Sydney, Jan 16, 2023 AEST (ABN Newswire) - Bigtincan Holdings Limited (ASX:BTH) (BGTHF:OTCMKTS), a global software company providing a leading AI-powered sales enablement automation platform, is pleased to provide a market update on its performance in 1H FY23 ("Half").
During 1H FY23 Bigtincan continued to execute on its strategy to become a scaled global leader in sales enablement.
Annualised Recurring Revenue (ARR) Hits $130m Driven by New Customer Wins and Expansion
Bigtincan is pleased to announce that the Company achieved an ARR of $130m as at the end of December 2022, driven by new customer wins in December including Pfizer, Align, Jabra, Equifax and Assurant, among a total of more than 50 new logo wins in the Half. These wins are in addition to expansions within Google, Cisco, Semrush, Seek, T-Mobile and Neogenomics, among more than 300 customers who expanded with the average expansion in excess of $30k p.a. in the Half.
"Passing the important milestone of $130m ARR was driven by new customer wins, expansions with our existing customers and the small-scale M&A program", said David Keane, CEO and co-founder of Bigtincan. "We look forward to providing further details on the progress of ARR at the release of our half year results."
New Product Release Completes Brainshark Transition
In addition to updated versions of its Content Hub and Engagement Hub, Bigtincan released the latest version of the Brainshark Coaching platform, taking advantage of the Bigtincan Design system and Voice Intelligence technologies (powered by the VoiceVibes acquisition), to provide a new way of helping salespeople practise engaging with customers. This new release completes the updates to the complete range of Brainshark offerings - with the Coaching platform added to the updated Learning and Content Portal work completed in Q1 FY23.
Successful Completion of $30m Institutional Placement
In December 2022, Bigtincan completed a $30m placement to institutional investors and has an ongoing non-underwritten Share Purchase Plan scheduled to close at 5.00pm (AEDT) on 18 January 2023 to raise up to an additional $5m.
Bigtincan would like to thank its existing and new institutional shareholders for their strong support for the Company.
On 28 December 2022, Bigtincan announced that it had acquired SalesDirector.AI, adding the ability to link people, activity and engagement across the buyer's journey to derive insights, including opportunity risk and relationship strength, and then make intelligent recommendations for users and management.
The SalesDirector.AI technology will be integrated into the Bigtincan platform during 2023.
Financial Advisor Appointed
The Bigtincan Independent Board Committee ("IBC") has engaged Morgan Stanley Australia Limited as its financial advisor to assist Bigtincan with the management and evaluation of inbound inquiries and expressions of interest regarding any potential control transactions.
Any such inquiries or discussions are preliminary in nature and there is no certainty any transaction will eventuate. Bigtincan remains committed to executing its strategic plan and maximising shareholder value. The Bigtincan board will only progress inquiries that are in the best interests of all shareholders.
Appendix 4C Reporting
Bigtincan advises that, consistent with ASX Guidance Note 23 and based on the Company's consistent positive net operating cash flow, the Company has received ASX approval that future Appendix 4C quarterly report lodgements are no longer required.
Based on the 1H FY23 performance review, Bigtincan remains on track for its guidance for FY23, being:
- ARR in the range of $137m to $143m.
- Revenue in the range of $123m-128m.
- Cash flow breakeven to be achieved in FY23.
- Positive adjusted EBITDA forecast to materially exceed FY22 .
About Bigtincan Holdings Limited
Bigtincan Holdings Limited (ASX:BTH) (OTCMKTS:BTGHF) is helping the world's leading brands facilitate the buying experience of the future. Everything we offer is designed to be smart, flexible, and easily adapted to unique business processes with highly personalised experiences that people and brands love. We're on a mission to help companies deliver branded buying experiences that are engaging, personalised, provide value and guide people to the best decisions with confidence. Innovative companies like Nike, Guess, Prudential, and Starwood Hotels trust Bigtincan to enable customer-facing teams to intelligently prepare, engage, measure and continually improve the buying experience for their customers. For more information about Bigtincan, visit: www.bigtincan.com or follow @bigtincan on Twitter.
Bigtincan Holdings Limited