VERB Acquires SoloFire, A Leading Platform for Healthcare Sales Enablement
September 10 2020 - 9:45AM
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, today announced that it has
completed the acquisition of SoloFire (dba for Ascend
Certification, LLC), provider of a powerful sales enablement
platform for the healthcare industry.
Utah-based SoloFire develops and markets leading SaaS-based
sales enablement applications for sales representatives of medical
device, diagnostics and life sciences companies. The company’s
platform empowers sales and marketing teams by allowing them to
efficiently find, show, share and track regulatory and industry
compliant, accurate and up-to-date content. With SoloFire, content
can be locally stored, making it accessible without Wi-fi or mobile
data, which is often a challenge in hospital environments. The
sales tools can be tailored to a company’s unique medical products,
while creating personalized sales conversations with physicians and
other stakeholders. In addition, insights from in-depth analytics
enable sales teams to identify content that resonates with clients
and marketing teams to determine how to best create optimized
content and how sales people are sharing this content.
VERB’s sales enablement solutions, which include verbCRM, the
Company’s interactive video-based CRM and sales enablement
platform, and verbLIVE, its interactive video-based
livestream eCommerce and webinar product, are particularly
effective in the current challenging environment of continued
COVID-related social distancing and limited in-person interactions
and travel. By combining these solutions with SoloFire to
facilitate conversations, medical salespeople are able to remotely
pursue sales efforts with customers and prospects in a
friction-free, video-based setting that provides a variety of
sales-driving features and valuable real-time viewer engagement
data and interaction analytics.
“We are delighted to welcome SoloFire to the VERB family,” said
VERB CEO Rory J. Cutaia. “SoloFire’s natural, strategic fit with
VERB’s portfolio of sales enablement solutions has made this a
compelling acquisition for us. SoloFire has a proven product that
increases sales productivity and marketing effectiveness in the
healthcare and life sciences space, punctuated by strong
relationships with leading medical device and diagnostics
companies. We believe that the medical sales segment is one of the
largest and fastest growing markets for the sales enablement
software industry. Combining VERB’s innovative interactive video
technology with SoloFire’s existing platform provides an
exceptional opportunity to make an immediate dent in this
attractive vertical. Through this accretive acquisition, the
combined offering will empower medical companies to continue to
effectively build stronger relationships with customers and
prospects in a unique and engaging manner, driving sales conversion
rates, especially during a challenging period marked by pandemic
fears and restrictions.
“In addition to opening up an exciting, and what we expect will
be a large and very lucrative new market for VERB, the SoloFire
platform has some very innovative and compelling capabilities that
will serve as the foundation for a new complementary integrated
platform designed to serve other markets and other verticals both
within and outside of VERB’s current core competencies, driving the
continued growth our shareholders want and expect. Stay tuned for
more information about this new, value-generating dimension to our
business,” added Mr. Cutaia.
Steve Deverall, president and co-founder of SoloFire, said “VERB
is a leader in interactive sales enablement solutions and we are
thrilled to join Rory and his team. Integrating our SoloFire
platform with VERB is highly synergistic – the strengths of our
robust medical sales tool combined with VERB’s video-based
technology can create an even more powerful product offering that
can simplify complex selling transactions and, at the same time,
further elevate customer experience.”
About VERB VERB Technology Company, Inc.
(Nasdaq: VERB) transforms how businesses attract and engage
customers. The Company’s Software-as-a-Service, or SaaS, platform
is based on its proprietary interactive video technology, and
comprises a suite of sales enablement business software products
offered on a subscription basis. Its software applications are
available in over 60 countries and in more than 48 languages to
large enterprise and small business sales teams that need
affordable, easy-to-use, and quick-to-get-results sales tools.
Available in both mobile and desktop versions, the applications are
offered as a fully integrated suite, as well as on a standalone
basis, and include verbCRM (Customer Relationship Management
application), verbLEARN (Learning Management System application),
and verbLIVE (Interactive Livestream eCommerce and Video Webinar
application). The Company has offices in California and Utah. For
more information, please visit: www.verb.tech.
FORWARD LOOKING STATEMENTS This press release
contains forward-looking statements that involve risks and
uncertainties, including statements regarding our belief that the
medical sales segment is one of the largest and fastest growing
markets for the sales enablement software industry, our expectation
that the SoloFire acquisition will open up a large and very
lucrative new market for us and that this acquisition will serve as
the foundation of a new complementary integrated platform designed
to serve other markets and other verticals both within and outside
of our current core competencies. These forward-looking statements
involve risks and uncertainties. If any of these risks or
uncertainties materialize, or if any of our assumptions prove
incorrect, our actual results could differ materially from the
results expressed or implied by these forward-looking statements.
These risks and uncertainties include risks associated with: the
COVID-19 pandemic and related public health measures on our
business, customers, markets and the worldwide economy; our ability
to successfully integrate SoloFire’s operations with our current
operations; our plans to attract new customers, retain existing
customers and increase our annual revenue; the development and
delivery of new products, including verbLIVE; our plans and
expectations regarding software-as-a-service offerings; our ability
to execute on, integrate, and realize the benefits of any
acquisitions, including the SoloFire acquisition; fluctuations in
our quarterly results of operations and other operating measures;
increasing competition; general economic, market and business
conditions; and the risks described in the filings that we make
with the Securities and Exchange Commission (“SEC”) from time to
time, including the risks described under the headings “Risk
Factors” and “Management Discussion and Analysis of Financial
Condition and Results of Operations” in our Annual Report on Form
10-K, which was filed with the SEC on May 14, 2020, as amended by
Amendment No. 1 on Form 10-K/A to our Annual Report on Form 10-K,
which was filed with the SEC on June 4, 2020, and which should be
read in conjunction with our financial results and forward-looking
statements contained therein, and our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2020, which was filed with the SEC
on August 14, 2020, and which should be read in conjunction with
our financial results and forward-looking statements contained
therein. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by law.
Investor Relations Contact: 888.504.9929
investors@verb.tech Media
Contact: 855.250.2300, ext.107
info@verb.tech
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