IXUP Limited (ASX: IXU), a company from the information technology sector engaged in data analytics announced that it had introduced an additional model to deliver its technology as an on-demand software-as-a-service (SaaS), that will be made available to clients from April 2019. With the increase in the usage of SaaS technology by the enterprises, the company would be able to extend its market opportunity.
The deployment option available with the SaaS will create a demand for the IXUP’s technology amongst the clients, which they can purchase as a subscription-based license across a range of software bundles at the various price points. The IXUP technology’s client who will be using IXUP through SaaS can access the Company’s secured and governed analytics platform of the company via Microsoft Azure.
The purpose of designing the SaaS model was to expedite the time to value, save costs as well as encourage multiparty data analytics used by new clients when it is made available in April. The set-up cost involved to access IXUP’s technology is minimal. Through various SaaS options, IXUP technology can be deployed in multiple ways as per the market requirement. It further allows its client to purchase as well as implement their technology wherever they want.
IXUP’s SaaS model will provide a differentiated set of offerings to the market, and the company has two versions
IXUP LightTM is for those clients who are new to IXUP and are looking forward to using the Company’s encryption technology to gain a capped number of insights on a monthly basis through the data partnerships.
The second version is IXUP ExpertTM that will be used by sophisticated data scientists as well as organizations for the purpose of multiple and repeated data collaboration enquiries per month.
These versions are an addition to the existing Platform as a Service (PaaS) offering of the company which was renamed as IXUP EnableTM.
Due to the increasing demand for cloud-based technology, there is an opportunity for the company to strengthen its go-to-market and sales approach and can expand its market opportunities as well as increase its client base. Also, the client instead of capital purchases can directly opt for subscription-based options and thus can reduce their expenses.
On the other hand, the company will continue to invest while looking for partnership opportunities as well as increase the number of solutions available to its clients.
As per the announcement on 30 January 2019, the company highlighted that in the second quarter of FY2019, it entered into a partnership agreement with Servian, which strengthens its position as a leading secure data analytics provider. It also obtained a globally recognized ISO/IEC 27001 Information Security certification. The company in this period also reported the appointment of Mr. Grant Paterson to the board as Acting Chairperson and Non-executive Director.
In the 1H FY2019, there were two partnerships, one with Servian and other with Finity which created a strong demand and awareness for its secure data technology.
The company’s revenue increased by 80%. However, in 1HFY19 the company reported a net loss of $3,181,637.
The share price of IXU closed at A$ 0.120 (As on 8 March 2019), down by 7.692%. The company has a market capitalization of A$20.6 million, and there are approximately 158.44 million outstanding shares.
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