TORONTO, ON / ACCESSWIRE / October 2, 2019 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSX-V:SPN)(OTCPINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, is pleased to announce that it has secured a CAD$1MM+ receipt processing program renewal agreement with a leading CPG company (the "Customer"). The Customer is a Fortune 500 company with a strong presence in CPG home products. The Customer has a global footprint with products sold in 175+ regions and one quarter of the world's population use its products every day.
The Customer had previously utilized Snipp's receipt technology as part of another vendor's solution but in late 2018 switched to a direct sourcing relation with Snipp primarily to utilize the advanced machine learning capability and data analytics of Snipp's platform. After spending a year of being a direct supplier and completing system testing and integration, the Customer and Snipp have entered into a 3 year agreement that will represent a minimum of CAD $1MM in additional billings.
The program leverages SnippCheck, Snipp's receipt processing platform to validate purchases. Consumers who spend a qualifying dollar amount on the Customer's products can submit their purchase receipt to receive the brand's loyalty currency. Additional features include leveraging Snipp's advanced data and analytics capabilities. The extensive first party shopping data generated from Snipp programs helps the Customer better understand consumer and retailer behavior to measure the effectiveness of the program thus enabling more informed advertising and marketing decisions.
"We are proud to have secured another renewal with this CPG giant, based on the continued success of the program," said Atul Sabharwal, Chief Executive Officer at Snipp. "The renewal is a strong testament to the efficacy of our marketing and technology solutions in the marketplace especially since our status has now been elevated to being a direct technology partner with this global CPG. This contract is with a single brand within the client's portfolio of multiple brands and we hope our success with this brand will translate into growth with other brands within this CPG whom we are yet to form a relationship with."
Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with offices across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF. Snipp was selected to the TSX Venture 50®, an annual ranking of the strongest performing companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH AMERICA on Deloitte's 2018 Technology Fast 500™, for the third year in a row.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive
Jaisun Garcha
investors@snipp.com
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This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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SOURCE: Snipp Interactive Inc.
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