- ARR for December 2023 was $4.6 million
- Executed LOI to Acquire Mixed Analytics, a Data Analytics Solution
- Banzai Targets December 2024 ARR to be $8.1 – $10 million
SEATTLE, Feb. 20, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ:BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced a business update that includes December 2023 Annual Recurring Revenue (“ARR”), the execution of a non-binding letter of intent (the “LOI”) to acquire Mixed Analytics as well as the Company’s target December 2024 ARR.
Banzai has estimated its December 2023 ARR at $4.6 million. Banzai selected ARR as a key performance metric next to GAAP measures, as it annualizes contracted recurring revenue components of term subscriptions and represents a key metric on which the Company evaluates potential targets under its acquisition strategy.
“We are excited to report an uptick in ARR toward the end of last year and look forward to the growth ahead of us,” said Mark Musburger, CFO of Banzai. “While we will report our Full Year 2024 earnings after we complete the year, we believe the market will benefit from an update on an important performance measurement to help assess our business at this point and going forward.”
Acquisition of Mixed Analytics Would Further Strengthen Suite of Integrated MarTech Solutions
Banzai also announced today that is has signed a non-binding LOI to acquire Mixed Analytics, a data analytics solution that offers an API Connector, enabling users to turn Google Sheets into a data pipeline for direct API data importation from numerous sources like Facebook, YouTube, Instagram, Mailchimp and more. Mixed Analytics helps marketers solve the problem of consistent, flexible data integration to Google Sheets.
The profitable and growing company was founded in 2012 and serves customers from various industries including HubSpot, Google, eBay, Monday.com, L’Oreal and Coinbase. Banzai intends to integrate the capabilities of Mixed Analytics with other Banzai products as part of the Company’s acquisition and cross-selling strategy.
Ana Kravitz, Founder of Mixed Analytics, commented: “Mixed Analytics was built to make API data more accessible and easier to navigate. It allows marketers to pull marketing and sales data from thousands of applications into their spreadsheets so they can analyze their data and uncover insights in one place. I’m excited about the possibility of Mixed Analytics joining Banzai’s portfolio. Their expertise in marketing technology and data-driven solutions makes it the perfect home for the future of Mixed Analytics.”
End-of-Year 2024 Target
Banzai targets December 2024 ARR to be $8.1 – $10 million, based on the Company’s December 2023 ARR, organic growth during the year as demonstrated by January 2024 customer wins and reactivations, and currently signed non-binding LOIs to acquire IGLeads, Cliently, Boast and Mixed Analytics. The targeted December 2024 ARR does not include any additional intended acquisitions.
The midpoint target, or $9.1 million, foresees a 97% increase in ARR, which would be equally attributable to organic growth and the acquisitions currently under LOI. Banzai’s management anticipates tracking the Company’s progress to its targeted December 2024 ARR as part of the Company’s 2024 quarterly earnings reports.
“We continue to believe that 2024 will be a breakout year for Banzai. We’ve signed over 150 new customers in January alone and have signed LOIs to acquire four mission-critical MarTech companies,” said Joe Davy, CEO and Founder of Banzai. “Additionally, we are seeing a robust pipeline for potential future acquisitions, as the trend for consolidation in our industry is gaining momentum.”
Annual recurring revenue refers to revenue, normalized on an annual basis, that Banzai expects to receive from its customers for providing them with products or services. The December 2024 ARR information provided above is based on Banzai’s current estimates of internal growth, the completion of the IGLeads, Cliently, Boast and Mixed Analytics acquisitions and those companies contributing ARR based on current levels and is not a guarantee of future performance. These statements are forward-looking and actual ARR may differ materially. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause Banzai’s actual ARR to differ materially from these forward-looking statements.
