Versus Systems (VS): Customer Relationships That Drive a Small but Strategic Engagement Platform

Versus Systems operates a B2B engagement platform that licenses interactive gamification and rewards technology to sports teams, advertisers, and digital-out‑of‑home operators; the company monetizes primarily through license fees and deal-based commercial partnerships. For investors, the customer set is small and concentrated but strategically placed across sports franchises, DOOH networks, and beverage/brand activations—creating high-visibility revenue levers with uneven scale and concentration risk. Learn more about the dataset and relationship signals at https://nullexposure.com/.

How Versus makes money and why customers pay for it

Versus sells licensed software that layers interactive experiences—prize matches, QR-enabled activations, and AR-enabled fan cams—onto partner inventory. The company collects recurring and contract-based license fees, implementation and modification payments, and monetization shares from brand campaigns and DOOH impressions. According to the FY2024 10‑K, Versus “licenses these three software products to teams, ad agencies, and other content creators,” and the filing lists sports franchises and agencies among its top customers for 2023 (FY2024 10‑K). Revenue is therefore a mix of recurring licensing and campaign-driven project revenue tied to a few large, high-profile partners.

If you want a consolidated view of how these customer relationships map to revenue exposure and runway, visit https://nullexposure.com/ for an investor-grade summary.

Customer roster: deal-by-deal read

Below are every counterparty mentioned in the collected results; each entry includes a plain-English description and the source context.

Sacramento Kings

The Sacramento Kings were listed as one of Versus’ three largest customers in 2023, indicating a direct commercial relationship with a professional NBA franchise that used Versus’ engagement platform (FY2024 10‑K).

San Jose Sharks

The San Jose Sharks appear alongside other sports customers as one of the company’s three largest customers in 2023, highlighting NHL distribution of Versus’ prize and engagement products (FY2024 10‑K).

ENT Marketing

ENT Marketing, described in the 10‑K as a marketing agency that used Versus’ platform to promote Coca‑Cola products, was among Versus’ three largest 2023 customers—an example of agency-sold brand campaigns on the platform (FY2024 10‑K).

Texas Rangers

Versus renewed a multi‑year partnership with the Texas Rangers to continue deploying the Filter Fan Cam through the 2026 MLB season; multiple press releases and trading‑platform reports document the renewal and the deployment of a next‑generation product in early 2026 (GlobeNewswire and TradingView, March 2026).

ASPIS Cyber Technologies, Inc.

Versus executed a license agreement with ASPIS—classified as a related party in filings—that includes a license fee of $165,000 per month beginning January 2025 and fees for required technology modifications; filings noted ASPIS had not been given access as of December 31, 2024 and the company expected to commence the contract in 2025 (SEC 10‑Q discussion reported via TradingView/news summaries, FY2025).

LiftMedia LDA.

Versus signed a definitive agreement with LiftMedia to integrate its interactive engagement technology across LiftMedia’s DOOH network in the Iberian Peninsula, a footprint the press release quantified as reaching 2.65 million people per day and nearly 1 billion impressions annually—positioning Versus inside a regional DOOH monetization engine (GlobeNewswire, December 2025).

Drinkfinger Enterprises Ltd. (Drinkfinger)

Versus executed a definitive agreement and earlier LOI with Drinkfinger to integrate Versus technology into Drinkfinger’s beverage engagement network and global activations across Brazil, the US, the UK and other markets; press coverage documents both the LOI announcement and the later definitive agreement for large-scale campaigns (GlobeNewswire, Marketscreener, and multiple news reports, November–December 2025 and early 2026).

Animoca Brands

Following a 2019 share exchange, Versus and Animoca Brands agreed to progress a strategic cooperative framework where Animoca could potentially utilize Versus’ platform for advertising via third‑party partnerships—an early strategic collaboration noted in a 2019 industry report (ExchangeWire, 2019).

What the relationship constraints tell investors about the business model

The relationship-level evidence generates several company‑level operating signals:

Contracting posture: licensing-led, partner integrations. Multiple excerpts explicitly describe license agreements and licensing language; Versus acts as both licensor (selling software access to teams and agencies) and, in some deals, a licensee framework is used where counterparties receive rights to deploy the technology (company filings and license excerpts, FY2024–FY2025).
High concentration and visibility risk. The 10‑K identifies three largest customers for 2023, and the company reported just two active customers at December 31, 2024—this is a concentrated revenue base that amplifies single-counterparty risk (FY2024 filings).
Variable contract maturity: mix of active, newly executing, and prospect-stage deals. Several agreements are active renewals (Texas Rangers, team deals), others are definitive agreements (LiftMedia, Drinkfinger) while the ASPIS license was documented as not yet active at year‑end—indicating uneven revenue recognition timing across the book (FY2024 10‑K; FY2025 license excerpts).
Commercial scale signals and spend profile. The ASPIS fee schedule ($165k/month starting Jan 2025) indicates deal-level economics in the mid-six‑figure annual range, consistent with a spend band between $1m–$10m if sustained; DOOH and beverage partnerships imply variable revenue per impression and campaign (license excerpts; GlobeNewswire DOOH metrics).
Geographic reach anchored in North America with targeted European expansion. Sports franchise deals and US beverage activations drive North American exposure while LiftMedia provides a vehicle for Iberian/European amplification (company filings; GlobeNewswire).

Investment implications: what to watch next

Revenue concentration is a primary risk—loss of one large partner could materially alter top-line growth because the customer base is small.
Upside comes from scaling DOOH and beverage networks, where LiftMedia and Drinkfinger provide addressable impressions and repeated campaign opportunities.
Timing risk is real; several contracts are recent or were prospective at fiscal year end, so watch quarterly disclosures for when these partnerships translate into recognized revenue.
Contract economics look healthy on a per‑deal basis (ASPIS fees are meaningful), but overall market capitalization and operating losses indicate the company must convert pilots into sustained, multi-client deployments to justify valuation.

Quick checklist for investors:

Confirm which contracts are recognized as revenue in the next two quarters (SEC filings).
Track retention and renewal metrics for sports franchise deals (public releases and team renewals).
Monitor DOOH rollouts and impression‑to‑monetization conversion with LiftMedia and Drinkfinger announcements.

For an investor-facing consolidation of these relationship signals, visit https://nullexposure.com/ for tailored customer exposure reports.

Bottom line

Versus Systems sells engagement technology through a licensing-centered model that yields meaningful per‑deal economics but sits on a narrow, concentrated customer base. Recent definitive agreements (LiftMedia, Drinkfinger) and renewals (Texas Rangers) provide clear commercialization pathways, while ASPIS’s contract demonstrates mid‑six‑figure monthly pricing that could be accretive when active. Investors should weigh visible pipeline and premium per‑deal economics against concentration and timing risk.

Explore an investor-grade view of these counterparty relationships and get ongoing updates at https://nullexposure.com/.

VS customer relationships