Hi Richard,
iCetana is a completely different beast now.
New/proven Management and new structure.
COO, in previous position, led the tech team that drove VGW revenue from $300/day to $1.4m/day.
A big change, which will reduce costs and increase revenue, is the change from Sales staff (who are normally on ~$150k-$200k per annum each) to now Chubb, etc., doing a lot of the selling of the iCetana offering on behalf of iCetana.
How many customers does Chubb, etc., have? A looot!!
Also, from 2018 to 2019 (which show some of these cost reductions):
Revenue: up slightly to $1.4M
Employment Costs: reduced by $1.2M (24%)
Advertising: reduced by $366k (66%)
They have also locked in $1.6M in the first 10.5 months of 2019.
$1.6M annualised comes to $1.83M which is a lot higher than the $1.4M in FY19.
Seeing that:
- the Team has just started working together
- under the new structure,
- listed on the ASX,
- raised $5M,
- 200+ deals in the pipeline/on the go;
it will expand rapidly from here.
They are looking to be cashflow positive from the IPO raise.
Looking forward to some of these 200+ deals starting to get announced in the new year.
Cheers,
GB.
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