VANCOUVER, Feb. 14, 2019 /CNW/ - MediaValet Inc. (TSX-V:MVP) ("MediaValet", "the Company"), a leading provider of cloud-based enterprise digital asset management (DAM) software, is pleased to announce that Thomas Kenny and Jake Sorofman have joined MediaValet's Board of Directors. Concurrently, the Company has accepted Barry Jinks' resignation from the Board.
"We welcome the addition of Thomas and Jake to our Board of Directors," commented David MacLaren, Founder and CEO of MediaValet. "As our business accelerates into 2019, their extensive leadership, sales and marketing, and high growth tech experience will be invaluable to our team. Additionally, on behalf of everyone at MediaValet and all of our investors, I want to thank Barry for his valued support and guidance over the years."
David continued, "2018 was a tremendous year for MediaValet, we released several major product milestones, including V4 and Creative Spaces, delivered a record level of billings in Q3, and in Q4 we signed a US$150,000 per year AI-driven DAM customer. We're entering 2019 with unprecedented momentum and opportunity; setting the stage for an exciting growth year and one that will benefit from the guidance and support of Mr. Sorofman, Mr. Kenny and our entire Board."
Thomas joins MediaValet with a 25+ year career leading sales for organizations from tech start-ups to large multinational corporations. Since 2017, Thomas has led the sales strategy and execution as VP of Sales for GRC, a tech start-up providing immersion cooling solutions for large data centers, where he has helped grow revenues by over 400%. From 2012 to 2016, he served as Senior VP and GM of sales and marketing at the worldwide level for Absolute Software, a Software-as-a-Service leader in endpoint security. During his tenure there he was responsible for the pivot into new market verticals and international growth. Prior to Absolute, he spent 16 years at HP as SVP of the US Public Sector division where he grew revenues from $350m to nearly $3.8b. Thomas has also held sales management and account management roles at Compaq Computer Corp, Digital Equipment Corp, US Robotics and Zenith Data Systems.
Jake is currently chief marketing officer of Pendo, a Raleigh, NC-based SaaS company that provides user insight, user guidance and user communication for digital product teams. Founded in 2013, Pendo has raised $106 million in venture funding from Battery Ventures, Spark Capital, Meritech Capital and Sapphire Ventures, among others, and counts more than 900 customers, including Zendesk, Salesforce, Coupa, BMC, and Sprinklr. One of the fastest growing SaaS companies in the world, Pendo was named to the 2018 Forbes Cloud 100 and Next Billion Dollar Start-ups. Before Pendo, Jake was VP and Chief of Research at Gartner, Inc., a leading global research and advisory firm, where he advised clients on CMO topics and marketing trends including digital asset management. Prior to Gartner, he spent 16 years in progressively responsible marketing leadership roles with venture-backed software companies, including rPath (acquired by SAS Institute), Systinet (acquired by Mercury Interactive, now part of HP Enterprise), and eRoom (acquired by Documentum, now part of OpenText). Jake holds a BA in English and Political Science from University of New Hampshire; an MBA from the McCallum Graduate School of Business at Bentley University; and a Master of Liberal Arts and Sciences from University of North Carolina Asheville.
The Company is pleased to announce a fully subscribed $1,551,350 non-brokered private placement (the "Offering"), comprised of 10% unsecured convertible debentures (the "Debentures") of MediaValet at the issue price of $1,000 per Debenture. The Debentures mature three years after the date of issue and may be converted in whole or in part, at the sole discretion of the subscribers, at any time prior to the maturity date into common shares of the Company (each a "Conversion Share"). The conversion rate is $0.05 for each Conversion Share within the first twelve months from the issue date, and $0.10 for each Conversion Share thereafter to expiry of Debentures. Insiders (including Rob Chase, David MacLaren and Robert Garnett) have subscribed for $760,000 and new Directors subscribed for $265,080 of the Offering.
Each $1,000 Debenure includes warrants to purchase 20,000 common shares in the Company ("Purchase Warrants") at an exercise price of $0.05 per share. The Purchase Warrants also expire three years after the date of issue, subject to the right of the Company to force their earlier expiry.
The Company has the option to force conversion of the Debentures should the daily volume weighted average trading price of the Common Shares be greater than $0.10 for any 10 consecutive trading days within 12 months from the issue date, and $0.15 per share thereafter. Expirey of the Purchase Warrants may also be accelerated should the daily volume weighted average trading price of the Common Shares be greater than $0.10 for any 10 consecutive trading days.
The Company intends to use the net proceeds of the Offering to provide the working capital required to fund its current growth objectives and to continue executing on its strategic plan. The completion of the Offering is subject to the approval of the TSX Venture Exchange.
Stock Option Grant
The Company has granted a total of 13,775,000 stock options to new and existing directors and staff. The options will have a term of five years expiring on February 13, 2024. Each option will allow the holder to purchase one common share in the Company at a price of $0.05 The options are subject to vesting over a period of three years in accordance with the TSX Venture Exchange regulations.
About MediaValet Inc.
MediaValet stands at the forefront of the enterprise, cloud-based, digital asset management industry. Built exclusively on Microsoft Azure and available within 140 countries, across 54 Microsoft data center regions around the world, MediaValet delivers unparalleled enterprise class security, reliability, redundancy and scalability while offering the largest global footprint of any DAM solution. In addition to providing all core DAM capabilities and local desktop-to-sever-to-cloud support for creative teams, MediaValet offers industry leading integrations with Slack, Adobe Creative Suite, Microsoft Office 365, Oracle Marketing Cloud (Eloqua), Wrike, Drupal 8, WordPress, Hootsuite and many other best-in-class 3rd party applications.
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SOURCE MediaValet Inc.