Record setting number of users by an existing customer on Boardwalk Digital Ledger Platform
CUPERTINO, CA, Aug. 7, 2019 /CNW/ - (TSXV:BWLK) - Boardwalktech Software Corp ("Boardwalktech") announced today that two existing clients have greatly expanded their use of the Boardwalk Digital Ledger Platform resulting in significantly improved business results for each client. As a result of these client expansions, Boardwalktech expects additional revenue, in both recurring license fees and professional services, to begin in the current quarter and recognized over the next 12 months. Due to competitive advantage expected from these systems running on the Boardwalk Digital Ledger platform, and confidential nature of these deployments, both customers requested that their names not be disclosed at this time.
- An $8.6B revenue multinational IT and Services company has expanded the number of users for its price/quote management system running on the Boardwalk Digital Ledger Platform to 6,000 users during the first half of 2019.
- A $5.8B revenue Fortune 500 semiconductor company, based in the US, has now gone live with its third application on the Boardwalk Digital Ledger Platform where Boardwalk is delivering a system to digitally manage their RFP and RFQ process significantly reducing the time to quote/respond delivering higher sales conversions and higher price points/margins per RFP.
"Today's announcement reflects Boardwalktech's ongoing traction of continued adoption and use of our platform, and corresponding growth in our recurring revenue," said Andrew T. Duncan, CEO of Boardwalktech. "As evidence of increased adoption by existing customers, Boardwalk has seen a 230 percent increase in the number of managed cells on the Boardwalk platform over the past 2 years, exceeding 2 billion hosted cells, with the average transactions per user increasing 20 percent per year."
"We are proud to partner with some of the largest and industry-leading companies in the world as they expand their use of the Boardwalk Digital Ledger Platform to advance their mission critical planning processes from manual email and Excel to a digital and flexible environment," continued Mr. Duncan. "In order for companies to not just remain competitive but gain an advantage in a fast-changing environment, they must be on an aggressive path of digital automation of their planning systems across their entire business. Boardwalk's patented technology delivers on the global demand for a secure multi-party digital information system, providing management, trust, and provenance for all participants in the value chain, resulting in a more efficient, secure and trusted digital information exchange. We remain committed to our mission of helping all enterprises transform their manual planning processes to 100% digital enterprise applications."
The Boardwalk Blockchain Digital Ledger Platform is ideal for multi-party enterprise applications enabling trusted, authenticated and secure transactions managed on a private permissioned digital ledger. What is unique about the Boardwalktech "time-based" digital ledger technology is that it captures the provenance of both on and off chain data exchanges between multiple parties. Our platform provides the end-to-end framework needed for enterprise customers to digitally transform existing manual planning processes, enabling a more timely, accurate and predictive business outcome delivering a high ROI and business value to the enterprise.
Boardwalktech has developed a patented Digital Ledger Technology Platform that is in use today by 26 of the Fortune 500 running over 100 live mission critical applications world-wide. This enterprise platform allows for multi-party collaboration, provenance, verification and blockchain immutable transactions on a trusted, shared, and secured private permissioned blockchain cloud service. The Boardwalktech platform allows rapid application development on any device or user interface and full integration with enterprise systems of record.
Forward-Looking Information and Statements
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For further information: Charlie Glavin, Chief Financial Officer, Boardwalktech, Inc., 650-618-6163, [email protected]; J.B. Kuppe, SVP Marketing, [email protected], 650-618-6104; Investor Relations: [email protected]