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.”
About Banzai
Banzai is a marketing
technology company that provides essential marketing and sales
solutions for businesses of all sizes. On a mission to help their
customers achieve their mission, Banzai enables companies of all
sizes to target, engage, and measure both new and existing
customers more effectively. Banzai customers include Square,
Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific,
Doodle and ActiveCampaign, among thousands of others. Learn more at
www.banzai.io. For investors, please visit
https://ir.banzai.io/
About Boast
Boast is the easiest way to collect customer
feedback, video testimonials, and online reviews. Boast’s platform
provides everything you need to automatically request, collect, and
share feedback from your customers.
Forward-Looking Statements
Certain statements included in this press
release are forward-looking statements within the meaning of “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “propose,” “plan,” “project,” “forecast,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” “target,” or
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, but are
not limited to statements regarding the proposed acquisition of
Boast and the success, if an acquisition is completed, of the
acquisition, estimates and forecasts of, financial and performance
metrics, projections of market opportunity and market share,
expectations and timing related to commercial product launches or
success, ability to accelerate Banzai’s go-to-market strategy and
capitalize on commercial opportunities, and the potential success
of Banzai’s go-to-market strategy. These statements are based on
various assumptions, whether or not identified in this press
release, and on the current expectations of Banzai’s management and
are not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. These forward-looking statements are
subject to a number of risks and uncertainties, including: the
failure to enter into a definitive agreement to acquire Boast for
any reason, including as a result of due diligence, or complete the
acquisition of Boast, including as a result of closing conditions
not being met; the failure to maintain Nasdaq listing of Banzai’s
securities; changes in domestic and foreign business, market,
financial, political and legal conditions; uncertainty of the
projected financial information with respect to Banzai; Banzai’s
ability to successfully and timely develop, sell and expand its
technology and products, and otherwise implement its growth
strategy; risks relating to Banzai’s operations and business,
including information technology and cybersecurity risks, loss of
customers and deterioration in relationships between Banzai and its
employees; increased competition; potential disruption of current
plans, operations and infrastructure of Banzai as a result of
operating as a new public company; difficulties managing growth and
expanding operations; the impact of geopolitical, macroeconomic and
market conditions; the ability to successfully select, execute or
integrate future acquisitions into the business, which could result
in material adverse effects to operations and financial conditions;
and those factors discussed in its Annual Report on Form 10-K for
the fiscal year ended December 31, 2022, Quarterly Reports on Form
10-Q for the quarters ended March 31, 2023, June 30, 2023, and
September 30, 2023, the registration statement on Form S-4
(together with all amendments thereto, the "Registration
Statement") initially filed on August 31, 2023, and the definitive
proxy statement / prospectus contained therein, in each case, under
the heading "Risk Factors," and other documents of Banzai filed, or
to be filed, with the Securities and Exchange Commission. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. In addition, forward-looking statements
reflect Banzai’s expectations, plans or forecasts of future events
and views as of the date of this press release. Banzai anticipates
that subsequent events and developments will cause Banzai’s
assessments to change. However, while Banzai may elect to update
these forward-looking statements at some point in the future,
Banzai specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Banzai’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contacts:
InvestorsAshley LevesqueBanzai920-901-8484
ir@banzai.io
MediaAshley LevesqueBanzai920-901-8484
pr@banzai.io
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