- Viral Loops achieved a significant milestone with
over 3 million participants engaged this year and over 1 million
referrals generated year to date.
- Viral Loops experienced significant growth with over 40%
increase in Customer Lifetime Value
("LTV")(1) and over 25% increase in
Average Revenue Per Account ("ARPU") (1) year
over year, attributable to the shift in selling longer term
referral campaigns and new integrations which have increased
functionality of the platform.
VANCOUVER, BC, Nov. 28,
2024 /CNW/ - Wishpond Technologies Ltd. (TSXV:
WISH) (OTCQX: WPNDF) (the "Company" or "Wishpond"), a
provider of marketing-focused online business solutions, is pleased
to provide the following update on its Viral Loops Platform, a
platform for creating and managing referral and word-of-mouth
marketing programs (the "Viral Loops Platform"). The Viral
Loops Platform has reached a major milestone in 2024, engaging over
3 million participants this year and surpassing 1 million referrals
year to date, solidifying its position as a leader in the referral
marketing industry. Wishpond is also pleased to share that Viral
Loops has seen significant growth with over 40% increase in
LTV(1) and over 25% increase in ARPU(1) year
over year.
Ali Tajskandar, CEO of Wishpond, commented, "It's incredibly
encouraging to see such tremendous year-over-year growth with the
Viral Loops Platform, a clear testament to the platform's
innovative approach to referral marketing, which continues to
resonate with businesses across industries. This milestone reflects
not only the strength of Viral Loops but also the growing demand
for its cutting-edge solutions. We're particularly excited to see
increased adoption among Web3 companies and notable campaigns from
leading organizations, which demonstrate the platform's ability to
meet the diverse needs of businesses across various sizes and
industries. At Wishpond, we remain deeply committed to continuous
innovation, ensuring our products not only meet but exceed the
evolving needs of our clients. The new integrations and features
introduced to the Viral Loops Platform this year have significantly
enhanced its functionality, enabling businesses to create more
impactful campaigns. These achievements reinforce our dedication to
helping businesses unlock the full potential of referral marketing
as a driver of long-term growth and success."
In the view of management of the Company, Viral Loops has proven
to be an important factor in helping businesses increase customer
acquisition through incentivized referral campaigns. This year
alone, the Viral Loops Platform has launched close to 7,000
campaigns, engaging over 3 million participants and generating over
1 million referrals. Total lifetime figures for the Viral Loops
Platform include over 130,000 campaigns, 57 million participants,
and 29 million referrals. Management believes these results
highlight the Viral Loops Platform's growing success in the
referral marketing space.
Viral Loops has achieved significant growth in key
customer-value financial metrics alongside its expanding user base.
Over the past year, LTV has increased by more than 40%, while APRU
has grown by over 25%. This progress stems from a strategic shift
towards selling longer-term referral campaigns that focus on
tracking customer referrals, as opposed to shorter-term pre-launch
campaigns that primarily involve email collection. Additionally,
the adoption of new product features and integrations has
significantly enhanced the Viral Loop Platform's functionality.
Notably, the integration of Stripe, Sendoso, and Tremendous in Q3
2024 enabled businesses to access a wider array of reward options,
boosting customer engagement. These advancements underscore Viral
Loops' dedication to delivering greater value to its customers,
empowering businesses to create more impactful and rewarding
referral marketing campaigns.
Founded in 2016, Viral Loops helps businesses unlock their viral
growth through powerful referral marketing solutions. It allows
businesses to design, create and manage referral programs that
reinforce customer loyalty, attract new customers and decrease
customer acquisition costs. Viral Loops provides its customers with
customizable templates for referral marketing campaigns where
customers can refer their network in exchange for rewards. Viral
Loops' technology tracks and manages the effectiveness and results
of the referral program and enables customers to manage the
distribution of the rewards and discounts arising from the
campaign.
Grant of Incentive Awards
Wishpond also announced the grant of 1,200,000 performance share
units ("PSUs") under the Company's Omnibus Equity Incentive
Plan to certain officers for an aggregate of up to 1,200,000 common
shares in the capital of the Company. The PSUs were granted
effective November 28, 2024
("Grant Date"). The PSUs vest on the one-year
anniversary of the Grant Date based on the achievement of certain
specific performance metrics approved by the board of directors of
the Company (the "Board").
Ali Tajskandar
Chief Executive Officer
Wishpond Technologies Ltd.
About Wishpond Technologies Ltd.
Based out of Vancouver, British
Columbia, Wishpond is a provider of marketing-focused online
business solutions. Wishpond is a leading provider of digital
marketing solutions that empower entrepreneurs to achieve success
online. The Company's Propel IQ platform offers an "all-in-one"
marketing suite that provides companies with marketing, promotion,
lead generation, ad management, referral marketing, sales
conversion and outbound sales automation capabilities in one
integrated platform. Wishpond replaces disparate marketing
solutions with an easy-to-use product, for a fraction of the cost.
Wishpond serves over 4,000 customers who are primarily small and
medium-sized businesses (SMBs) in a wide variety of industries. The
Company has developed cutting-edge marketing technology solutions,
including an AI powered website builder, an AI email automation
tool and an AI sales agent, and continues to add new AI enabled
features and applications. The Company employs a
Software-as-a-Service (SaaS) business model where most of the
Company's revenue is subscription-based recurring revenue which
provides excellent revenue predictability and cash flow visibility.
Wishpond is listed on the TSX Venture Exchange under the ticker
"WISH", and on the OTCQX Best Market under the ticker "WPNDF". For
further information, visit: www.wishpond.com.
(1) Non-GAAP Financial Measures
In this press release, Wishpond has used the following terms
("Non-GAAP Financial Measures") that are not defined by
international financial reporting standards ("IFRS"), but
are used by management to evaluate the performance of Wishpond and
its business, including: MRR, LTV and ARPU. These measures may also
be used by investors, financial institutions and credit rating
agencies to assess Wishpond's performance and ability to service
debt. Non-GAAP Financial Measures do not have standardized meanings
prescribed by IFRS and are therefore unlikely to be comparable to
similar measures presented by other companies. Securities
regulations require that Non-GAAP Financial Measures are clearly
defined, qualified and reconciled to their most comparable IFRS
financial measures. Except as otherwise indicated, these Non-GAAP
Financial Measures are calculated and disclosed on a consistent
basis from period to period. Specific items may only be relevant in
certain periods. See the disclosure under the heading "Additional
GAAP and Non-GAAP Measures" in Wishpond's MD&A for a discussion
of Non-GAAP Financial Measures and certain reconciliations to GAAP
financial measures. The intent of Non-GAAP Financial Measures is to
provide additional useful information to investors and analysts,
and the measures do not have any standardized meaning under IFRS.
The measures should not, therefore, be considered in isolation or
used as a substitute for measures of performance prepared in
accordance with IFRS. Other issuers may calculate Non-GAAP
Financial Measures differently. Non-GAAP Financial Measures are
identified and defined as follows:
- Monthly Recurring Revenue: The Company uses Monthly
Recurring Revenue, or MRR, as a directional indicator of
subscription revenue going forward assuming customers maintain
their subscription plan the following month. MRR is the total of
all monthly subscription plan fees paid by customers in effect on
the last day of that period. If customers pay for more than one
month upfront, the amount is divided by the number of months in the
subscription period. Discounts are deducted prior to the
calculation and one-time payments and metered based charges are
excluded.
- Average Revenue Per Account: The Company defines Average
Revenue Per Account, or ARPU, as the total MRR divided by the
number of subscribers. Management believes ARPU is a valuable
financial metric as it provides insight into the effectiveness of
the Company's monetization strategy and customer value generation.
ARPA also helps track the impact of sales initiatives and product
offerings on customer spending patterns.
- Customer Lifetime Value: The Company defines Customer
Lifetime Value, or LTV, as the average revenue that a customer
generates before they churn. Management believes LTV is useful as a
forward looking estimate of the average revenue that a customer
will generate throughout its lifespan as a customer with
Wishpond.
Forward-Looking Statements
Statements that are not reported financial results or other
historical information are forward-looking statements or
forward-looking information within the meaning of applicable
securities laws (collectively, "forward-looking
statements"). This press release includes forward-looking
statements regarding the Company, Viral Loops, and the industries
in which they operate, including statements about, among other
things, the Viral Loop Platform and its expected maintenance or
growth, results from future operations, future growth of the
Company's and Viral Loops' products and platforms, the future
development and increased use of products incorporating artificial
intelligence, improvement in the Company's cash position and
increased revenue generation, references to the growth of the
Company's product portfolio and future profitability, including
whether additional products or features may be developed in the
future, and the functionality and timing of such products,
financial results or operational activities that may be undertaken
by the Company, the results of the Company's cost-savings, research
and development and other initiatives, any future acquisitions or
other activities done to grow the Company both organically or
inorganically, expectations, beliefs, plans, future operations, the
impact of broader economic factors including inflation and other
general economic risks on the Company, business and acquisition
strategies, opportunities, objectives, prospects, assumptions,
including those related to trends and prospects, and future events
and performance. Sentences and phrases containing or modified by
words such as "expect", "anticipate", "plan", "continue",
"estimate", "intend", "expect", "may", "will", "project",
"predict", "potential", "targets", "projects", "is designed to",
"strategy", "should", "believe", "contemplate" and similar
expressions, and the negative of such expressions, are not
historical facts and are intended to identify forward-looking
statements. Readers are cautioned to not place undue reliance on
forward-looking statements. Actual results and developments may
differ materially from those contemplated by forward-looking
statements. Although the Company believes that the expectations
reflected in forward-looking statements in this press release are
reasonable and are based on, among other things, the expectations
and analysis of current market trends and opportunities of
management of the Company, such forward-looking statements has been
based on expectations, factors and assumptions concerning future
events which may prove to be inaccurate and are subject to numerous
risks and uncertainties, certain of which are beyond the Company's
control, including, but not limited to, economic uncertainty and
instability as a result of ongoing inflation and supply chain
issues, the higher interest rate climate, tightening of credit
availability and recessionary risks, pandemic related risks, wars,
instability in global commodity and securities markets, shifts in
consumer and institutional spending and marketing strategies, risks
related to data breaches and privacy, the changing global market
and competition for the products and services supplied by the
Company, including but not limited to the Viral Loops Platform, and
the additional risk factors discussed in the continuous disclosure
materials of the Company which are available under the Company's
profile on SEDAR+ at www.sedarplus.ca. The forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement and are made as of the date hereof.
The Company disclaims any intention and has no obligation or
responsibility, except as required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Wishpond Technologies Ltd.