VERB CEO Provides 2019 Business Recap and Outlines Plans for 2020
January 08 2020 - 9:00AM
VERB Technology Company, Inc. (NASDAQ:
VERB) (“VERB” or the “Company”), a leader in
business-focused interactive video CRM, marketing, and sales
enablement SaaS applications, provided the following business
update from its CEO, Rory J. Cutaia.
“Transformational is how I would best describe 2019 for VERB,”
stated Rory J. Cutaia, VERB CEO. “Our team embraced Jim Collins’
BHAG and ran with it. Here’s what we accomplished in 2019:
- Listed on NASDAQ and rang the Opening Bell.
- Raised more than $20M in our April common stock public
offering, and an additional $5M in our August preferred
offering.
- Retired all debt, with the exception of approximately $1M of
long-term insider non-convertible debt.
- Identified, negotiated and closed an accretive $25M
acquisition.
- Integrated combined teams of more than 110 people, in numerous
departments, across two states.
- Expanded our application development and design teams.
- Expanded our sales and customer success teams.
- Combined our technology with that of the company we acquired,
redesigned and re-architected our newly combined CRM and next-gen
sales enablement platform with our interactive video technology,
and launched it in the market.
- Launched a new marketing campaign for the new platform, using
our own technology, resulting in a rapid increase in sales and new
client contracts executed – up 396% in Q3 over Q2.
- Our app is now in use in over 60 countries and in more than 40
languages.
- Clients reported up to 1100% increases in conversion rates and
up to 3300% increases in retention rates.
- In just the first 7 months from launch, we garnered more than
12,000 ratings on the Apple App Store and Google Play Store for our
new VERB app, white-labelled for clients – 10,500 of which are
5-Star ratings – and 4.9 Stars overall.
- Broke a record for total users on the platform – which to date,
we increased to over 937,000 on our way to 1M – up over 100% since
last year.
- Developed and introduced the world’s first live broadcast
interactive video webinar platform, launching early 2020.
- Launched our LEARN product – part of our new LMS platform and
have several enterprise clients that have already signed on.
- Launched our in-app sampling feature which has been a great
revenue driver. And we’re about to launch in-app purchase
capabilities which will create an entirely new revenue stream from
both new and existing customers.
- Had patents issued and filed new patent applications for some
of the innovations we’ve developed, including our new interactive
video webinar product – to make sure we properly protect our
intellectual property.
- Moved our California office from L A and opened our new
headquarters in Newport Beach CA.
- Launched a new redesigned website.
- Added 2 new board members, 2 extraordinarily accomplished
women, Judith Hammerschmidt and Nancy Heinen. Judith started her
career in The United States Department of Justice, where on behalf
of the US govt she negotiated treaties and agreements with foreign
governments. In private practice in Washington, DC, she represented
global companies as they expanded into highly regulated
environments. Her client base included: Guess?, Inc., Pfizer Inc.,
Merck & Co., Inc., and Herbalife International, Inc., whom she
ultimately joined as International Vice President and General
Counsel of Europe and then Executive Vice President and
International Chief Counsel in 1996, where she was responsible for
managing all legal matters across 60 countries.
- Nancy Heinen comes to us with more than 25 years’ experience as
a senior executive in Silicon Valley, including Senior Vice
President, and General Counsel of APPLE. Nancy was recruited by
STEVE JOBS personally and spent 16 years as a key member of his
core executive team while they turned around Apple’s computer
business and launched the iPod, then iTunes, then iPhone, then
iPad, then the Apple retail stores.”
Looking Ahead
“Here are just some of the initiatives we have planned for
2020: |
- The power and effectiveness of our interactive video-based CRM
platform will continue to dominate the direct sales sector, which
is one that we expect will enjoy prolonged, expansive growth as
artificial intelligence-based job displacement drives people around
the world to pursue careers in sales.
- We intend to expand our foray into affiliate marketing with new
clients to be announced as we see this burgeoning sales business
model becoming the dominant model for social selling. Our
application is perfectly aligned with this fast-growing sales
phenomenon and we expect that it will generate the type of
impressive results our clients are currently experiencing in the
direct sales space.
- Simultaneously, we intend to continue our expansion into other
business sectors, including, automotive sales, education,
medical/pharmaceutical, CBD, real estate, among other business
sectors each of which will benefit greatly from our platform.
- We intend to launch the world’s first interactive video webinar
platform that will allow anyone, selling anything, the ability to
host a live broadcast in which they can showcase and demonstrate
their product and then give all the webinar viewers the ability to
click on the screen and purchase the products in real time, right
in the video while their interest level is peaked.
- We intend to launch a series of new features and functionality
in our CRM platform that will allow us to generate greater revenue
per user, not only from new users but immediately from our current
937,000 and growing user base. These features will include in-app
purchase capability that our users can subscribe for directly
through the app, for behind the pay-wall, sales-driving, affordable
features and functionality.
- We intend to execute on our existing partnership agreements
with Salesforce and Microsoft, among others, through the launch of
our newly designed and enhanced core interactive video sales
enablement, lead-gen, and analytics/tracking/reporting application
as an upgrade feature within Salesforce and Microsoft products,
offered on a revenue share basis, to their respective current and
future clients and customers.
- We intend to announce new direct sales back-end software
provider partnerships, pursuant to which these partners will offer
their current and future clients a tightly integrated, enhanced
solution combining their back-end application that tracks affiliate
rep sales, payments and genealogy, among other things, with our CRM
and sales enablement mobile application.
- We intend to launch a long-planned channel sales initiative,
creating an entirely new revenue stream through an extended outside
network. We expect this to add substantial leverage to our sales
and revenue stream in 2020 and beyond.
We remain focused on creating and delivering long-term,
sustained shareholder value, based on strong, underlying business
fundamentals, achieved through best-of-class, innovative,
SaaS-based sales applications for the new social economy that
produce measurable results for our continually growing, satisfied
client base.”
About VERBVERB Technology Company,
Inc. (NASDAQ: VERB) is rapidly emerging as the market
leader in interactive video-based customer relationship management
(“CRM”) sales and marketing applications. With offices in
California and Utah, VERB provides next-generation CRM lead
generation, sales enablement, and video marketing software
applications to sales-based organizations in 60 countries and in 48
languages. The Company's proprietary and patent-pending technology
platform produces real-time, measurable results with some customers
reporting greater than 600% increases in conversion rates. The
Company’s software-as-a-service (SaaS) products are cloud-based,
accessible on all mobile and desktop devices, and are available by
subscription for individual and enterprise users. The Company’s
technology is integrated into popular ERP, CRM, and marketing
platforms, including Oracle NetSuite, Adobe Marketo, and
integrations into Salesforce.com, Odoo, and Microsoft, among others
that are underway. For more information, please visit:
verb.tech.
Forward-Looking and Cautionary Statements This
press release may contain “forward-looking” information within the
meaning of the Private Securities Litigation Reform Act of 1995. In
accordance with the safe harbor provisions of this Act, statements
contained herein that look forward in time that include everything
other than historical information, involve risks and uncertainties
that may affect the Company’s actual results. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited to,
plans and objectives of management for future operations or
products, the market acceptance or future success of our products,
and our future financial performance. The Company cautions that
these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, and other filings with the U. S. Securities and
Exchange Commission (available at www.sec.gov). The Company
undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events, or otherwise.
Media Contact:855.250.2300, ext.
107info@verb.tech
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949.574.3860VERB@gatewayir.com
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