On February 4, 2019 we entered into a formal Partner Application Distribution Agreement (the “Partner Agreement”) with Salesforce.com, Inc. (“Salesforce”). The Partner Agreement is for an initial term of 3 years and will renew automatically for additional one-year periods unless sooner terminated as provided therein.
Pursuant to, and in accordance with the Partner Agreement, we are building a deep, feature rich, seamless integration of our interactive video creation tool into the Salesforce.com platform(the “Verb SF Partner App”). Salesforce.com users will be able to create, edit, track, and measure interactive videos that they can append to all of their client and prospect communications distributed or posted through their familiar Salesforce user-interface. The integration will allow users to send interactive video-based communications to customers and prospects whose profiles and contact information are stored in the Salesforce.com platform through the native Salesforce.com email system and campaign manager. Salesforce.com users will be able to track the performance of the videos through our detailed data analytics capabilities, which will be displayed natively through the current Salesforce.com data visualization components.
In connection with the development of the Verb SF Partner App, on or about September 2, 2018, we engaged the services of expert Salesforce.com developers, Appiphony, LLC, to consult and work with our own team of developers. On January 23, 2019, Salesforce conducted a tech review of the Verb SF Partner App. On January 29, 2019, Salesforce notified us that the Verb SF Partner App was approved by, and passed, their tech review. In accordance with the terms and conditions of the Partner Agreement, before the Verb SF Partner App can be distributed, it must pass the Salesforce Security Review process. We have been advised that this process can take up to 8 weeks or more. We have been further advised that we may now notify our customers that the Verb SF Partner App was approved by Salesforce; but, we may not distribute a formal press release until after the security review process has been completed successfully.
The Partner Agreement also provides that the recurring revenue derived from Salesforce.com users that opt to add the Verb SF Partner App to their Salesforce subscription will be shared between Salesforce and us with 15% of the revenue paid to Salesforce and 85% paid to us on a monthly basis.
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