Gooroo partners with Performics Australia – Stock rallied over 9%
Gooroo Ventures Limited (ASX: GOO) is an information technology company which uses its patent-pending technology, based on neuroscience and artificial intelligence to figure out the thinking process and decision-making ability of different people in their lives and at work and transform their future decision making.
The company has announced a partnership agreement with Performics Australia. Through this partnership, Performics Australia will be able to implement Marketing Solutions technology of GOO across its clients search and display campaigns. They would also be able to market and sell the technology to its portfolio of blue-chip clients in Australia.
Performics Australia is an Australian division of Performics that is owned by Publicis Group, the third largest communications group in the world.
Under the agreement, the company’s technology would be integrated into the Performics’ performance marketing campaigns starting from the planning stage until the final execution stage. The existing targeting strategies and data will be complemented with the new set of insights to enhance the stronger connection with the customers.
Further, through the partnership, Performics would be able to sell the licenses of Gooroo to its client against a cost to build insights. There would be an additional volume-based fee for enriching the client database of Performics Australia and its use it in the marketing campaign. This model will be a source of an ongoing revenue stream.
Further, through this agreement, Gooroo Marketing Solutions will be applied for the first time in the performance marketing space. Through the technology of Gooroo, more targeted and more relevant advertising across search and display will be possible, allowing for increased advertiser return on marketing expenses through conversions and sales.
On 28 February 2019, the company published its half-yearly results where the company’s revenue increased by 331% to $421,748 on the previous corresponding period. However, the company incurred a loss of 48% to $934,079 during the period.
During the period, the company launched an analytical engine known as Gooroo Marketing Solutions. Gooroo Career Solutions, a SaaS-based technology platform was also launched during the period that was used by the students, workers and training organizations as well as the advisors to build their career path.
Gooroo Ventures also inked a collaboration with the PeoplePlus to deliver an improved outcome for the Australian government job active program. Gooroo also signed a three years partnership with Davidson for the distribution and implementation of its technology which is licensed internally as well as to Davidson client. There was another three years partnership agreement with Catalyst global where each of the participating partners will be paying the annual access license along with A$35 for every participant who is profiled to use the technology of GOO.
In the last six months, the shares of GOO have generated a negative return of 26.79%. However, in the previous five days, the stock of GOO is giving a return of 25.71%. By the end of the trading period on 13 February 2019, the closing price of the stock was A$0.048, up by 9.091%. The company has a market capitalization of A$4.58 million and approximately 104.14 million outstanding shares.
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