Engagement Labs Inc.(TSX-Venture:EL) announced today that revenues for its flagship product, TotalSocial® had reached approximately $3.8 million for the last fiscal year, up 55% versus the prior 12 months.
The company with offices in Montreal and main offices in New Brunswick, New Jersey, is an industry-leading data and analytics firm that provides social intelligence for Fortune 500 brands and companies. It also announced double-digit growth for each of the recent four quarters, compared to a year earlier.
EL also negotiated ontracts with more than 30 Fortune 500 companies since the inception of TotalSocial in late 2016. The values of these contracts ranged between $100,000 and $400,000 annually, with an average duration of 24 months, along with shorter initial engagements with prestigious, blue-chip brands.
CEO Ed Keller said, "Last year was transformational as we completely shifted Engagement Labs staffing, infrastructure, and revenues to the TotalSocial platform.
“Our strategy is based on marketplace feedback indicating strong demand for a tool that helps separate the signal from the noise of social media, which is an important part of what TotalSocial delivers."
The company’s stock price zoomed approaching noon ET on Tuesday, half a cent, or 7.7%, to seven cents, on monster volume of 1.6 million shares.