SaaS sales enablement and ecommerce paradigm.
$1M a year clients. This year we’re seeing the average client and deal size increase dramatically, as we target and attract larger businesses for our products and services. We’ve now signed our first $1M-a-year revenue potential client, driven by our verbLIVE product and have several more in our sales pipeline. We’re also adding many more salespeople as we have a clearly defined path to ROI per sales rep.
In addition, we’ve recently added several product professionals, creating a deeper bench for our product teams, and revamped our entire development team and processes, moving to an agile environment which has not only resulted in a more efficient, effective, rapid, and higher quality development cycle, but also resulted in significant cost savings. These cost savings will help us execute our current plan to reduce our burn and drive aggressively toward cash flow positive status through a reduction in operating expenses quarter over quarter, coupled with higher topline revenue generation.
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