Wooboard Tech has made significant progress in the quarter, aims to become a leading player in Asia
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The company’s launch of Wooboard 2.0 and the signing of Philippines Air Asia as a customer during the quarter is a big step toward its expansion plans in Asia.
Software-as-a-Service company, Wooboard Technologies (ASX:WOO), has provided the market with a quarterly operational update, which highlighted the significant progress it has made in its operations.
One of the significant highlights was the launching of Wooboard 2.0, an enhancement suite for the Wooboard platform.
The enhancements, which were carried out with Fullstack Labs, include a fully updated tech stack with a new UX/UI overhaul to provide a much-improved user experience.
The platform’s modules were also expanded to better focus on rewards-based mental health and wellbeing for the remote work environment.
This revitalised platform comes as the company aims to reposition and differentiate itself as a leader in the WFH mental health segment, which is significantly growing as the world transitions to remote working arrangements as a result of COVID-19.
Wooboard believes the market for employee recognition has been stale and is ripe for disruption, and aims to position itself as the number one disruptor in this category in Asia through the platform’s unique features and modules.
In early April, the company made significant progress toward this goal by signing a landmark deal with Philippines Air Asia.
The agreement saw the airline become the first enterprise trial customer to convert to a paid subscription after signing a three-year agreement with WooBoard.
In the deal, thousands of Air Asia employees will be onboarded to the recognition and mindfulness modules on the new Wooboard 2.0 platform.
The company is specifically targeting multi-year commitments from enterprise clients, which means that a significant investment of time and capital has been made during the acquisition and trial phase.
It also means that once these users are on-boarded and start to engage, it will be inefficient and costly for the customer to switch to other platforms – making the contract a “sticky” commitment, and providing Wooboard with long-term recurring revenues.
To support IT development and expansion of sales to other large enterprises, the company has tapped institutional and sophisticated investors for a successful $4 million capital raise back in February.
In the upcoming quarters, Wooboard said it will continue to improve its platform, and roll out further significant technological updates.
These improvements will be conducted in collaboration with major enterprise customers, as it looks to convert larger enterprises from trial to paid subscription clients.
WooBoard is well funded to support this initiative, with $4.47 million in cash on hand as of the end of the quarter.
The company is operating in a space which is rapidly evolving globally for a variety of factors. In this ever-changing market environment, Wooboard is looking to position itself as a leader and establish a first mover advantage.
This article was developed in collaboration with Wooboard Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.