Ad fraud mitigation developer Adveritas (ASX: AV1) growth continued during the December 2020 quarter with the company substantially increasing its customer-base.
The end of the period saw an 83% rise in customer numbers compared to the September 2020 quarter.
There was also an almost 40% increase in subscribers to Adveritas’ TrafficGuard Freemium product from 1,050 in Q3 2020 to 1,440.
Driving the rise in customer numbers was “strong conversions” from TrafficGuard Freemium to fee paying TrafficGuard Land and Expand customers.
Adveritas’ fee paying clientele now amounts to more than 100 companies. This number expected to continue expanding with several global companies currently undertaking global trials.
The enterprise level companies operate in betting, gaming, fintech, retail and on-demand apps.
Revenue continued to grow for Adveritas during the December quarter, with cash receipts up 9% on the September period to $263,000.
Adveritas anticipates the strong growth of customer numbers during Q4 2020 will be reflected by higher revenue and cash receipts int eh coming quarters.
Strong cash balance to facilitate growth strategy
To facilitate Adveritas’ growth, the company has appointed Matthew Sutton as chief revenue officer.
Adveritas chief executive officer Mathew Ratty said he had worked closely with Mr Sutton over the last two months as the company onboarded and built strong relationships with key clients on trial.
“With fast growing interest in our ad-fraud prevention technology globally and across different industry verticals, it was necessary to put in place a structure that reduced sales cycles and increased conversions,” Mr Ratty said.
“Given Matt’s background, proven history of scaling revenues, as well as his energy and belief in TrafficGuard, I am confident he will successfully lead the sales team and grow revenues,” he added.
Underpinning the growth strategy was a cash balance of $6.7 million at the end of Q4 2020. Additionally, Adveritas also received $1.18 million in government research and development funding during January.
Key partnerships and ongoing recognition
Adveritas’ key partnerships are also anticipated to play a key role in growing the company.
During Q4 2020, Adveritas’ TrafficGuard sales team onboarded the initial client through a 12-month partnership with Interpublic Group subsidiary MCN Media Brands.
Adveritas is continuing to roll out its TrafficGuard technology with other MCN Media clients.
The collaboration with Google is expected to provide an ongoing attractive entry point to TrafficGuard Freemium users.
Recognition of Adveritas’ technology is also rising with The Australian Financial Review placing TrafficGuard as number eight on its technology list of Australia’s Most Innovative Companies. More than 600 companies across Australia and New Zealand had been nominated.
Post quarter, Adveritas was granted Most Effective Anti-Fraud Solution at the 2020 Effective Mobile Marketing Awards.