BlueRush Announces Continued Strong Growth in SaaS Revenues, New Capability to Support Sales Teams with Videos Gaining Early Momentum

BlueRush Inc., ‎a leading personalized video Software as a Service (“SaaS”) company, today announced its financial results for Q2 2023.

SaaS Revenues Continue to Grow

“We are pleased to see continued growth in the SaaS business as IndiVideo continues to deliver powerful results for our clients in helping them acquire, onboard and retain customers,” said Steve Taylor, CEO of BlueRush. “We continue to secure new large enterprise customers and, at the same time, we have now begun to see an acceleration of lead generation and deals for our IndiVideo for Sales platform.”

• SaaS revenues increased by 26% for the second quarter, growing to $734,051 from $538,240 in Q2 2022
• SaaS revenues increased by 34% for the six months ended January 31, 2023, growing to $1,499,075 compared to $1,121,962 for the six months ended January 31, 2022
• SaaS gross margins were 94%

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IndiVideo for Sales Gaining Momentum

IndiVideo for Sales, which allows sales, service and marketing resources to integrate personalized videos quickly and easily into their sales sequences, leading to higher email open rates, more meetings and, ultimately, better sales results. The demand for this capability has been positive with an increase in activity as well as closed deals. Over 50 meetings with prospects were booked in Q2 and the number has accelerated through the 3^rd quarter. Approximately 50% of these calls are converting into qualified opportunities. These results reinforce that the IndiVideo platform presents a valuable opportunity for the Company to reach new businesses and customers.

The platform’s affordability and ease of use make it an attractive option for companies in the financial services vertical, as evidenced by BlueRush’s current and prospective large customers who represent thousands of potential seats. Moreover, the platform’s accessibility extends beyond the financial sector. Even small businesses with just five or more salespeople and a basic marketing function can leverage IndiVideo to enhance their sales, service, and marketing sequences. This broad appeal expands BlueRush’s potential customer base and positions their platform for widespread adoption.

BlueRush adds Savitri Ponnambalam as Chief Customer Officer

Savitri Ponnambalam has joined BlueRush as Chief Customer Officer. “We are delighted with the addition of Savitri to the team where she will oversee our efforts to grow out enterprise accounts, manage our service delivery team and also assume leadership of our Marketing function,” said Mr. Taylor. Savitri brings over 20 years of marketing experience to BlueRush, having worked at and consulted to an impressive list of Financial Services customers. “Savitri is an industry thought leader with agency and client-side experience that will help us strengthen our role as thought partners with our customers, build senior level relationships and ultimately aim to grow revenue,” continued Taylor.

Sandra Clarke joins the team as Chief Financial Officer

Sandra Clarke has been appointed the new CFO of BlueRush. Sandra is a seasoned financial professional with over 20 years’ experience helping companies of various sizes with accounting, reporting, compliance and operations. Sandra will be an excellent addition to the BlueRush team as a fractional CFO leading the streamlined finance function at BlueRush.

Financial Results for Q2 2023‎

The unaudited interim consolidated financial statements and management’s discussion and analysis for the three and six months ended January 31, 2022, have been posted under the Company’s profile on SEDAR (www.sedar.com). The financial information included in this news release is qualified ‎in its entirety and should be read together with the unaudited consolidated financial statements and ‎management’s discussion and analysis, including the notes thereto.‎

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