Tech Top 5: Dropsuite books 80% revenue jump amid data-security tailwinds
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Here are the biggest tech players in early trade, Wednesday October 19.
Up 7.49% today was cloud-based backup and archiving platform Dropsuite which reported ARR of $13.1 million for the September quarter.
That’s a healthy 80% increase on the previous corresponding period (pcp), and a 14% increase on the previous quarter.
Users increased to 575,000, up 52% on the pcp and up 11% quarter on quarter.
Dropsuite is confident it’s positioned to become a one‐stop‐shop and all‐encompassing backup and archiving solutions provider for email and productivity applications.
“Over the past quarters, we have demonstrated our ability to deliver against our objectives and are now positioned to set and achieve new milestones to drive continued innovation and growth,” CEO Charif El Ansari said.
“With the inclusion of the $20 million capital raise, the company is well resourced to drive internal organic growth opportunities whilst also strategically assessing accretive acquisition opportunities that provide complimentary offerings.”
The company expects that strong market tailwinds from data security and regulation will stay for the foreseeable future.
Cloud communications platform Whispir is up 6.54% today off the back of a solid September quarterly detailing annualised recurring revenue (ARR) of $56.8 million – up 31.8% on Q1 FY21.
Gross revenue churn year to date was just 2.1%, and the company also onboarded 33 net new customers during the quarter, taking total customers to 834 as at 30 September 2021, which is a 25.4% improvement on the previous corresponding period.
The company says the growth is due to global megatrends of digitisation and digital transformation provide strong tailwinds as Whispir meets the increasing demand for communications intelligence.
“As COVID-related restrictions continue to ease, we’re anticipating a return of demand from customers in suppressed industries including transport and aviation,” Whispir CEO Jeromy Wells said.
“We anticipate continued growth in our pipeline across all markets where Whispir is well placed to support businesses with their digitisation and digital transformation agendas.”
Financial superannuation app provider Douugh rose ~4% after launching an app based member-get-member (MGM) feature to accelerate its customer acquisition rate.
Essentially customers can earn a $20 credit for every person they refer to the platform, with each new member receiving $20 when they sign up, deposit funds, and transact.
The company says it’s a key initiative to reduce the blended customer acquisition cost (CAC) with the development and spending going into the app rather than external marketing channels.
“As we work to build out our responsible financial super app that truly empowers those on the platform to improve their overall financial health, we have developed an end-to-end referral mechanism that our members have been waiting and asking for,” Douugh founder and CEO Andy Taylor said.
“We want to encourage our members to not only share the Douugh experience with their social connections, but also to profit whilst doing so.
“This feature further improves our growth scalability and allows us to invest more time and effort into further improve the core value proposition of the product to help our members get financially fitter every day.”
Learning platform Openlearning rose 2.32% today off the back of its September quarterly, with revenue up 186% year-on-year to $0.825 million.
The company’s TPO platform was accepted by more universities, saw increasing adoption of its OpenCreds micro-credential framework and launched the CS101 program to bridge the technology skills gap in partnership with leading technology companies including Microsoft, Canva, Alibaba Cloud and Chronosphere – and 50 learners already enrolled.
The Australian online education market is expected to grow 8.2% and reach $7.9 billion in 2021 and lifelong learning – which includes both non-accredited courses and accredited courses – accounts for 95%, or $7.5 billion, of the country’s online education market.
OpenLearning’s two-pronged strategy to grow its share of the market centres around providing a complete technology solution to education providers to build and operate their education businesses (platform subscription) and invest in building programs in partnership with top universities and corporates (program delivery).
Up 1.71% today was battery technology company Novonix, after appointing Zhanna Golodryga to its board of directors.
Pursuant to Phillips 66’s US$150 million strategic investment in the company, which closed on 30 September 2021, Phillips 66 has the right to nominate a member to the board.
Golodryga serves as the Senior Vice President and Chief Digital and Administrative Officer of Phillips 66 (NYSE:PSX), a diversified energy manufacturing and logistics company – and the largest shareholder of Novonix.
Phillips 66 is also working with the company in the development of specialty coke technology used in the production of high-quality synthetic graphite for lithium-ion battery anode material.
“Ms. Golodryga’s extensive experience in supply chain management and optimization and information technology at some of the premier energy firms in the world will add a unique and valuable perspective to the company as we scale high tech manufacturing capacity and production,” Novonix chairman Tony Bellas said.