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REFFIND (ASX:RFN) ropes in FSL to upgrade WooBoard

Summary

  • REFFIND Limited has signed a deal with FullStack Labs for enhancing software development services for WooBoard.
  • FullStack has identified several technical enhancements anticipated to be implemented in the coming weeks.
  • The sale of Loyyal assets to Hayaat has been concluded. REFFIND is continuously pursuing the possibility of securing an interest in the Loyyal assets.

REFFIND Limited (ASX:RFN) has notified of an exciting development about its flagship employee engagement platform, WooBoard. The emerging HR tech Company has appointed  FullStack Labs (FSL), a leading technology incubator, to carry out software development enhancements for the platform.

Important News: How REFFIND’s (ASX:RFN) WooBoard Can Help Smash Employee Recognition Myths

Enhancing Software Development for WooBoard  

REFFIND has been looking to deliver new features and enhancements to the platform. A rigorous strategic review and relaunch of WooBoard in April 2020 enabled the Company to identify four core areas of focus, aimed at boosting market opportunities for the platform.  

The core focus areas are:

  • Enhanced integration with third party applications and Customer Relationship Management systems
  • Capacity for Single Sign On (SSO) authentication
  • Improved functionality of WooBoard empowering award redemptions
  • Improvements in User Interface/User Experience design

After the conclusion of the strategic review, the Company started implementing the targeted measures, which have continued to show good traction.

As a well-established technology incubator, FullStack has undertaken a thorough assessment of the WooBoard platform, identifying several other technical enhancements for the platform.

Notably, the technical enhancements identified by FullStack seem to supplement the four areas of focus flagged by the Company after the strategic review. FullStack plans to implement these enhancements in the coming weeks.

Interesting Read: Creating Winning Environment for Employees in the Era of Digital Workplace Through ASX-Listed REFFIND’s (RFN) WooBoard

Potential for Maximising Engagement of Employees

Keeping in mind the requirement to further enhance the WooBoard platform, several software development firms were taken into consideration. The Company also factored in the growing market opportunity, stemming from the COVID-19 pandemic. The current scenario has compelled large as well as small organisations around the globe, including the Australian firms, to rapidly adapt to the transforming work environments, especially remote working for employees.

Did you read: Overcoming Challenges in Employee Recognition with Modern Way, REFFIND’s WooBoard Platform

The Company is expecting to be suitably positioned to meet the expanding market demand for employee engagement software.

Excited Rumi Guzder, Non-Executive Chairman of RFN, shared his pleasure to be working with Daniel Filmer and his team at FullStack Labs. He highlighted that the detailed assessment of WooBoard and several recommendations provided by FullStack would prove to be way more beneficial than just enhancing the offering and driving WooBoard’s adoption.

Did you Read: Looking to Stay Ahead of Increasingly Competitive Market for Talent? Check REFFIND's WooBoard

Sale of Loyyal Assets Completed

REFFIND had previously notified that it has been interested in acquisition of a 25% interest in the Loyyal assets and has had discussions regarding the same with Dubai-based principal investment firm, Hayaat Group.

 Notably, the Group was crowned the successful bidder for Loyyal assets The Consortium, of which REFFIND was a part, was the underbidder, in case Hayaat did not finalise the sale.

According to the latest development, Hayaat has completed the sale of the Loyyal assets. However, REFFIND remains optimistic and is actively pursuing the likelihood of gaining an interest in Loyyal assets.

Related: REFFIND Envisions Substantial Value Addition for Investors through Strategy to Bid for Loyyal Assets

RFN stock was noted at $0.002 with a market capitalisation of $3.36 million at 3:47 PM AEDT on 18 December 2020.

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