VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2018) - Venzee Technologies Inc. (TSX VENTURE:VENZ) ("Venzee" or the "Company"), a provider of data transformation to the US$23 trillion retail industry, is pleased to announce that a world leading manufacturer of artificial turf with installations that include CenturyLink field, home to the Seattle Seahawks, has joined the Company's growing roster of Fortune 500 customers.
Using artificial intelligence, Venzee automatically turns product information from vendors into compatible data feeds that deliver enriched, error free product information to retailers. It eliminates human error and resources while increasing margins for both suppliers and retailers.
"The majority of retailers and their supply chain still rely on spreadsheets as a method of data exchange which creates a labor intensive, costly step in their workflow and delays revenue for both parties" said Peter Mackay, CEO at Venzee. "We're starting to see vendor adoption from a myriad of different industries which demonstrates the scale of the problem and Venzee's ability to adapt and transform varying data formats."
A recent case study with a Fortune 500 customer using Venzee showed a 65% increase in data transmission speed, a 100% reduction in human errors and a 74% increase in overall data quality.
"Our pricing model is designed to get customers embedded on our platform. Venzee becomes a very sticky product, and once customers are on-boarded and experience the benefits of automated product information distribution, the Venzee solution begins to quickly benefit their supply chain" added Mackay.
Venzee operates a SaaS (software-as-a-service) business model with pricing designed to accommodate the budgets of smaller retailers, with pricing for paying members from US$49 for its starter pack, to US$199 for premium, in addition to offering higher-value, custom contracts to vendors through to tier 1 enterprise clients.
According to Statista, in 2016, the global Ecommerce industry achieved an estimated US$1.8 trillion dollars in sales, and is expected to grow to US$4.5 trillion by 2021. As E-commerce sales continue to grow at staggering rates, the need for better delivery of product information for businesses is now solved with the Venzee software solution.
Venzee is a SaaS company that launched in 2014 to help ecommerce vendors and retailers easily share product information. Traditionally, this was done using spreadsheets which created a labor-intensive process that delayed products from reaching the marketplace. Venzee's technology, leveraging artificial intelligence to streamline product information management, allows thousands of vendors and retailers to seamlessly share information, avoiding delays and getting products to market faster than ever. The Company graduated from notable startup accelerator program 500 Startups and is already powering some of the biggest brands in the world.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the execution of the Company's growth strategy. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors" in the Company's filing statement dated December 12, 2017, which is available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward‐looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
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