Eight-figure renewal deal represents an
approximately 100% increase over the prior contract
Near Intelligence, Inc. (Nasdaq: NIR) (“Near” or the “Company”),
a global leader in privacy-led data intelligence on people, places,
and products, today announced that it signed an eight-figure
renewal deal with its largest retail customer in Europe – an
increase of approximately 100% over the previous year.
By renewing its contract for another term, this European retail
chain, which operates multiple brands across several European
countries, will continue to use Near’s solutions to drive footfall
traffic to stores and to measure the effectiveness around those
activities; the retailer plans to expand the use of Near across its
seven other retail brands. The Company’s data intelligence insights
allow the retailer to get a better understanding of the right
catchment area at the store level and deliver appropriate messaging
to their prospects and customers.
This renewal supports Near’s land-and-expand go-to-market
strategy by offering targeted solutions to a customer, solving
clearly defined problems, and then delivering business outcomes,
with clear business use cases and ROI, leading to additional
revenue opportunities. In this retailer’s case, for every euro
spent with Near, the retailer received 6€ in return.
“Near is able to empower the world’s largest retailers with the
insights they need to make strategic business decisions that will
help increase ROI, find operational efficiencies, and improve the
overall customer experience,” said Anil Mathews, CEO of Near. “We
are thrilled to provide enterprises with our unique insights into
people and places data that we believe make them more competitive,
particularly in today’s challenging economic climate.”
Near has worked with this client since 2020 when it was invited
to participate in a request for proposal process and was awarded
the deal in mid-2021, after a three-month proof of concept. The
retailer had been using another vendor but needed a more
sophisticated solution.
About Near
Near, a global, full-stack data intelligence
software-as-a-service (“SaaS”) platform curates one of the world’s
largest sources of intelligence on people, places, and products.
The Near platform’s patented technology processes data from an
estimated 1.6 billion unique user IDs and 70 million points of
interests, in more than 44 countries. Near’s data and insights
empower marketing and operations teams to understand consumers’
online and offline behaviors, affinities, and attributes in order
to engage them and grow their businesses. With a presence in Los
Angeles, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near
serves scaled enterprises in retail, real estate, restaurant/QSR,
travel/tourism, telecom, and financial services. For more
information, please visit https://near.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are any statements that look to future events and
include, but are not limited to, statements regarding Near’s
business strategy; the expected benefits of use of Near’s
solutions; Near’s ability to attract new clients to purchase its
solutions; market acceptance of Near’s solutions; and Near’s
expectations or beliefs concerning future events. In addition, the
words “anticipates,” “appear,” “approximate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “foresee,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “seek,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are neither historical facts nor
assurances of future performance, and are based only on Near’s
current beliefs, expectations and assumptions regarding the future
of its business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of Near’s control. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause Near’s actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: the future financial and
operational performance of Near; Near’s expansion plans and
opportunities; Near’s limited operating history makes it difficult
to evaluate its current business and future prospects; Near’s
ability to comply with the covenants in the agreements governing
its indebtedness, including with respect to capital raising and
minimum liquidity; the high degree of uncertainty of the level of
demand for and market utilization of Near’s solutions and products;
substantial regulation and the potential for unfavorable changes
to, or failure by Near to comply with, these regulations, which
could substantially harm Near’s business and operating results;
Near’s ability to generate sufficient revenue to achieve and
sustain profitability; Near’s dependency upon third-party service
providers for certain technologies; increases in costs, disruption
of supply or shortage of materials, which could harm Near’s
business; developments and projections relating to Near’s
competitors and industry; the Near management team’s limited
experience managing a public company; the possibility of Near’s
need to defend itself against fines, penalties and injunctions if
Near is determined to be promoting products for unapproved uses;
concentration of ownership among Near’s existing executive
officers, directors and their respective affiliates, which may
prevent new investors from influencing significant corporate
decisions; the ability to maintain the listing of Near common stock
or Near warrants on Nasdaq; costs related to the recent business
combination transaction; if the benefits of the business
combination transaction do not meet the expectations of investors
or securities analysts, the potential for the market price of
Near’s securities to decline; the risk that Near’s significant
increased expenses and administrative burdens as a public company
could have an adverse effect on Near’s business, financial
condition and results of operations; the impact of health
epidemics, such as the COVID-19 pandemic, on Near’s business,
financial condition, growth and the actions it may take in response
thereto; and other risks and uncertainties identified in Near’s
filings with the Securities and Exchange Commission (the “SEC”),
including in the Registration Statement on Form S-4 (No.
333-265952), as amended, and the Current Report on Form 8-K dated
March 23, 2023. Forward-looking statements are based only on
information currently available to Near and speak only as of the
date made. Near does not undertake any obligation to update or
revise the forward-looking statements to reflect events that occur
or circumstances that exist after the date on which such statements
were made, except to the extent required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230405005393/en/
Near Media Inquiries Kat Harwood, Near PR@near.com
Investor Relations Marc P. Griffin, ICR
Marc.Griffin@icrinc.com
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