NowVertical Group Inc., a vertical intelligence software and solutions company, has reported impressive financial results for the second quarter of 2023. The company achieved a remarkable 102% year-over-year revenue growth, reaching $15.5 million. It also recorded strong gross profits of $6.3 million, representing a 98% increase from the previous year. This growth has been driven by the acquisition of 53 new customers during the quarter and strategic partnerships with some of the world’s largest tech companies.
Sasha Grujicic, the CEO of NowVertical Group, expressed his satisfaction with the company’s performance and highlighted their focus on becoming a global leader in AI solutions for industry and government. He emphasized the importance of integrated revenue growth, fortified partnerships, and cost efficiency in driving their strategy for the rest of 2023.
During the second quarter, NowVertical Group achieved several significant milestones that demonstrate its strategic focus, technological prowess, and market expansion efforts. One of these milestones was a strategic partnership with Audiense Limited, a leading audience intelligence platform provider. This partnership will provide NowVertical with approximately $3 million of free cash flow over two years and enable a 2-way reseller arrangement, giving the company access to Audiense’s extensive customer base while retaining its core SnowGraph IP.
NowVertical also introduced NOW SnowGraph, a Snowflake Native App that showcases the company’s innovation in data analytics. This app enhances the company’s value proposition by empowering joint customers to leverage graph analytics and affinity-based scoring within the Snowflake Data Cloud. Additionally, NowVertical partnered with Microsoft to integrate Azure OpenAI’s capabilities via its SMART HUB, further solidifying its role in enabling secure enterprise AI deployments.
The company’s market expansion efforts have proven successful, with the acquisition of contracts from 53 new companies, including five esteemed clients in the United Arab Emirates. This expansion highlights NowVertical’s global capability to drive vertical-specific data, technology, and AI applications, positioning the company as an industry pioneer.
NowVertical has also implemented cash management strategies to enhance its financial position, including discussions with lending partners, streamlining operations to reduce annual costs by approximately $2 million, and leveraging available cash resources on its balance sheet. These measures have improved cashflows and will continue to do so throughout the third and fourth quarters of 2023.
To further discuss the company’s achievements in the second quarter of 2023, NowVertical invites shareholders, analysts, investors, media representatives, and other stakeholders to attend an upcoming webinar. During the webinar, management will delve into the details of the financial results and engage in a question-and-answer session.
The company’s unaudited second quarter 2023 condensed consolidated interim financial statements, management’s discussion and analysis, and other relevant materials are available on its website and SEDAR profile.
About NowVertical Group Inc.:
NowVertical is a big data, analytics, and vertical intelligence software and services company. It is experiencing organic growth and expanding through acquisitions. NowVertical’s vertical intelligence solutions are built upon a foundational set of data technologies that secure, fuse, and mobilize data in a transformative and compliant way. The company’s product suite enables the creation of high-value vertical intelligence solutions with predictive capabilities and industry-specific automation. For more information, visit www.nowvertical.com.
In conclusion, NowVertical Group Inc. has achieved impressive revenue growth in the second quarter of 2023, driven by strategic partnerships, innovative product offerings, market expansion, and effective cash management strategies. The company’s focus on becoming a global leader in AI solutions for industry and government is evident in its milestones and achievements. With a strong financial position and a solid growth trajectory, NowVertical is poised for continued success in the second half of 2023.
