Boardwalktech Expands Momentum within Top 5 US Bank and with Partners

Rhea-AI Summary

Boardwalktech Software Corp. (TSXV: BWLK) (OTCQB: BWLKF) announced expansion with a top 5 US Bank customer through its Velocity product. The company secured over $300,000 in incremental revenue through expanded professional services agreements, doubling comparable levels from last year.

The company's Velocity solution helps banks transform Excel-based End-User Computing applications (EUCs) into IT-controlled business applications, addressing mounting regulatory pressures and compliance requirements. The solution operates 15 times faster than competitors, with over 50 dedicated people currently working on delivering the Velocity solution across the bank.

This expansion demonstrates growing market acceptance as banks prioritize EUC transformation to manage regulatory risks and improve compliance standards. The company expects additional banks to adopt the Velocity solution based on its documented success and partner network expansion.

Positive

• Secured $300,000 in incremental revenue, doubling year-over-year
• Solution performs 15x faster than nearest competitor
• Expanded professional services agreements through 2025
• 50+ dedicated people working on Velocity solution implementation
• Expected increase in annual recurring revenue at license renewal in April

Negative

• None.

CUPERTINO, Calif., Feb. 6, 2025 /PRNewswire/ - Boardwalktech Software Corp. ("Boardwalktech") (TSXV: BWLK) (OTCQB: BWLKF), the leading Intelligent Information Platform company, announced today that it continues expansion in one of its banking customers who is a top 5 US Bank. Boardwalktech reached an important milestone at the end of January 2025 in the delivery of its Velocity product, increasing annual recurring revenue and expanding professional services agreements with multiple partners through 2025 which will deliver over $300,000 of incremental revenue to Boardwalktech from this engagement, which represents a doubling to comparable levels last year for the Company. This joint professional services work is also critical to the projected contractual increase in annual recurring revenue when the bank renews its license in April.

Banks continue to face mounting regulatory pressure to mitigate and improve the risks associated with end-user computing applications (EUCs). Many of these EUCs are developed and managed using Microsoft Excel, which has become an integral part of how banks manage and report on many areas of their business. Boardwalktech's innovative Velocity solution empowers banks and insurance companies to effortlessly achieve their regulatory and compliance objectives through the seamless migration and transformation of Excel-based EUCs to IT controlled and managed business applications, setting new industry standards.  Boardwalk Velocity rapidly delivers significant business process improvements, full compliance with regulatory standards and improved risk reduction allowing banks to understand, report and make more timely decisions improving overall results. All of this is done 15 times faster and more economically than our nearest competitor.

This issue of EUC transformation, which banks have historically avoided due to its extensive scope, reliance on exhaustive manual solutions, highly intricate nature, and overall cost to mitigate can no longer be ignored by relying on conventional brute-force solutions. In light of the evolving regulatory environment and risk management implications, EUC transformation and improving the risks associated with EUCs has evolved into a top priority in most banks.  

"Our continued contract expansion within our Top 5 US bank client is a testament to the value that Boardwalktech's Velocity and our people can deliver to major financial institutions. Currently, through both Boardwalktech employees and our very important delivery partners, we have over 50 dedicated people working to deliver the Velocity solution across the bank," said Andrew T. Duncan, Chief Executive Officer of Boardwalktech. "Yet, it isn't just the expansion within the current client that excites us.  These partners, and other potential partners are seeing the documented value-add of the Velocity solution, and directly applying that learning towards other new opportunities. Thus, we fully expect to see other banks adopt the Velocity solution as we continue to outpace any competition with regard to speed of delivery, improvement of the risk management and transformation of these EUCs."

About Boardwalktech Software Corp.

Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements.

An investment in securities of the Company is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in the Company's filing statement dated November 26, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

In connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Boardwalktech Software Corp.

FAQ

How much incremental revenue will BWLKF generate from its top 5 US Bank expansion in 2025?

Boardwalktech will generate over $300,000 in incremental revenue from this engagement, representing a doubling of comparable levels from the previous year.

What competitive advantage does BWLKF's Velocity solution offer compared to competitors?

Boardwalktech's Velocity solution operates 15 times faster and more economically than its nearest competitor in transforming Excel-based EUCs into IT-controlled applications.

How many people are currently implementing BWLKF's Velocity solution at the top 5 US Bank?

Over 50 dedicated people, including Boardwalktech employees and delivery partners, are working to implement the Velocity solution across the bank.

When is BWLKF's license renewal expected with the top 5 US Bank?

The bank's license renewal is expected in April 2025, with a projected increase in annual recurring revenue.

What regulatory challenge does BWLKF's Velocity solution address for banks?

The Velocity solution helps banks mitigate and improve risks associated with end-user computing applications (EUCs) while meeting regulatory compliance requirements.