Freelancer Limited (ASX: FLN) has announced the launch of ArrowPlus powered by Freelancer.com, with Arrow Electronics Inc.
About the Platform:
The launch of the new platform would enable Fortune 500 companies, and innovative technology creators to create and construct hardware items, which would be accessible to more than half a million trained electronic and electrical engineers.
FLN would empower ArrowPlus to help in transforming the methods in which products are supposed to be created and delivered to the market. The on-demand engineering from both ArrowPlus and FLN would activate a step towards change in terms of research work and the progress. It would help reduce the time and bring it down to months from years, via access to an international network of extremely varied technical expertise.
Arrow Electronics is an establishment, which offers guidance for innovation to more than 200,000 manufacturers in the technology sector. Last year, it made a sale of $30 billion and made to the 113th rank in Fortune 500.
FLN’s consumers go beyond the count of 32 million around the globe. It has above 15 million jobs posting in more than 1,350 expertise range. The company is known as the biggest freelancing crowdsourcing marketplace around the globe.
In this collaboration, FLN intends to contribute with the best skills to manage international online services marketplaces. It would enable ArrowPlus to alter its business into actively connected talent cloud. While, ArrowPlus would bring in huge volume of high quality and valuable projects from established companies, who have an actual demand for innovation and talent.
This association amid Arrow and FLN is a category definer, pertaining to how the hardware products are created. The businesses with the requirement of any technical assistance, ranging from concept to scale can take advantage of ArrowPlus powered by FLN. The businesses would find extremely competent experts, and they can use Arrow technology concierge services to ensure the success of the project and such.
The full lifecycle of hardware product development includes:
- Ideation & prototyping
- Analog & digital design
- Printed circuit board design
- Bill of Materials (BOM) part selection
- Custom requirements to product delivery
- Component consolidation and cost reduction
- Redesign for a smaller size
- Documentation & translation
- Development of firmware, drivers & middleware
- Real-time embedded software development
- Integrated circuit design
FLN has built a co-branded marketplace for Arrow Electronics. Their platform makes it easy for OEMs to post engineering projects, hire engineers, order components and manufacture from a single location. Post the initial 6 months from launch, there is a minimum volume commitment of US$3.6 million GMV per year, at a Take Rate to Freelancer of 13%.
The term of the agreement is three years and would automatically renew for successive 1- year terms, unless notice is given within 3 months of the end of the period. Also, Arrow has the right to terminate the contract with 60 days written notice.
FLN’s CEO and Chairman Matt Barrie commented that this quantum leap of strategic association, with Arrow Electronics denotes the first-ever launch of FLN’s Enterprise. The company is very happy that Arrow opted to collaborate with FLN on this milestone initiative.
On 18 February 2019, FLN published its FY18 results ending 31 December 2018.
The stock of the company, by the closure of the trading session, stood at A$0.8 (as on 15 March 2019).
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