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From: WorthaDeeperLook9/5/2019 10:11:40 AM
   of 49402
 
BTV.v - BlueRush Announces Sale of Software Assets to Broadridge for C$2.3 Million

I spoke with CEO Steve Taylor last night. Here are my notes:

  • SmartAdvisor is a white-label version of DigitalReach sold by Broadridge to their clients. DigitalReach and SmartAdvisor were doing a combined 800k$ in ARR (1M$ total revenue) for BlueRush.
  • Three employees are leaving with the deal to go work for Broadridge.
  • Impact is net negative on the company's burnrate in the short term, but Steve thinks they can compensate with an increase in sales of IndiVideo in next 4-6 months.
  • Broadridge had an option to buy SmartAdvisor for 1.5M$ CAD. Since he joined the company as CEO, Steve was trying to get Broadridge to exercise their option. They had no interest in investing resources to develop DigitalReach. Costs would have been assumed by BlueRush, with the upside mostly captured by Broadridge through SmartAdvisor.
  • The 2.3M$ non-dilutive capital injection in the company should cover at least 12 months of operating cash flow losses.
  • IndiVideo has reached 150k$ in signed MRR contracts.
We are very satisfied with the recent developments at BlueRush and expect the stock price to increase on this news and/or after the October 19, 2019 warrants are exercised / expire.

The focus is now 100% on IndiVideo and the market will have the opportunity to appreciate BlueRush's high growth profile in next year financials. We expect the company to deconsolidate DigitalReach from the Income Statement, so that the explosive growth of IndiVideo becomes apparent.
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