Tech licensing deal to support a “safe, fast and productive” return from COVID-19
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Special Report: Australian listed technology firm Reffind Group is expanding its WooBoard offering after clinching a licensing deal with leading software solutions provider InterBio.
COVID-19 has prompted an unprecedented and transformational shift towards distributed work environments where security and remote accessibility remain paramount.
According to a recent study by Technavio, the market for secure cloud software solutions is experiencing a surge in demand due to the pandemic and is expected to grow by more than 35% over the next 12 months.
Capitalising on this shift is listed technology micro Reffind Group (ASX:RFN), who have this morning signed a licencing agreement with innovative identity management and biometric software solutions business, International Biometrics Pte Ltd (InterBio).
The deal, which involves a 50/50 revenue share arrangement for sales that InterBio makes of WooBoard, is for an initial term of 3 months. It sees Reffind gain the exclusive licencing rights for InterBio’s product suite in Australia and New Zealand, and non-exclusive rights for the rest of the world.
It also means Reffind will be entitled to a 50% revenue share of sales it makes of InterBIO’s suite of products, including those add-on products that will be bundled together with the WooBoard offering.
“The reason InterBIO approached Reffind was that it had identified significant commercial opportunities and integrations between its suite of products and WooBoard,” the Company said in its ASX announcement this morning.
“InterBIO’s capabilities can be seamlessly integrated into WooBoard significantly expanding and enhancing the current offering to include secure employee authentication and where appropriate tracking for the remote work environment.”
Reffind sees significant commercial validation underpinning InterBio’s platforms which have already carved out a swathe of opportunities in workforce management across law enforcement, government agencies, financial services, aged care and healthcare practices.
InterBio, who count DBS Bank of Singapore and Telkom Indonesia among its extensive list of clients, will help Reffind transform its flagship WooBoard platform into a ‘one-stop shop’ solution for small, medium and large businesses that have growing fleets of employees now working remotely or at home.
Rumi Guzder, non-executive chairman of Reffind, said InterBio’s products were leveraged into significant high growth markets “including security and working remotely” and will help employers accelerate a safe and productive return to work from COVID-19.
“Reffind is excited by the tremendous potential it sees in InterBIO which has already demonstrated significant traction in ASEAN,” he said.
“We believe InterBIO fits uniquely within our vision to provide a compelling new SaaS offering for employers both in Australia and abroad at a time when demand for secure and trusted remote work solutions are at an all-time high.”