Renoworks Pro™ Software Annualized Subscriptions Increase 193%
Apr 19, 2017, 08:30 ET
Renoworks' professional visualization software gaining traction.
CALGARY, April 19, 2017 /CNW/ - Renoworks Software Inc. (TSXV: RW)("Renoworks" or the "Company") is pleased to announce that its professional visualization software, Renoworks PRO, is now the visualization solution of choice for 271 renovation companies.
Renoworks PRO is a Software-as-a-Service (SaaS) offering for remodeling contractors that allows users to create professional designs of interior and exterior remodel projects for homeowners quickly. Contractors can win more business and sell larger contracts using visualization software because it helps solve the challenges of homeowners not undertaking remodeling projects because they cannot visualize how the completed project will look. An overview of the software is available at www.renoworkspro.com.
"Since January 1, 2016 Renoworks has increased Annualized Recurring Revenue (ARR) to $288,000, an increase of 193% and Average Revenue Per Unit (ARPU) jumped 38% compared to 2015 as we transition to a SaaS model from our previous desktop solution," said Doug Vickerson, CEO of Renoworks.
"Renoworks PRO is gaining traction in the marketplace," said Mr. Vickerson. "This solution is part of our strategic vision to deliver a powerful visualizer platform that is accessible to remodeling contractors so they can capitalize on every opportunity to retain customers and increase sales." Mr. Vickerson added, "The estimated 380,000 remodel professionals present a significant marketing opportunity in North America, and growing demand for our solution reinforces our belief we will continue to make significant strides with Renoworks PRO in this market."
By leveraging Renoworks' building products image libraries, Renoworks PRO offers remodelers an unprecedented selection of products from over 250 leading manufacturer partners so they can showcase products they sell on the designs created with Renoworks PRO. Renoworks business continues to add digital product content from manufacturers in multiple exterior and interior building categories to build on this competition advantage compared to other visualization software products. Manufacturers continue to see the benefit in being a part of the Renoworks platform as it provides a new distribution channel for their products.
Renoworks Software Inc. develops and sells unique digital visualization software for the remodelling and new home construction industry, primarily in the United States and Canada. Delivered online, as a custom developed app or desktop software, Renoworks provides its technology to manufacturers, contractors, builders and retailers offering the solution to one of the home remodelling industry's greatest challenges: enabling customers to see how their product choices will look in a realistic, virtual environment – even in their own home – before they make a purchase decision. Renoworks markets its software as a cost-effective lead generation tool and generates revenues from four main business lines: Enterprise, Renoworks PRO, Renoworks GSB and Renoworks SDK (Software Development Kit). For more information, visit: www.renoworks.com and www.renoworkspro.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
SOURCE RenoWorks Software Inc.
For further information: please contact: Doug Vickerson, CEO, Phone: 403-296-3880, Email: [email protected], Renoworks Software Inc., 2721 Hopewell Place NE, Calgary, Alberta, Canada T1Y 7J7; For investor information for Renoworks please contact: Rob Gamley, Phone: 604-689-7422, Email: [email protected], Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC, Canada V7Y 1G5
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