Bridgeline Digital Inc. (NASDAQ:BLIN) Jumped 10% following the announcement that its partner network had won over 20 site search licenses during this quarter for HawSearch, its recent acquisition, and Celebros.
Bridgeline expands its partner network following HawkSearch acquisition
Ari Kahn, Bridgeline CEO, said, “Expansion of our partner network is a key initiative for Bridgeline in 2021. Thanks to our recent acquisition of HawkSearch and its extensive partner network, we have made substantial progress by winning license sales to major institutions and governments that Bridgeline could not have won alone.”
Currently, Bidgeline has partners that include BigCommerce, Magento, AmericanEagle.com, SAP, Shopify, Salesforce, Optmizely, and Oro Commerce. The company’s combination of HawkSearch and Celebros will put it among the top players in the site search market sector with extraordinary capabilities like recommendation, customization, and ML algorithms using user behavior and trends to offer hyper-relevant and accurate results.
Former HawkSearch General Manager and Bridgeline’s EVP revenue Michael Benedict said, “HawkSearch’s partners have brought in several new customers each quarter for years. This quarter alone, our partner network has brought Bridgeline multiple six-figure sales and a diverse set of new customers in industries that include government, food supply, waste management, and electrical distributors.”
Bridgeline receives $2.5 million from exercising warrants.
The company announced that it had received $2.5 million out of warrant exercise this week. The company had issued the warrants in 2019 at an exercise price of $4. The proceeds are above the company’s capitalized operating strategy and bring total cash at hand to $6 million. Bridgeline plans to use the capital in accelerating growth and executing its eCommerce 360 strategy to enhance traffic, boost conversion and increase the average order value of its 250 clients.