On 16 January 2019, intelliHR Holdings Limited (ASX: IHR) announced that it had won a second US Headquartered customer, signifying its continued global expansion plans. intelliHR is an Australian company listed in the IT sector. The company is HR related IT company engaged in developing and offering the next-generation cloud-based people management software and data analytics platform. The company has operations throughout Australia, the United States, New Zealand, Thailand, India, the United Kingdom, and Canada. The implementation of second US contract signifies the most significant customer by Annual Recurring Revenue to date. This is anticipated to increase the contracted headcount by approximately 800 subscribers, approaching 6K numbers in total.
The shares of intelliHR Holdings secured impressive gain of around 48%, trading at A$0.200 as at 3:23 PM, 16 January 2019.
Since IPO in January 2018, intelliHR is accelerating its investment into marketing and lead generation by pushing up discussions with domestic and international firms as part of the company’s growth model. This effort is significant for the growth of intelliHR as a scalable, industry and location agnostic HR management platform. The recent surge in Annual Recurring Revenue and contracted headcount suggest the stickiness of its product.
As stated by Mr. Robert Bromage, intelliHR’s Managing Director, the company is excited with a good start to the year with a profitable global project strengthening product offering and international competitive advantage.
intelliHR is involved in automating manual HR processes and capturing critical people and performance data by offering real time cloud-based people management and data analytics. The company is utilizing advanced Natural Language Processing technology and offering businesses with critical organizational data to undertake key business decisions. The company is progressing towards HR automation offerings, set to establish its strong footprint with the global HR industry projected to reach $30 billion by 2025. The company won the Gold Medal in HRD Employer of Choice 2018 Awards. Some of its major customers include Mater Foundation, Technium, Sunfresh Linen, Mutual Marketplace, Sheldon and many more.
intelliHR plans for 2019 include 70/30 direct to partner Channel Split, increasing sales team to 10 direct sales people, pushing up win rate, increase partner closed deals per month, enhance qualified sales pipeline and completing priority integrations and sell in online marketplaces.
As per the company’s financial report for the quarter ending 30 September 2018, the receipts from the customers increased by 2.6% to $157K. The company reported Net Cash Operating Outflow of $1.55 million and Net Cash Investing Outflow of $420K. The cash and cash equivalents stood at $2.8 million for the September quarter. The company received R&D Tax Incentive of $819,792 from ATO on 4 October 2018 increasing available cash to $3.62 million.
Stock performance: With a negative performance change of 65% since its listing (23 January 2018), the shares of the company are soaring high since a month, offering a return of 35% to its investors. The shares are up by 50% since start of the new year.
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