BURLINGTON, Mass., July 22, 2016 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ:BLIN) announced today that it raised $1,575,001 in capital through the sale of 2,100,001 shares of common stock to fund further expansion of a new product line and sales team.
“This financing enables Bridgeline to further expand its sales team - including the launch of an inside sales organization that will focus on our new iAPPS Marketier Pro product line,” Ari Kahn, Bridgeline’s President and CEO, said. “Marketier Pro is expected to have lower customer acquisition costs, a shorter sales cycle, and higher margins due to a high SaaS license to services ratio.”
This expansion follows the recent announcement of debt holders converting their notes to equity and is the latest step in the company’s focus to drive a strong balance sheet and income statement.
“Bridgeline investors recently elected to convert their debt to equity which was a great vote of confidence and will improve our balance sheet tremendously,” Michael Prinn, Bridgeline’s CFO, said. “This financing will be invested in continuing to build our sales team to help drive our company to profitability, furthering Bridgeline’s financial transformation that we initiated earlier this year.”
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement Company™, helps customers maximize the performance of their full digital experience - from websites and intranets to online stores and campaigns. Bridgeline's iAPPS platform deeply integrates Web Content Management, eCommerce, eMarketing, Social Media management, and Web Analytics to help marketers deliver digital experiences that attract, engage and convert their customers across all channels. Headquartered in Burlington, Mass., Bridgeline has thousands of quality customers that range from small- and medium-sized organizations to Fortune 1000 companies. To learn more, please visit www.bridgeline.com or call (800) 603-9936.
Becki Dilworth Bridgeline Digital, Inc. Senior Vice President of Marketing 303.785.3858 firstname.lastname@example.org
Source:Bridgeline Digital, Inc.