ASX-listed Software as a Service (SaaS) solutions provider, REFFIND LIMITED (ASX:RFN) focuses on cutting-edge customer loyalty and employee engagement solutions, designed for enterprises, their employees, customers as well as other supply chain stakeholders, through its investment in Loyyal and WooBoard.
- Loyyal is a Blockchain-as-a-Service (BaaS) solutions provider, redefining ways to develop, reward, and manage loyalty.
- WooBoard is a simple peer-to-peer recognition platform that helps to create a positive culture of recognition at the workplace.
REFFIND Inks Licensing Agreement with InterBIO
REFFIND has entered into a licensing agreement with international business offering identity management and biometric software solutions, International Biometrics Pte Ltd (InterBIO), in line with its plan to expand the reach of wholly owned employee reward and recognition platform, WooBoard, across Australia as well as internationally.
Post the announcement, the RFN stock went up by 200% to close the day’s trade at $ 0.003 with a market capitalisation of $1.02 million. Also, 25 million shares traded during the day, compared with 4 million of daily average.
InterBIO, a leading technology provider across Asia, engages in the development of state-of-the-art biometrics enterprise platforms by employing technologies that are presently listed in the top tier of the National Institute of Standards Technology (NIST) benchmarks and are used for the National ID of Indonesia. Its platforms are highly scalable and leveraged into a broad range of high-growth markets, and few of its clients include telecommunications companies such as PT Telkom Indonesia Tbk, banks like DBS Bank of Singapore, and the Indonesian government.
Backdrop of the Transaction
InterBIO approached REFFIND in the month of April 2020, citing the significant commercial opportunities and integrations identified between InterBIO’s suite of products and WooBoard, as an effect of which the parties have now partnered covering product integrations and a revenue-sharing arrangement.
REFFIND’s WooBoard platform provides organisations with intuitive employee recognition and engagement platform, and InterBIO’s capabilities can be seamlessly integrated into WooBoard as an expansion of its current offering to now provide:
- Secure employee time and attendance
- Data security
- Appropriate tracking for remote workers
The transaction with InterBIO enables REFFIND to enhance the features of its existing employee engagement and reward offering WooBoard and its applications to remote working and other verticals.
Terms of the Agreement
As per the agreement, InterBIO’s product suite will be integrated into Wooboard and will turbocharge the functionality and relevance of Wooboard to enterprises and government clients.
Further, the agreement allows for:
- A 50/50 revenue share arrangement in relation to sales that InterBIO would make of WooBoard across Australia and New Zealand
- Entitlement of a 50% revenue share to REFFIND for direct sales of InterBIO products
- RFN secured exclusivity to bundle InterBIO’s suite of products with WooBoard across Australia and New Zealand, in addition to non-exclusive rights for the rest of the world
- Granting of a License Agreement by the global team of InterBIO to REFFIND for InterBIO’s extensive suite of products to aid WooBoard while offering technical support. This development is likely to enhance the WooBoard offering by allowing integrations of InterBIO products.
Opportunities Surrounding COVID-19
The prevailing situation of COVID-19 is a transformational “adoption driver” of biometric identification solutions, as it has substantially altered the operational outlook for employers, especially while tracking frontline workers who have been exposed to coronavirus or government employees who have access to private or individual-based data.
In the ongoing situation driven by COVID-19 where businesses are implementing safety measures, there has been a significant shift in the trend of employees working from remote locations and the trend is projected to remain in place for some time.
Keeping employees engaged as well as maintaining customer loyalty is a challenge for businesses these days and is simultaneously believed to be an opportunity for software companies like REFFIND as well as InterBIO.
Way Forward for RFN and InterBIO
InterBIO is leveraged into significant high-growth markets including security and surveillance and workforce management (working remotely), as well as several other growth markets, where its platforms are ideally placed for large-scale adoption. It offers security and surveillance solutions that can help to mitigate the impacts of COVID-19 on businesses and communities.
Further, REFFIND looks forward to implementing InterBIO’s platforms, which have the ability to help facilitate a secure, fast and productive return to work, across government and private organisations in Australia as well as New Zealand. With this, RFN believes that it is suitably positioned to draw benefits of commercial opportunities for deploying its new capabilities.
The agreement seems to advance REFFIND’s objective of making WooBoard a ‘one-stop-shop’ solution for small, medium, and large businesses with employees now working from home or remotely.