"Despite the challenges of the past several years, we have renewed 100 percent of our long-term SaaS licenses with major enterprise customers and have a number of new large enterprises customers in our sales pipeline," said
Under the LOI, LMSG will acquire Datable's SaaS business in return for 15% equity ownership in LMSG. The LOI sets the value of LMSG at
- Datable and LMSG are making good progress on mutual due diligence and finalizing the definitive agreement, which is expected to be signed prior to
July 31, 2023 . Concurrently, Datable and LMSG are in discussions to raise capital to support the acquisition and accelerate growth of the combined company. - As of the date of this news release, Datable has agreements, which together with license agreements signed in prior periods amount to approximately
$3.6 million in revenue under contract for 2023 and future periods, of which 56% is expected to be recognized as revenue in 2023. This includes approximately$3.2 million in contracted revenues and close to$0.4 million in expected program fees from customers. Datable expects gross margin to be between 40% and 50% in 2023, depending on product mix and an increase and expected improvements in operational efficiency. - Due to the continued cost-cutting and improved operational total operating expenses are expected to be reduced by approximately 50% for the year ended
December 31, 2023 , compared to the same period in 2022.
Datable will provide ongoing updates as it makes progress on the proposed sale of its SaaS business to LMSG.
Datable has developed PLATFORM3 a proprietary Consumer Lifecycle and Data Management Platform that is sold to global consumer brands. PLATFORM3 is delivered as a subscription service (Software as a Service model) and used by some of the worlds' most valuable consumer brands to access new consumer communities and engage them while collecting, analyzing, and managing their first-party data. PLATFORM3 incorporates proprietary technology to monetize the consumer data, including demographics and purchasing behaviour, by sending consumers targeted offers by email and text messages. For more information, visit datablecorp.com.
For additional information about the company please visit www.sedar.com. The
SOURCE
© Canada Newswire, source