2021 Year End: BlueRush Pleased to Report 55% growth in SaaS Revenue, 83% Growth in SaaS Gross Profit and Continued Sales Momentum Subsequent to Year End

BlueRush Inc., a leading personalized video Software as a Service company, ‎is pleased to announce its financial results for the fiscal year ended July 31, 2021 .

“2021 was a breakthrough year on a number of fronts. We continued to see healthy growth in revenue from our SaaS business increasing by 55%, overall gross profit growing by 83%, and our gross retention rate remaining above 90%,” said Steve Taylor, CEO of BlueRush.

Mr. Taylor continued, “Probably the most compelling part of the business has been the growth in our key accounts. While we continue to secure new logo customers, we believe the growth in our existing customers is the best indicator of the value our IndiVideo technology delivers for our customers. There is no more engaging medium than video and when you add personalization, the engagement and conversion metrics become unbeatable. Our customers’ success becomes our success.”

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Momentum continued into Fiscal 2022, pushing CARR (contracted annual recurring revenue) past $3 million:

Since the end of Fiscal 2021, BlueRush has seen increased sales traction in both new and expansion subscription revenue.

New and expansion CARR booked since Fiscal 2021 of $619,500 is comprised of:

  • Addition of two of the largest banks in North America
  • Addition of one top five Insurance provider
  • Addition of one of the largest energy companies in North America
  • Upselling of additional videos to several existing key customers

Given our proven track record in growing these large accounts, these new logo wins position BlueRush well and the Company looks forward to working with these new customers.

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BlueRush Highlights for the Fiscal Year 2021:

  • BlueRush continues to successfully transition towards its recurring revenue model, increasing its subscription and support revenue in 2021 by 55% to $2,018,934, compared to $1,306,427 in 2020;
  • The Company secured new CARR (contracted annual recurring revenue) of $812,465 in 2021 reaching an ending CARR of $2,675,556 as at July 31, 2021. Gross churn remained low at 7% with logo retention of 82.8% for the year.
  • Subscription and support revenue for the three months ended July 31, 2021 was $531,917, an increase of 34% compared to the same period in 2020. This increase was due to contracts secured with new customers, as well as the upselling of additional videos to existing customers;
  • Subscription and support gross profit significantly advanced in fiscal year 2021 by 83% to $1,671,090, from $914,473, when compared to fiscal year 2020;
  • Gross margins in the SaaS business increased to 83%, compared to 70% in 2020, a result primarily driven by the technological advantage and greater deployment efficiencies of the IndiVideo platform;
  • BlueRush successfully completed a $5 million non-brokered private placement financing through the issuance of common share units and share purchase warrants. As part of the private placement, $2.7 million of convertible debentures was converted into common shares.