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Deals add more than 110,000 new Microsoft users to Martello DEM platform in Q4 and bring a leading European retailer as a client.
OTTAWA, ON, March 23, 2021 /CNW/ – Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV: MTLO), a developer of enterprise Digital Experience Monitoring (“DEM”) solutions is providing an update today on its sales progress to date in the Company’s final quarter of fiscal 2021. Sales highlighted in this press release demonstrate growth in Microsoft DEM users and contribute to monthly recurring revenue (“MRR”) in the future, consistent with the growth plan communicated by the Company on January 20, 2021. Note that Microsoft DEM user count trends may not always directly align with trends in revenue, due to timing of subscription renewals and the lag between bookings and revenue.
In the 2022 fiscal year, Martello aims to increase the number of Microsoft users on its DEM platform by 60% (from a base of 2M users in Q2 FY21). To achieve this growth, the Company will focus on expanding indirect sales channels, launching key DEM product innovations and pursuing direct sales to large enterprises.
Martello is focused on accelerating MRR through the growth of its DEM solutions, and in particular those targeted at businesses using Microsoft 365. The Company’s Microsoft DEM solution suite, which provides digital user experience monitoring and analytics to enterprises, includes the Gizmo and iQ products. Martello sells these products to enterprises through both direct and indirect channels.
Martello highlights the following strategic sales deals completed in Q4 to date:
- A retailer, among the top 10 European retailers by revenue, is a new client for Martello this quarter, having chosen Gizmo to monitor their Microsoft 365 user experience. The customer made an initial purchase of licenses for 45,000 users in a 3-year subscription.
- Having chosen Gizmo earlier in FY21, one of the world’s largest Microsoft partners added more than 65,000 new users to Martello’s platform in January and February, as part of a continuing monthly rollout plan. This increases Martello’s recurring revenue from this partner. The Company plans to replicate the success of this model by onboarding new Microsoft managed service providers (“MSP”) through an expanded Microsoft DEM indirect sales program launching in FY22.
- After a paid proof of value that added 14,000 Microsoft users to Martello’s DEM platform in Q3 FY21, a South American engineering firm chose in Q4 FY21 to purchase a 12-month Gizmo contract, which increases Martello’s base of subscription revenue from this client going forward.
- Two large Martello customers, a global telecommunications company and one of the world’s largest banks renewed their subscriptions for Microsoft 365 monitoring this quarter, securing more than 275,000 users for an additional twelve months.
- Martello’s OEM relationship with Paessler continues to generate steady iQ business, bringing new deals in Q4 FY21, including an existing Fortune 50 Gizmo customer who added iQ to their DEM technology stack with the PRTG monitoring solution. This reinforces the value proposition of correlating and analyzing monitoring and service delivery data to bring actionable insights to large enterprises.
Martello continues to focus on its growth strategy, including preparing to launch its DEM MSP Program and completing the development of new solutions addressing the ‘work from anywhere’ digital workforce. By adding real user monitoring and advanced network path monitoring capabilities to its DEM platform in 2021, Martello will increase competitive differentiation and enable IT teams to quickly pinpoint whether problems are related to the cloud provider, ISP, or the user’s network, for better support of remote workers. Martello is actively working with prospects and customers to complete beta trials and offer early access to these capabilities when they become generally available.
About Martello Technologies Group
Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions. The company’s products provide monitoring and analytics on the performance and user experience of critical cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s software products include unified communications performance analytics, Microsoft 365 end user experience monitoring and IT service monitoring and analytics. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com
Any financial outlooks provided in this news release are preliminary and investors are cautioned not to place undue reliance on the foregoing information. Any financial outlooks provided in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws, are based on several assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially. See “Cautionary Note Regarding Forward-Looking Information”.
This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as:”anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking information contained in this news release include, among others, statements with respect to the aim to increase the number of Microsoft users by over 60% by the end of the 2022 fiscal year; plans to add real user monitoring and advanced network path monitoring capabilities to its DEM platform in 2021; the expansion of the Company’s work from anywhere Microsoft 365 DEM solution in fiscal year 2022; the conducting of beta trials in fiscal year 2022; and the launch of the DEM MSP program in fiscal 2022.
Forward-looking information is neither historical fact nor assurance of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates 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 our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:
- continued volatility in the capital or credit markets;
- our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;
- changes in customer demand;
- disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment;
- delayed purchase timelines and disruptions to customer budgets, as well as Martello’s ability to maintain business continuity as a result of COVID-19;
- and other risks disclosed in the Company’s filings with Canadian Securities Regulators, including the Company’s annual information form for the year ended March 31, 2020 dated December 24, 2020, which is available on the Company’s profile on SEDAR at www.sedar.com.
Any forward-looking information in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Financial Outlooks and Future-Oriented Financial Information
To the extent any forward looking information in this press release constitute “financial outlooks” within the meaning of applicable Canadian securities legislation, such information is being provided as certain estimated financial metrics and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Financial outlooks, as with forward looking information generally, are, without limitation, based on the assumptions and subject to various risks and uncertainties as set out herein. The Company believes there is a reasonable basis for the expectations reflected in the financial outlooks, however these expectations may not prove to be correct and the Company’s actual financial position and results of operations may differ materially from management’s current expectations and the information provided in this press release.
SOURCE Martello Technologies Group
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