VANCOUVER, BC / ACCESSWIRE / February 16, 2021 / Snipp Interactive Inc. ("Snipp", the "Company") (TSX-V:SPN; OTC PINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce that it achieved US$4.88MM in sales bookings in the recently concluded 4th Quarter of 2020, the largest quarterly bookings in the Company's history. In terms of annual bookings, 2020 was also a year for the record books at Snipp in other noteworthy categories such as new geographies and industry verticals. The Company grew annual bookings by 23.8% when compared to the previous year. Fourth quarter bookings grew 145% over the same quarter in the previous year.
Bookings were made across 80+ unique clients for 200+ standalone programs across 20 diverse industries such as Baby Products, Personal Care, Food & Beverage, Alcohol & Spirits and Pharma to name a few. In addition, 2020 also marked Snipp's foray into a number of new geographic markets and industries with bookings across US, Canada, Europe and Asia (for the first time). The breadth of clients, programs and industries leveraging Snipp's suite of technology solutions reflect the diversity of the Company's revenue streams. Further this multi-product revenue model that includes not only Platform/Software as a Service (PAAS/SAAS) revenue but also performance-based revenue streams, give the company the ability to grow its layered revenue model through multiple pathways.
While the figures mentioned above reflect the total revenues booked, please note that the projects are spread across multiple time periods and the timing of the revenues will be recognized per Snipp's established revenue recognition policies.
"We are thrilled to have achieved a record-breaking quarter of sales bookings during a year in which our momentum built in each successive quarter despite the impact of COVID-19. Despite having a significant number of bookings cancelled and/or postponed due to the pandemic, I am very proud that our team stayed focused and executed on our strategy, leading to one of the largest growth periods in our annual bookings as well as record bookings for the fourth quarter," said Atul Sabharwal, Chief Executive Officer at Snipp. "In addition, I am particularly proud of the work we did on adding innovate features to our platform through the year. Highlights include enabling unique cryptocurrency incentives based on Bitcoin gift cards, deep integrations with leading fin-tech companies that have allowed us to do cash back programs globally and adding global language capability to our market-leading SnippCheck transaction processing engine. These innovations have allowed us to launch our platform globally and have also given us a foothold in new industries such as our recently announced deal with a leading research company that is deploying SnippRewards, our incentive platform across 35+ countries. We look forward to sharing our fourth quarter financial performance and full year audited financials in the coming weeks. I would personally like to thank all our valued customers, partners and investors for their support and look forward to their continued support as we enter 2021 with an even greater commitment to responsibly grow Snipp."
More information about our platform can be found at https://www.snipp.com/
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
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Snipp Interactive Inc.
Chief Financial Officer
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This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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SOURCE: Snipp Interactive Inc.