WOBURN, Mass., October 11th, 2023 – Bridgeline Digital, Inc. (NASDAQ: BLIN), a leading marketing technology software company, today provided the following update for the end of its fiscal year 2023.
In fiscal 2023, Bridgeline signed more than $6 million in new license contracts and had a revenue renewal rate of more than 90%. The HawkSearch product line led the company’s success with HawkSearch growing to nearly 50% of Bridgeline’s revenue with a revenue renewal rate of more than 95%.
In its fourth quarter, Bridgeline booked an additional 27 sales for $900 thousand in contract value that adds $375 thousand in annual recurring revenue. Bridgeline closed the fourth quarter with a 92% revenue renewal rate for $2 million in contracts, totaling $9 million in renewals for the year.
New customers include leading technology providers Spectrum Control, Saviynt and Project Insight as well as industrial distributors Trident and Filters Fast. Renewals included leading enterprises in retail and consumer goods, healthcare and life sciences, industrial suppliers, manufacturing, higher education and more.
Bridgeline continues to win customers with HawkSearch through its partnerships with Optimizely and BigCommerce. The company has unveiled the Xngage Connector for HawkSearch, a specialized integration for Optimizely. HawkSearch is the exclusive on-site search and product discovery application crafted for the B2B eCommerce platform. This approach is complemented by Bridgeline’s partnership with Xngage, an eCommerce associate of Optimizely, serving customers in manufacturing, distribution, and wholesale sectors. Bridgeline has also expanded its presence in the BigCommerce ecosystem through a collaboration with oBundle, an agency with over 500 BigCommerce implementations.
In addition to its partnership strategies with leading software companies, Bridgeline continues to strengthen its presence in key B2B sectors through targeted partnerships with agencies. Its alliances with PROS and Pimberly position the company effectively within the manufacturing and distribution sectors. The association with Distribution Strategy Group aims to advance HawkSearch in the distribution sector, marked by participation in a conference on applied AI for distributors. This partnership will also produce an index to benchmark and assess distributor sites.
Bridgeline's partnership with Duda has led to over 1,000 new WooRank licenses, including 400 new licenses from a leading national health and fitness enterprise. Duda and Bridgeline plan to continue expanding and growing their relationship through joint marketing and interactive courses in the Duda University.
"By powering product discovery, our platform enables businesses to grow revenue. Not only do we drive more visitors to websites, but we also ensure those visitors become customers and make larger purchases," commented Ari Kahn, Bridgeline’s CEO. "Our consistent track record of boosting online visits by up to 25%, elevating conversions by 35%, and raising the average transaction value by 25% attracts many to our software.”
Bridgeline’s ‘Soul’ release for HawkSearch builds on the progress from the previous ‘Bronco’ and ‘Evo’ releases. This latest release focuses on product discovery features that accelerate conversions such as “Instant Engage” which presents visitors with recommendations even before they start typing in the search bar, which allows site visitors to identify and purchase products faster than ever. The Soul release also includes a critical enterprise feature called Multi Engine Management (MEM), which provides the ability for a large organization to manage hundreds of engines from a single centralized instance, while allowing the local Admins to make changes directly to their HawkSearch environment. The MEM feature also comes with Advanced Analytics that allows managers supporting multiple engines to see either aggregated or detailed reports across their multiple engine implementation.
The Soul release also included additional Advanced Analytics reports. These reports for HawkSearch users include:
The Soul release also includes a User Guide portal for end users to complement the developer portal that was included in the ‘Evo’ release earlier in the year. The portal is available from the HawkSearch site or directly at: https://userguide.hawksearch.com.
Bridgeline also launched sites for several leading brands including Spectrum Controls, Seattle Aviation, Central Garden & Pet, and Valken.
Bridgeline plans to announce its fourth quarter fiscal year 2023 results in December.
SVP of Marketing