VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Snipp Interactive Inc. ("Snipp", the "Company") (TSX-V:SPN)(OTCPINK:SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions, is pleased to announce it has secured a three-year Master Services Agreement (MSA) contract extension with an existing Fortune 500 client ("Client") valued at US $1,980,000. The Client is the world's leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. The Client's products are manufactured in 18 countries and marketed in more than 180 countries.
Under this extension, Snipp will continue licensing its proprietary and industry leading SnippCheck receipt processing solution for use by the Client in the US market for a single program that has been live since 2015. SnippCheck incorporates sophisticated machine learning and artificial intelligence capabilities to extract data on an image. The intelligent learning capabilities when applied to purchase receipts help clients extract and analyze valuable consumer purchase behavior. Historically this solution was used by the Client to analyze the presence of the Client's products on a user's purchase receipt in order to award the user points as part of the Client's loyalty program. In 2020 the Client successfully piloted the use of additional features of the SnippCheck solution that allowed for the extraction and analysis of all of the data for every single product found on a receipt. This data set enabled the Client to successfully improve its data analytics capabilities, media targeting models and customer segmentation accuracy. The MSA extension allows for the broader use of the SnippCheck solution and allows for the client to gain a deeper view of the data at a strategic level to meet a larger set of strategic marketing objectives in addition to the historical tactical objective for their loyalty program. The extension represents a 53% improvement in the value of the MSA from the previous contract period.
The current licenses granted under this MSA do not allow for the use of the SnippCheck engine by any of the 20+ brands in the Client's portfolio or in any of the 180 countries this client operates in today. Any future licenses or programs for individual brands or in other geographies that will be powered by any component of the Snipp platform will be contracted separately. Most recently and as previously announced, Snipp had run programs for the Client across four countries in Asia (refer to press release dated November 17th, 2020). Discussions for such additional deployments are actively underway not only at the individual brand level but also with the various country teams.
"We are excited to upgrade our Client's program to the latest version of our SnippCheck receipt platform. The platform clearly demonstrates our industry leading machine learning and artificial intelligence capabilities. The intelligent learning components of the platform are game-changing for any manufacturer that sells via a third party retailer and/or has multi-channel presence independent of their industry or geography. Our solutions generate unique First Party data built on real time user purchases across retailers and offers deep insights into shopper behavior ", said Atul Sabharwal, Founder of Snipp, "Our five-year ride with this client is only just the beginning of our journey. This contract represents the value of just one of our engines, SnippCheck, as part of the overall Snipp platform that comprises our other engines such as SnippRewards and SnippLoyalty. We are in preliminary stages of discussion with various groups across this client's organization some of whom we have finished pilots with and others with whom we are in planning today for launches later this year. At a more strategic level what gives me the most excitement though is the growth potential for Snipp across our current customer base of blue-chip Fortune 500 companies. We ended 2020 with over 90 clients globally all of whom represent an opportunity for us to grow with. Our solutions are proven, time tested and relevant in today's data driven world."
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 Vancouver, Canada with a presence 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP
Cautionary Note Regarding Forward-Looking Statements
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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