Buddy Platform Limited (ASX: BUD) is a cloud-based solutions provider, who aims to provide its customers with affordable and engaging solutions, to make their spaces smarter and their occupants more efficient. The company lets its three core products to fully leverage digital technologies. The three core products are as follows:
- Buddy Cloud – It enables storage and access to data from any environment.
- Parse on Buddy – It is developed to host the world’s most trafficked apps in a secure and scalable way.
- Buddy Ohm – It is the technology built for resource monitoring which provides real-time operational data.
On 21st March 2019, the company released some updates with respect to the sales, reseller and distribution progress of its Buddy Ohm product in the following regions:
The relationship with Rizon distribution helped the company to bring in, several new Buddy Ohm resellers in Q4CY18. The relationship is in the early stages of the pipeline building. However, the company’s European team is directly strengthening the relationship, with one of the three major mobile telephony operators in the UK. It has also signed a second deal with Harborough District Council, BUD’s second council after Doncaster Council. Harborough District Council is excited to work with Buddy Platform, which would help them to monitor utility resources within their main HQ in Market Harborough.
Recently in Q4CY18, Ingram Micro Spain launched Buddy Ohm, in an event supported by Buddy Platform. Following this event, there are now multiple resellers engaged and building their respective sales pipelines. The resellers have already signed multiple customer deals in the current quarter, letting the company anticipate its first revenue to be generated in Q2CY19. It has also deployed its Buddy Ohm at a regional telecommunications carrier which is on a pilot run as of now.
Portugal is one of the latest markets for the Buddy Ohm product. The launch event took place recently, with the company’s partner in the region, Ingram Micro. There are many resellers who have already signed up, amongst them is a telecommunications carrier partner in the South of Portugal that is trying to take Buddy Ohm to large 4- & 5-star resorts in the Algarve region. Although, the company considers these being only verbal sale commitments, but expects it to be converted into paid installations in Q2CY19.
After withdrawing the exclusivity of sales in the Caribbean with Digicel (company’s reseller), it has now partnered with five more resellers to complement Digicel.
The company recently won a competitive tender for Buddy Ohm, with an east coast Australian city. The project is initially scheduled to run for three months, with the scope of up to 7 buildings comprising of 51 monitored points. The project can be extended in duration to expand the footprint.
The company also has a presence in North America. It has won a contract to supply energy monitoring services to Culver Academy in Culver, Indiana. Buddy Ohm is monitoring the energy production of a large orange and grape farm.
On 18th March 2019, the company announced its debt and financing update for LIFX acquisition.
On the technical front, the stock surged by more than 9.5% and traded at A$0.08 as of 21st March 2019 (AEST: 3:21 PM), compared to the previous closing of A$0.073. The YTD return of the stock stood at negative 23.16%.
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