Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has signed a non-binding letter of intent (the “LOI”) to acquire Boast, an all-in-one platform for video-based customer testimonials and surveys. This announcement marks the third in a series of recently signed LOIs, following the LOIs entered into with IGLeads and Cliently earlier this month.
Boast is a profitable marketing technology business with over 500 customers including HubSpot, Whole Foods, Blue Cross Blue Shield, Blink, and The North Face.
Organizations use Boast to capture video content from their customers, users, and members. That content can then be shared across a variety of channels to increase leads, conversions, and trust. Without Boast, the process of obtaining reviews, stories, and testimonials from customers can be time-consuming, frustrating, and heavily manual.
Boast is a comprehensive all-in-one video testimonial platform that allows businesses to seamlessly collect and leverage customer feedback to boost sales, and improve brand affinity. By automating the collection of authentic customer feedback, organizations can rapidly build trust with prospective clients resulting in increased lead generation and revenue. Boast features fully customizable multi-touch sequences that make it easy for marketers to request, edit, and display customer surveys and video testimonials directly to their websites. The addition of Boast’s technology to the Banzai ecosystem would further bolster the capabilities of the Company’s engagement and video solutions like Demio. It would also open up cross-sale opportunities by leveraging Boast’s existing client base.
“Boast is optimizing the way businesses of all sizes generate and cultivate their online presence. Video is one of the most powerful tools for trust and conversion, and it’s a category we know well,” said Joe Davy, CEO and Founder of Banzai. “Ryan and his team have built a very impressive business which we’re excited to have the opportunity to own. Integrating Boast into the Banzai ecosystem would represent a key step forward in our strategy to consolidate mission-critical MarTech solutions through acquisition.”
Financial and Strategic Benefits
- Profitable self-funded business: Since its inception, Boast has been self-funded, relying solely on internal resources for financial support and to drive its impressive organic growth.
- Proven and Trusted Technology: Boast is leveraged by industry-leading organizations such as HubSpot, Wholefoods, Blue Cross Blue Shield, The North Face, and Blink, an Amazon company. Banzai could leverage these existing relationships to drive interest for the portfolio of MarTech solutions.
- Subscription-Based Business Model: Boast’s subscription-based business model could meaningfully increase Banzai’s recurring revenue.
Ryan Doom, President and Co-Founder of Boast, commented: “We started Boast with the mission to build the best customer experience survey and feedback collection tools possible; this acquisition would be a testament to our success in achieving our goal. We are excited at the possibility of Boast joining Banzai as they transform the MarTech landscape through their innovative and data-driven approach.”
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