New platform revenue grows over 75% sequentially to approximately $2.7 million with further strong sequential growth expected throughout 2021
AcuityAds Holdings Inc. (TSX: AT) (OTCQX: ACUIF) (“AcuityAds” or “Company”), the leading technology company that enables advertisers to connect intelligently with audiences across digital advertising campaigns from a single platform, provided an update today on the recent performance of its new advertising automation technology, illumin.
In Q1 2021, revenue attributable to illumin increased over 75% versus the fourth quarter of 2020 to approximately $2.7 million. Demand for the platform continues to be very robust with strong growth in its sales pipeline. As such, the Company believes illumin’s revenue will experience strong sequential growth again in Q2 2021.
“For the second quarter in a row, illumin exceeded our internal expectations. We ended the first quarter with 17 illumin clients and we believe this number will increase significantly in the quarters ahead. Customer feedback continues to be very positive and the majority of illumin revenues are from clients which are new to the Company,” said Tal Hayek, CEO and Co-Founder of AcuityAds. “Given our rapidly increasing backlog and pipeline, we believe illumin’s sequential revenue growth will see continued strong momentum throughout the rest of the year.”
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