Veritone wins IT services contract worth $8.20m – Verdict

Veritone announced an IT contract with College Football Playoff on 14 February 2019.
With an estimated duration of about 36 months, the contract commenced on 03 July 2019 and is expected to be closed by 02 July 2022.

As per the terms of the agreement signed by the companies on 03 July 2019 in United States of America, the total contract value stands at $8.20m.

The IT solution areas of relevance to the contract involves enterprise applications, vertical specific applications, information management, content management and data management.
The geographic scope of the contract is United States.
About Veritone
Veritone Inc (Veritone) is a provider of cloud-based artificial intelligence (AI) technology service through its flagship aiWARE platform. The company also provides aiWARE SaaS solutions for media and entertainment, legal and compliance and government markets. Its aiWARE platform arranges an expanding ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. It also provides various solutions such as media planning and strategy, advertisement buying and placement, campaign messaging, clearance verification and attribution, and custom analytics solutions. The company operates offices in Denver, New York, San Diego and Seattle in the US and London, the UK. Veritone is headquartered in Denvery, Colorondo, the US.

The company reported revenues of (US Dollars) US$57.7 million for the fiscal year ended December 2020 (FY2020), an increase of 16.2% over FY2019. The operating loss of the company was US$47.7 million in FY2020, compared to an operating loss of US$64.1 million in FY2019. The net loss of the company was US$47.9 million in FY2020, compared to a net loss of US$62.1 million in FY2019.
The company reported revenues of US$19.2 million for the second quarter ended June 2021, an increase of 5% over the previous quarter.

Methodology:
Globaldata’s IT Contracts Database is a comprehensive collection of all publicly disclosed IT services, software, and telecom contracts. Its scope of coverage lies in the areas of outsourcing mainly being application, infrastructure, and business processes, also including systems integration & consulting. The database presents reliable information, enabling IT services and software product providers in identifying prospective business opportunities. The value of the contract is calculated by its unique display of patterns relating to IT services adoption across industry segments, solution areas, industries, and geographies.

Carmen

Carmen is a robot, or rather an algorithmic journalist, who creates valuable automated content for our audiences. Carmen’s focus is to deliver deep, fact-based articles and to free up our human journalists to interpret, analyse and explain developments.


Carmen
Carmen is a robot, or rather an algorithmic journalist, who creates valuable automated content for our audiences. Carmen’s focus is to deliver deep, fact-based articles and to free up our human journalists to interpret, analyse and explain developments.
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