On 3 June 2019, Identitii Limited (ASX: ID8) announced that it had become a Microsoft Corporation (Microsoft) ‘Co-Sell Ready’ partner. With this status, the company would be able to direct global marketing and sales efforts towards significant financial services customer base of Microsoft, which includes tier one financial institution, to drive global sales of Overlay+.
A new platform, Overlay+ is developed by the company for intelligent information exchange. It helps the banking institution to improve prevailing technology setup, to exchange documents as well as information either internally or externally in a secure manner. This platform uses Identitii Tokens, which is a private blockchain and unique identifier which enables faster and more transparent corporate banking ecosystem using existing technology infrastructure.
The company, as a part of ‘Co-Sell Ready’ program, would be able to pursue commercial opportunities targeting the customers of Microsoft. The go to market activities will include sales opportunities which will combine Overlay+ platform with Microsoft’s products along with Microsoft Azure, the cloud platform of Microsoft. The company would also be benefitted from the access to global sales expertise and marketing capabilities of Microsoft, which includes marketing assets and campaign content.
The company is building on its existing integration of Microsoft Outlook into its Overlay+ platform and providing additional value to those customers, who are using the extensive product suite of the company. The company would be providing integration with Microsoft Azure to customers as an option to adopt cloud services that compliment Overlay+.
The partnership model of the company will have a new channel to market for Overlay+ platform of the company, which will help the company to scale its sales by extending its customer reach, followed by expanding its marketing, which would result in creating new revenue opportunities.
During the Q3 FY2019, there was an increase in the cash receipts of 216% to A$0.300 million as compared to the previous corresponding period. The total cash receipt for the financial year 2019 to date was A$0.486 million, which was the outcome of customer revenue growth. In March 2019, the company completed phase one of its HSBC Global Services (UK) Limited. Also, the company started phase two of the project as per the existing Framework Agreement. The company appointed Simon Lacey and Martin Botica to grow strategic partnerships and drive client engagement. Simon Lacey was appointed as Head of Corporate Development who would be responsible for driving strategic partnerships and the go-to-market strategy. Martin Botica joined the company as Head of Client Engagement, who will be taking care of customer project delivery, customer technical support as well as technical pre-sales.
During the Q3 FY2019 which ended on 31 March 2019, the company used A$1,396,877 in operating activities and A$22,111 in investing activities. By the end of Q3 FY2019, Identitii had net cash and cash equivalent worth A$5,865,200. The estimated cash outflow for Q4 FY2019 would be ~ A$1,912,972.
By the end of the trading session, on 3 June 2019, the price of the shares of ID8 was A$0.500, up by 11.111% as compared to its previous close. Identitii holds a market cap of A$24.53 million and approximately 54.52 million outstanding shares.
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