HR technology company intelliHR bags its fourth New Zealand customer, Stock zooms up by 22%

intelliHR Holdings Limited (ASX: IHR) is a Human Resource technology company operating a SaaS business model. The company is industry agnostic and uses AI in its application. IHR is presently marketing a next-generation cloud-based people management and data analytics platform.

intelliHR today, 10 April 2019, declared to the exchange about the in-roads the company is making in the New Zealand market.

The company onboards a new client, which happens to be its fourth new client in the New Zealand market. The NZ Energy Utility company adds to IHR’s fast-growing high-profile customer base.

Post full implementation of the new customer signings, the company expects the New Zealand headcount to be over 1,000 paying users.

The company now has over 7,500 contracted users globally, with a global contracted Annual Recurring revenue in excess of one million dollars. The New Zealand deal reaffirms the company’s evolving international focus, and further, the company believes this validates the intelliHR management platform’s ability to being deployed efficiently and effectively into both the domestic and international markets.

Further elaborating on the New Zealand strategy, the company highlighted that it has actively focused on this market with a well thought out expansion team and a concentrated sales and marketing approach. The company states that the aforesaid strategy has been validated with a quick uptick in New Zealand based paying users and a strong pipeline of potential customers to keep the growth engine continuing through the remainder of CY19 and beyond. Moreover, the company considers its success as a validation to its claimed industry and location agnostic principles. Strong customer retention performance further validates its technology.

Speaking on the new customer win, the intelliHR’s Managing Director, Mr. Robert Bromage said that the company is making headways in Australia and it is further able to prove its ability to compete in the international market with this New Zealand customer signing.

On 05 April 2019, the company released an appendix to the exchange informing the exchange about the issue of 1,186,875 new fully paid ordinary shares at an issue price of $0.01 per share. The shares are issued as part of the exercise of options.

On 26 February 2019, IHR released its 2019 Half Yearly Results. The company reported significant growth in its customer base, contracted headcount, and annual recurring revenue. IHR reported a 57.4 percent increase in its contracted paying users to 5,170, 52.8 percent increase in contracted Annual Recurring Revenue to $0.62 million as at December 2018 and 46.7 percent increase in contracted customers to 44 firms.

The share has been in a downtrend in the past six months, with a negative return of 35.29 percent. However, the share has seen a positive 2019, with a YTD return of 22.22 percent.  The stock has been consolidating in the past three months with a return of -4.35 percent.

IHR has a current market cap of ~ AUD 11.59 million with ~105.37 million outstanding shares. On April 10th, 2019, the IHR stock price is trading at AUD 0.130 on ASX, up by 22.73 percent (as at 03:40 PM AEST) as compared to its previous trading day close price. The 52-week high price is A$0.290, and the 52-week low price is A$0.090.


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