Martello Doubles Users in Vantage DX Trials to One Million and Secures FedDev Ontario Funding

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OTTAWA, ON, March 16, 2022 /CNW/ - Martello Technologies Group Inc., ("Martello" or the "Company") (TSXV: MTLO), a leading developer of enterprise digital experience monitoring ("DEM") solutions that optimize the modern workplace, today announced that its Vantage DX trial pipeline has doubled to more than one million users in just two months. The Company has also enhanced product development capacity with a $2.5 million investment from the Government of Canada.

Demand for Vantage DX continues to grow as the Company nears the end of its 2022 fiscal year.  The number of users engaged in a trial of Vantage DX has doubled, from more than 500,000 in January 2022 to over 1,000,000 today. The organizations engaging in the pre and post sales trials are in various stages from preparation to active deployment and include new prospects and existing customers seeking to upgrade to Vantage DX. Vantage DX delivers stellar Microsoft Teams and telephony user experiences in complex hybrid work models.

After launching in the Fall of 2021, Vantage DX now has a growing number of customers under paid subscription. Vitrolife, a medical device company based in Sweden, has seen an immediate return on their investment in Vantage DX: "Vantage DX has already saved our IT team hours of time troubleshooting network issues which are causing problems for Microsoft Teams users", said Stephan Pindstrup, Global IT Operations Specialist for Vitrolife. "Before Vantage DX, we were responding to these problems with a blindfold on, whereas today we can quickly identify and resolve them with real data rather than guesswork. Vantage DX has empowered our IT team to provide cost savings and strategic value to the organization, including implementing a Microsoft Teams service level agreement (SLA) that we are confident we can meet or exceed, regardless of whether the user is working remotely or in the office."

In an announcement on March 14, 2022, the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of $2.5 million through the Jobs and Growth Fund (JGF) for Martello to expand its software development capacity, create more than 25 jobs and lay the foundation for future growth. 

"With a growing sales and trial pipeline supporting modern workplace optimization, we are well positioned for growth with the investment from FedDev Ontario", said John Proctor, President and Chief Executive Officer of Martello. "Our team is working hard to capture this market demand by increasing our trial velocity and adding new features that address the evolving needs of enterprises using Microsoft Teams, a market of more than 270 million users worldwide. This is the second time in 7 years that Martello has benefited from a FedDev Ontario investment, scaling operations and bringing more skilled Canadian talent into the Company."

This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Martello Technologies Group

Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions. The company's products provide monitoring and analytics on the performance and user experience of critical cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello's software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and analytics. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods and " includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including the outcome of Vantage DX trials, the expectation of a $2.5M investment from FedDev Ontario, the enhancement of product development capacity, the creation of 25 jobs, and the plan to increase trial velocity and add new features.

Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:

• Continued volatility in the capital or credit markets and the uncertainty of additional financing.
• Our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so.
• Changes in customer demand.
• Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment.
• Delayed purchase timelines and disruptions to customer budgets, as well as Martello's ability to maintain business continuity as a result of COVID-19.
• and other risks disclosed in the Company's filings with Canadian Securities Regulators, including the Company's annual information form for the year ended March 31, 2021 dated January 7, 2022, which is available on the Company's profile on SEDAR at www.sedar.com.
• Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE Martello Technologies Group Inc.