Adveritas making great strides towards FY23 growth on the heels of breakout quarter and year
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Adveritas’ strong quarter and year was underpinned by new customer wins throughs sales from direct channels and the Google Cloud Marketplace.
Digital ad fraud prevention specialist, Adveritas (ASX:AV1), is having a breakout quarter and year, with revenues continuing to grow significantly. For the June quarter, annualised revenue grew by 34% since March and 46% since December to a record $2.45 million.
The rapid growth was underpinned by new customer contracts won via direct sales and the Google Cloud Marketplace, a platform where Adveritas has demonstrated substantial progress since launching.
Adveritas’ key revenue leading indicators also continue to show strong momentum in the quarter, where the number of meetings, trials, Freemium subscribers and signed contracts have all shown rapid increases.
The company’s marketing initiatives have also paid dividends through scaling up its enterprise sales funnel, which has resulted in winning enterprise clients and new revenues.
“We’re continuing to scale Adveritas’ growth through our direct sales force approach and, more recently, through Google Cloud Marketplace, enabling us to sign up new clients across our key verticals,” says Adveritas co-founder and CEO, Mat Ratty.
Since launching the company’s Google Cloud Marketplace Go-To-Market strategy this quarter, Adveritas has demonstrated substantial progress by recording the first sale of its Trafficguard platform.
The sale generated US$120k in annualised revenue, or around $170k.
TrafficGuard has also received significant interest from potential customers since the Google strategy launch, with a number of trials now in progress.
Particular interest has come from large enterprises via referrals as Trafficguard is promoted by Google Cloud’s independent software vendors and Partner Sales teams to key Google Cloud Platform customers.
Meanwhile, enterprise clients that already use the TrafficGuard PPC Protection are also starting to adopt its Mobile Protection product line, a cross-sell revenue opportunity that Adveritas believes will continue to grow.
The Google Cloud Marketplace channel is efficient, because it reduces the complexity and time involved in client procurement and onboarding.
The Marketplace has led to several potential customers agreeing to undergo trials in using Trafficguard, with the potential to convert them into paying enterprise clients.
Adveritas says that it will continue to focus on growing and monetising its Freemium customer base with its self-serve product line. With already over 4,200 subscribers, this provides a strong pipeline of potential customers for Adveritas going into FY23.
“We are successfully executing our strategy, as demonstrated by the strong growth in annualised revenue, and I am very encouraged by the strong pipeline of opportunities we have built,” Ratty says.
“I look forward to providing additional updates when further deals are signed, and I am excited by the progress we are achieving, now entering Meta’s platform with first clients undertaking beta trials.
“This will provide yet another key sales channel for both our enterprise and self-serve customers, given the vast scale of PPC advertising on Meta (formerly Facebook),” Ratty adds.
This article was developed in collaboration with Adveritas, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.