GAINESVILLE, FL – October 9, 2018 – SharpSpring, Inc. (NASDAQ: SHSP), a leading cloud-based marketing automation platform, secured a record 346 new customers for its flagship marketing automation platform during the third quarter of 2018, up 34% from Q3 of last year. The new customer additions are expected to generate approximately $2.4 million in annual recurring revenue. At quarter-end, the company had 1,605 agency partners using and reselling its marketing automation platform.
“The third quarter was yet another period of solid growth in new wins for SharpSpring,” said company CEO Rick Carlson. “After adding 346 new customers in Q3, we’re on pace to meet our customer goals for the year. Moving forward, we expect to continue driving new sales from our expanded pipeline, which remains at an exceedingly high level thanks to our ongoing strategic focus on sales and marketing as well as the compelling product enhancements we’ve made.
“While our sales numbers continue to rise with each passing quarter, what’s also encouraging is that our average customer acquisition costs (CAC) for Q3 was $6,750, which is consistent with our long-term average CAC and considerably lower than the past two quarters. Given the impressive estimated lifetime value (LTV) we derive from our long-term customer base, maintaining a CAC at less than $7,000 remains an exceptional data point in providing additional incentive to continue allocating more resources toward our long-term growth plan centered around our sales and marketing engine. As we look to close out the remainder of 2018, we are well positioned to finish the year strong and head into 2019 generating even higher levels of recurring revenue.”
SharpSpring plans to report its complete financial results for the third quarter of 2018 in November. The conference call details will be announced prior to the call.
About SharpSpring, Inc.
SharpSpring, Inc. (NASDAQ: SHSP) is a rapidly growing, highly-rated global provider of affordable marketing automation delivered via a cloud-based Software-as-a Service (SaaS) platform. Thousands of businesses around the world rely on SharpSpring to generate leads, improve conversions to sales, and drive higher returns on marketing investments. Known for its innovation, open architecture and free customer support, SharpSpring offers flexible monthly contracts at a fraction of the price of competitors making it an easy choice for growing businesses and digital marketing agencies. Learn more at www.sharpspring.com.