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Mall Networks Announces Record Revenues for Fiscal Year 2009
Market leader in loyalty shopping more than doubled revenues and raised more than $10M in venture financing
Lexington, MA, July 13, 2009 - Mall Networks, the leading provider of merchant-funded loyalty shopping solutions, today announced record revenues for fiscal year 2009, which ended March 31, 2009. Mall Networks more than doubled the customer base and company revenue, and it raised more than $10M in venture financing. In addition to the dramatic revenue growth and successful new venture funding, fiscal 2009 was highlighted by innovative new product releases, differentiated program launches, widespread industry recognition with numerous awards, and key management hires.
Fiscal 2009 highlights include:
New Marquee Clients and Expanded Deployments
- Delta launched new Delta SkyMiles Shopping, a best-in-class merchant-funded online shopping program reaching millions of Delta SkyMiles members.
- Condé Nast launched new and improved Lucky Rewards and Allure Rewards loyalty shopping programs, serving subscribers of key Condé Nast publications.
- CyberMonday.com had record-setting traffic and sales with 2.4 million visitors on the Monday after Thanksgiving.
- Top ten retail bank launched multi-channel merchant-funded rewards programs featuring integrated in-store and online shopping.
- Signed more than 10 new clients and program expansions, including multiple leading financial institutions.
Record Revenue and $10M Venture Financing Round
- Due to tremendous growth and new clients, the company more than doubled revenue and gross online and in-store sales.
- Experienced dramatic improvement in net income metrics.
- Held successful series B round led by Dace Ventures, and included existing investors Flybridge Capital Partners, Venture Capital Fund of New England (VCFNE), and LBO Enterprises. Jon Chait, a partner at Dace Ventures, joined the Mall Networks Board of Directors.
Expanded Leadership Team
- Tom Beecher joined Mall Networks as President and CEO. Prior to Mall Networks, Tom served as President and CEO at Imagitas, a leading marketing services firm acquired by Pitney Bowes for $230M.
- Chris Hemme joined Mall Networks as Chief Financial Officer. Previously Chris was the VP of Finance at Soundbite Communications and held financial and operational positions at Winphoria Networks, Inc./Motorola , Gold Circuit Electronics, Satcon Technology Corporation, Interim Services, Inc., W.R. Grace & Co., and The Stride Rite Corporation.
Innovative New Product Releases
- Released version 3.0 of the Mall Networks Loyalty Shopping Solution in May 2008, featuring a market-leading comparison shopping engine optimized for loyalty programs. Capabilities include faceted search and personalized comparison shopping across more than 20 million products, and offers from hundreds of online and in-store merchants - all optimized for a merchant-funded loyalty shopping experience.
- Released version 4.0 in February 2009, featuring an upgraded, 2nd generation version of the Mall Networks In-Store Shopping Module with an enhanced promotions platform, highly scalable transaction matching engine, and simpler integration architecture.
- Both versions 3.0 and 4.0 featured enhancements to best-in-class capabilities for self-learning personalization and micro-targeting across shopping channels to optimize the online and in-store shopping experience for each consumer.
Industry Recognition and Awards
- 2008 Bank Standard of Excellence WebAward for Outstanding Achievement in Website Development from the Web Marketing Association for Chase's loyalty shopping program
- 2008 Shopping Standard of Excellence WebAward for Outstanding Achievement from the Web Marketing Association for powering enhanced search, personalization, and comparison shopping on Upromise's industry-leading online shopping program
- 2008 CRM Excellence Award from Customer Interaction Solutions Magazine
- Northeast 100 Top Private Company Award Winner from AlwaysOn
- Red Herring 100 Award Finalist
- Best Marketing & Customer Relationship Technology from MITX Technology Awards
- Product of the Year Award from Communications Solutions
- Technology ROI Award from Nucleus Research for Shop.org's CyberMonday.com
"In this past fiscal year, Mall Networks has continued to establish clear market and product leadership by providing differentiated loyalty shopping programs that deliver tremendous value for clients, merchants, and consumers," said Tom Beecher, president and CEO, Mall Networks. "Despite an unprecedented economic environment, Mall Networks achieved record revenues by now reaching more than 100 million consumers across our programs. We look forward not only to continued financial success in the current fiscal year, but also to the investment in product innovation and client success this growth enables."
About Mall Networks
Mall Networks is the leading provider of loyalty shopping solutions that increase revenue, strengthen customer loyalty, and improve member engagement for a range of industries including financial services, card issuers, airline and hospitality, affinity organizations and loyalty programs. Featuring an integrated network of more than 700 world-class online and bricks-and-mortar merchants, Mall Networks's multi-channel shopping solutions and flexible, on-demand platform power personalized online and in-store shopping programs for more than 100 million consumers. Industry leaders including JPMorgan Chase, Delta, Best Buy, Upromise, Verizon, and Shop.org rely on Mall Networks to build loyal, profitable customer relationships. Mall Networks is headquartered in Lexington, Mass. For more information, visit www.carteracommerce.com.
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Mall Networks Contact:
Jessica Hoffman
JHS Partners
Phone: 925.296.6161
Email: jhs@carteracommerce.com
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