Wooboard Technologies’ (ASX:WOO) FY22 milestones pave way for brighter days ahead - Kalkine Media

Highlights

• Wooboard Technologies laid solid foundations during FY22 ended 30 June 2022.
• The period saw the development of Sixty App with new features to better suit the customer needs.
• WOO entered an equity investment agreement with Slik, unlocking market expansion opportunities for its product suite.

Wooboard Technologies Limited (ASX:WOO) recently released its annual report for the fiscal year ended 30 June 2022, highlighting a concerted effort that yielded noteworthy outcomes.

The Australia-based SaaS solutions provider excelled in helping businesses with its suite of services based on its proprietary employee reward, recognition and mindfulness platform, WooBoard.

The company is steered by its vision to offer modules targeting mental health and wellbeing, skill building and performance optimisation of employees of large global enterprises. During the financial year 2022, the aim to create happier and more productive employees remained centric to the company’s business goal.                                         

The group has been persistent in upgrading its cloud-based SaaS products to provide better assistance to subscribed companies in connecting with their staff using innovative and engaging platform.

Image Source: Company Website 

Expanding Sixty App’s uptake

WOO is developing an app, Sixty App, as part of the strategy to enhance its product suite. The company is taking into account all kinds of feedback from its B2B customers. It will be the first time that the company plans to allow access to WooBoard for the B2C market.

The initial feedback after successful pilots run by WOO with enterprise customers from diverse industries, such as FMCG, fintech, telecommunications, retail and pharmaceuticals in the Latin American market, has been positive. Also, after considering the trial customer feedback, new features have been added in the app to deliver an effective and market-leading solution in the mental health and wellness space.

Sixty plans to roll out the second phase of trials soon after the completion of the ongoing beta testing with 14 enterprise customers.

Growth opportunities with Slik investment  

Recently, WOO inked an agreement with Slik Pro Corp. for 20% of its total issued share capital in return for an equity investment of US$800K.

The development has tagged a new engagement survey system to WOO’s product suite, making it a stronger market fit versus other enterprise brands on the global front. WOO expects this agreement to open up multiple revenue making opportunities.

Slik caters to its clients with technology aiding in measuring employee engagement as well as predictive insights related to employee experience solutions.

The engagement platform has been boosting its foothold in the Latin American market with a large number of top-tier enterprises, such as Toyota, DHL, and Starbucks. Also, the firm is in a robust position with prospects for an improved recurring annual revenue to expand into other regions.

WOO’s association with Slik will introduce the WooBoard product suite and Sixty App to an extended network of well-known brands. With transaction completion, WOO will gain access to exclusive reseller rights to Sixty in the Asia-Pacific region, enabling the company to sell Slik alongside the WooBoard product suite.

Wooboard laid solid foundations during the financial year ended 30 June 2022. The company plans to tap further collaboration opportunities to boost Sixty’s uptake with enterprise companies next year. Moreover, under its engagement with Slik, WOO expects to witness significant growth opportunities in the Latin American market. 

WOO shares traded at AU$0.001 on 13 September 2022.