Eight-figure renewal deal represents an approximately 100% increase over the prior contract
PASADENA, CA—APRIL 5, 2023— Near Intelligence, Inc. (Nasdaq: NIR) (“Near” or the “Company”), a global leader in privacy-led data intelligence on people, places, and products, today announced that it signed an eight-figure renewal deal with its largest retail customer in Europe – an increase of approximately 100% over the previous year.
By renewing its contract for another term, this European retail chain, which operates multiple brands across several European countries, will continue to use Near’s solutions to drive footfall traffic to stores and to measure the effectiveness around those activities; the retailer plans to expand the use of Near across its seven other retail brands. The Company’s data intelligence insights allow the retailer to get a better understanding of the right catchment area at the store level and deliver appropriate messaging to their prospects and customers.
This renewal supports Near’s land-and-expand go-to-market strategy by offering targeted solutions to a customer, solving clearly defined problems, and then delivering business outcomes, with clear business use cases and ROI, leading to additional revenue opportunities. In this retailer’s case, for every euro spent with Near, the retailer received 6€ in return.
“Near is able to empower the world’s largest retailers with the insights they need to make strategic business decisions that will help increase ROI, find operational efficiencies, and improve the overall customer experience; We are thrilled to provide enterprises with our unique insights into people and places data that we believe make them more competitive, particularly in today’s challenging economic climate.”
Near has worked with this client since 2020 when it was invited to participate in a request for proposal process and was awarded the deal in mid-2021, after a three-month proof of concept. The retailer had been using another vendor but needed a more sophisticated solution.
Near, a global, full-stack data intelligence software-as-a-service (“SaaS”) platform curates one of the world’s largest sources of intelligence on people, places, and products. The Near platform’s patented technology processes data from an estimated 1.6 billion unique user IDs and 70 million points of interests, in more than 44 countries. Near’s data and insights empower marketing and operations teams to understand consumers’ online and offline behaviors, affinities, and attributes in order to engage them and grow their businesses. With a presence in Los Angeles, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves scaled enterprises in retail, real estate, restaurant/QSR, travel/tourism, telecom, and financial services. For more information, please visit https://near.com
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements that look to future events and include, but are not limited to, statements regarding Near’s business strategy; the expected benefits of use of Near’s solutions; Near’s ability to attract new clients to purchase its solutions; market acceptance of Near’s solutions; and Near’s expectations or beliefs concerning future events. In addition, the words “anticipates,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are neither historical facts nor assurances of future performance, and are based only on Near’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Near’s control. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause Near’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the future financial and operational performance of Near; Near’s expansion plans and opportunities; Near’s limited operating history makes it difficult to evaluate its current business and future prospects; Near’s ability to comply with the covenants in the agreements governing its indebtedness, including with respect to capital raising and minimum liquidity; the high degree of uncertainty of the level of demand for and market utilization of Near’s solutions and products; substantial regulation and the potential for unfavorable changes to, or failure by Near to comply with, these regulations, which could substantially harm Near’s business and operating results; Near’s ability to generate sufficient revenue to achieve and sustain profitability; Near’s dependency upon third-party service providers for certain technologies; increases in costs, disruption of supply or shortage of materials, which could harm Near’s business; developments and projections relating to Near’s competitors and industry; the Near management team’s limited experience managing a public company; the possibility of Near’s need to defend itself against fines, penalties and injunctions if Near is determined to be promoting products for unapproved uses; concentration of ownership among Near’s existing executive officers, directors and their respective affiliates, which may prevent new investors from influencing significant corporate decisions; the ability to maintain the listing of Near common stock or Near warrants on Nasdaq; costs related to the recent business combination transaction; if the benefits of the business combination transaction do not meet the expectations of investors or securities analysts, the potential for the market price of Near’s securities to decline; the risk that Near’s significant increased expenses and administrative burdens as a public company could have an adverse effect on Near’s business, financial condition and results of operations; the impact of health epidemics, such as the COVID-19 pandemic, on Near’s business, financial condition, growth and the actions it may take in response thereto; and other risks and uncertainties identified in Near’s filings with the Securities and Exchange Commission (the “SEC”), including in the Registration Statement on Form S-4 (No. 333-265952), as amended, and the Current Report on Form 8-K dated March 23, 2023. Forward-looking statements are based only on information currently available to Near and speak only as of the date made. Near does not undertake any obligation to update or revise the forward-looking statements to reflect events that occur or circumstances that exist after the date on which such statements were made, except to the extent required by law.