TUCSON, Ariz., April 10, 2017 /PRNewswire/ -- AudioEye, Inc. (AEYE) ("AudioEye" or the "Company") today announced preliminary results of its 2017 first quarter, ended March 31, 2017. The Company secured record client bookings in excess of $1.7 million in the first quarter. The Company previously stated that it anticipates cash contract bookings of $4.0 to $6.0 million for 2017, compared to $1.9 million in bookings for 2016.
Additionally, AudioEye's qualified new business pipeline remains in excess of $5.3 million, compared to approximately $1.5 million as of the end of the first quarter of 2016, in spite of the high bookings conversion rate driving the first quarter results.
"The first quarter was a breakout quarter for AudioEye, with record bookings driven by accelerating adoption of our digital accessibility platforms within our targeted industry markets," said Dr. Carr Bettis, Executive Chairman of AudioEye. "We see an increasing number of inbound sales leads as more potential customers become aware of the importance of accessible digital content. We have achieved particular success in the financial services industry, as well as subscription agreements with a number of large services industry providers. Market interest in our Digital Accessibility Platform and Ally Services are growing rapidly based on demonstrated success and real business ROI for customers implementing AudioEye technologies."
The rapid acceleration in bookings was driven by increased adoption of AudioEye's category leading digital content accessibility technology within targeted industries: financial services, human resources, government, education and e-commerce. For example, AudioEye added more than 105 new banking clients in the first quarter. The Company has continued to expand its sales organization by hiring two additional sales staff to address key regional and targeted end-user markets.
Todd Bankofier, CEO of AudioEye, stated: "Customers are increasingly drawn to AudioEye's unique ability to assess a new customer site through our software driven solutions, then engaging our automated remediation technology to correct between 40-60% of the accessibility issues within a matter of hours. After this initial assessment and remediation, we work closely with customers to bring their sites into full compliance with the Web Content Accessibility Guidelines 2.0 AA standards in 100 days, then monitor their content for the life of the subscription. This ensures AudioEye customers continue to comply with the latest standards and best practices in digital accessibility."
"AudioEye customers also benefit from our unique suite of usability tools, which attract more users based on a unique user experience tailored to meet the needs of individuals within the up to 15% of the world population that has some disability. Our proven success with clients ranging from local banks to Fortune 500 companies and federal government agencies is driving a growing number of new inquiries from top businesses in the U.S. as momentum continues to accelerate for our subscription services."
About AudioEye, Inc.
AudioEye's software enables every enterprise, from corporations to government agencies, to make their content more consumable through technology.
More accessible. More usable. More people.
AudioEye's common stock trades on the OTCQB under the symbol "AEYE." The Company maintains offices in Tucson and Atlanta.
Any statements in this press release about AudioEye's expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are "forward-looking statements" as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as "believe", "anticipate", "should", "intend", "plan", "will", "expects", "estimates", "projects", "positioned", "strategy", "outlook" and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Other risks are described more fully in AudioEye's filings with the Securities and Exchange Commission. Forward-looking statements reflect management's analysis as of the date of this press release and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.
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