Mr. Rob Chase reports

MEDIAVALET ANNOUNCES LARGE CLIENT EXPANSION

MediaValet Inc. has signed two expansions under the master services agreement with one of MediaValet's largest clients -- a global leader in the entertainment industry.

The expansions include: (1) expansion of MediaValet's DAM (digital asset management) services and capacity to provide multilibrary support for an additional operating division of the client; and (2) upgrade to MediaValet's premium cognitive suite of services, which include AI (artificial intelligence) features for face recognition, audiovisual indexing and MediaValet's private-preview version of visual search. The expansion increased the client's annual recurring revenue (ARR) by $324,000 effective September, 2023, and the upgrade increased ARR by another $200,000 effective November, 2023, for a total combined increase of $524,000 in fiscal 2023.

MediaValet's private-preview visual search solution is currently available only to this client and is scheduled for general availability in 2024. Visual search uses multimodal AI to bring the cutting-edge power of visual-language models (VLM) to DAM.

"This is an example of the possibilities that can come from our HotDam vision and mission to be No. 1 in adoption," commented Rob Chase, president and chief executive officer of MediaValet. "This is also reflected in our best-in-class ratings from G2 for service and support and for enterprise DAM. While our service and support have opened the door, it is our new features, solution launches, high security ratings, and product road map that have driven this expansion and upgrade. We are very excited about our product road map, which includes impactful launches for every quarter in 2024 that will increase accessibility, discoverability and granular control. We believe these launches will empower and grow our 70,000-plus user base. Our cutting-edge use of VLM to provide visual search features is but one of many exciting launches we have planned."

Mr. Chase added: "While we are excited about the impact these can have on our net retention rates (NRR) and ARR growth, we also recognize that these are challenging economic times. Many of our customers have struggled, and, as a result, we have experienced elevated gross churn beyond our normal levels. That said, we are grateful to have many customers like this client who have expanded with us this year despite the macroeconomic backdrop. Thanks to these expansions, we expect to maintain our 100-per-cent NRR for this year and are confident the initiatives we have planned will enable us to achieve greater-than-100-per-cent NRR for the year ahead."

About MediaValet Inc.

MediaValet stands at the forefront of the enterprise, cloud-native, software-as-a-service digital asset management and creative operations industries. Built exclusively on Microsoft Azure and available across 61 Microsoft data centre regions in 140 countries around the world, MediaValet delivers unparalleled enterprise-class security, reliability, redundancy, compliance and scalability while offering the largest global footprint of any DAM solution. In addition to providing enterprise cloud-native DAM capabilities at a global scale, desktop-to-server-to-cloud support for creative teams, and overall cloud redundancy and management for all source, WIP (work-in-progress) and final assets, MediaValet offers industry-leading integrations into Slack, Adobe Creative Suite, Microsoft Office 365, Workfront, Wrike, monday.com, Drupal, WordPress and many other best-in-class third party applications.