- Technology company, REFFIND has identified significant opportunities with the global surge in employees working remotely amid COVID-19.
- As strategic review of the business highlighted increased relevance of RFN’s core asset, WooBoard to businesses of all size, the Company is positioning itself to take advantage of this increased relevance and demand.
- Licensing agreement with InterBIO has further upgraded WooBoard to enhance team engagement, monitor output and improve employee morale when working remotely.
The way technology has taken charge in recent times is quite evident from in our surroundings, especially from businesses operating amid COVID-19. With coronavirus-driven restrictions, organisations have been compelled to respond swiftly to the new work ecosystem. Consequently, current scenario has opened several doors for businesses offering technology-enabled products and services like SaaS applications that facilitate access to routine office work from remote locations.
Cloud-based SaaS solutions provider, REFFIND LTD (ASX:RFN) has made significant progress since the beginning of the year 2020, notwithstanding the tossing and turning amid the COVID-19 crisis scenario. The Company is focused on redefining customer loyalty and employee engagement through latest technological innovations and solutions, including WooBoard and Loyyal.
- Simple peer recognition platform, WooBoard is deemed as the modern way to appreciate workforce, increase productivity, retain top talent and connect teams.
- Proprietary blockchain and smart contract technology, Loyyal is designed for transforming the delivery and management of number of incentive forms.
Placement to Fund WooBoard Development Activities
The year 2020 kickstarted with a capital raising for RFN, resulting in a total of $500,000 in January 2020, comprising the following:
- Placement of 30,400,000 fully paid ordinary shares in the capital of RFN to unrelated sophisticated investors at an issue price of $0.0025 per share, raising a total of $76,000.
- Entry into a number of converting loans with unrelated lenders, under which an aggregate amount of $424,000 was advanced to RFN.
At the end of February 2020, RFN closed a placement through the issue of 182,758,621 fully paid ordinary shares in the capital of RFN at a price of $0.0029 to unrelated sophisticated investors, and an additional 27,586,207 shares worth $80,000 were to be issued under the Company’s 7.1 placement capacity.
REFFIND had planned to direct the funds raised towards development activities related to the WooBoard platform expenses, maintaining cloud servers and applications and technology management consultants. Moreover, proceeds were planned to be used for corporate and administration costs along with costs associated with evaluation of the Company’s investment in Loyyal.
Loyyal’s Agreement with The Emirates Group
Late-February 2020, Loyyal Corporation, an entity of which REFFIND is a significant shareholder, entered a major breakthrough by signing a three-year commercial production vendor agreement with The Emirates Group, marking a major progression in the working relationship between Loyyal and Emirates.
Loyyal inked the agreement with The Emirates Group, one of Loyyal’s most significant clients, for the exclusive use of its blockchain-enabled loyalty and rewards platform to operate the Emirates Airline’s Skywards frequent flyer programme’s partner loyalty redemptions.
Strategic Review of WooBoard
Fast-forwarding to April 2020, REFFIND completed the strategic review of its SaaS-based employee engagement and recognition platform, WooBoard.
Strategic review purpose:
- Comprehensively review from top to bottom of REFFIND’s business and assets, particularly core asset, WooBoard.
- Identify synergistic technologies that could enhance WooBoard to better tailor the offering to meet the need of businesses of all size.
Significant conclusions from the review were:
- RFN is of the view that WooBoard has increased relevance to businesses of all size, whether small, medium or large, on the back of global spike in employees working remotely amid COVID-19.
- For the same reason, RFN also anticipates growth in demand for its enhanced WooBoard product offering.
- Work-from-home, as well as remote working arrangements, are anticipated to be utilised to a far more extent as compared to the pre-coronavirus scenario.
- RFN is positioning the business to exploit this opportunity for shareholders as well as to draw benefits from WooBoard’s increasing relevance and demand in the post-coronavirus scenario.
Moreover, the Company started to implement recommendations of the strategic review, especially focusing on tailoring WooBoard to take advantage of employees and large teams working from home across multiple countries and time-zones, especially in ongoing times of COVID-19.
Licence Agreement with InterBIO
Most recently, in May 2020, the Company entered into a licence agreement with International Biometrics Pte Ltd (InterBIO), a leading identity management and biometric software solutions company, whose products are leveraged into potentially high-growth markets including security and working remotely.
Under the agreement, the parties agreed upon a partnership that involves product integrations and a 50/50 revenue sharing arrangement in relation to WooBoard sales made by InterBIO . Moreover, a 50% revenue share would be granted to REFFIND for every sale the Company makes of InterBIO’s suite of products.
The identification of significant commercial opportunities and integrations between InterBIO’s suite of products and WooBoard developed InterBIO’s interest to enter discussions with REFFIND.
Further Details at: REFFIND Enters Licensing Deal with InterBIO for WooBoard Expansion, Stock Up 3x
REFFIND believes the ability of stockpiling cash, diversifying the balance sheet and capturing the currently presented unique opportunities to be a prudent business strategy.
The ‘timely’ strategic review of RFN’s WooBoard platform has enabled the Company to consider product enhancements to improve the platform, as small to big organisations across the globe search for ways to enhance and improve employee recognition and engagement in the environment of remote working.
Moreover, seamless integration of InterBIO’s capabilities into WooBoard would significantly expand and enhance the current offering, thereby ideally placing RFN to take advantage of commercial opportunities across government and private organisations in Australia and New Zealand.
RFN stock was trading at A$0.002 a share on 11 June 2020 (AEST 01:33 PM), compared with A$0.001 a day before.