Higher-Education vertical now greater than 10% of annual recurring revenue
Vancouver, BC – May 15th, 2018 – MediaValet Inc. (TSX-V:MVP), a leading provider of enterprise class, cloud-based, digital asset management (DAM) software, today announced its premium DAM package has been selected by a top 100 U.S. university. At more than US$50,000 per year in contracted annual recurring revenue, they are MediaValet’s largest higher education (“Higher-Ed”) customer. In the past year, revenue from the Higher-Ed market has more than doubled as organizations seek to solve their digitization challenges, and the vertical now represents more than 10% of MediaValet’s annual recurring revenue.
After a competitive bid process, the university selected MediaValet based on its differentiated platform capabilities, unlimited support and users, proven customer success, and innovative culture. The DAM package subscription includes MediaValet’s premium DAM, on-boarding services, and a number of add-on productivity modules and integrations including: the newly released Creative Spaces, Multi-Library and Content Publishing modules, and integrations for Active Directory, Adobe Creative Cloud and Dynamic Publishing. The subscription commenced on, and was included in deferred revenue at, March 31, 2018, with a one-year contract term, and standard annual renewal terms.
“We’re very pleased with our success in the Higher-Ed market,” stated David MacLaren, CEO of MediaValet. “Having a critical mass of Higher-Ed customers enables us to better learn, understand and solve for the needs of this customer group, which is critical to the continued innovation and development of our DAM. We’ve always received a lot of interest from universities, but over the past year things have truly come together and as a result, our annual recurring revenue from Higher-Ed has more than doubled. With the addition of many new, highly sought after, integrations and features in 2017, we now address an institution-wide use case that is just beginning to emerge. While we continue to work with organizations across all industries and geographies, we’re also starting to tailor our solution for various industries as they naturally emerge as dominant verticals in order to better help our customers move faster, reach further and achieve more with their digital assets.”
As Higher-Ed organizations develop institution-wide digital strategies to meet the growing digital asset management needs of their various Schools, Colleges, Campuses, Faculties, Departments and international locations, they face a number of challenges that require an enterprise level, cloud-based hub-and-spoke solution. This was a significant issue for this U.S. university, as they sought to manage their central Office of Marketing and Communications assets, but also to provide controlled user group access for each of their seven colleges’ Marketing and Communications departments to manage their own content – a challenge solved by MediaValet’s Multi-Library module.
“The decision to implement a DAM system in an institution-wide enablement in higher education is a positive step towards gaining operational and intellectual control of organization’s content. Using DAM effectively can deliver greater continuity, productivity and transparency which are key foundational steps to managing a successful digital transformation in higher education,“ commented John Horodyski, Partner at Optimity Advisors, a vendor-agnostic DAM consultancy.
The Higher-Ed vertical now joins the growing list of verticals that generate more than 10% of MediaValet’s recurring revenue, including media and advertising, and hospitality and tourism verticals. The MediaValet DAM is designed for organizations of all sizes and market verticals, as the issues encountered in adopting a digital asset strategy are common amongst most organizations. Driving this multi-vertical adoption is MediaValet’s unlimited training, in-app user success guides and integration with Microsoft Office 365, which enables institutions to effortlessly increase adoption rates across all user levels and improve productivity at each asset touch point.
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available in 50 Microsoft data center regions around the world, MediaValet delivers unparalleled enterprise class security, reliability, redundancy and scalability while offering the largest global footprint of any DAM solution. In addition to providing all core DAM capabilities, MediaValet offers industry leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Oracle Marketing Cloud (Eloqua), Drupal 8, WordPress, Hootsuite and many other best-in-class 3rd party applications.
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