For those that didn’t get a chance to listen in. Did my best to summarise what I got from the 20 min webinar.
Nationwide: Company extremely proud to get the first MRR with a client of Nationwides size and market presence. Signed MRR with 1 product line, no details on $ value given strict confidentiality, real value to come when tap into other product lines. Discussions on additional lines have started and will speed up once they move into GO LIVE. Progressing very well through integration and expect UAT to begin shortly.
Drove home the scalability point numerous times throughout the webinar. Multiple Virtual Assistants across all lines of business with individual MRR contracts. Used the example that if an insurer wanted a virtual assistant for car insurance, pet insurance, home and contents, retirement, each would be deemed a new product line and would incur separate MRR streams. This is where the real $$$ value lies for Flamingo.
Company Focus for 2H2017: “Execs laser focused” on Nationwide scalability and getting the other 4 companies into GO LIVE/MRR before year end. It seems the market thinks that validation of the tech will get more interest from other clients, with the assumption that would see more POC contracts signed, I think that is wrong. I think the issue is Flamingo doesn’t have the resources to on board the amount of companies knocking at their door. Just my gut feel and could be wrong but they aren’t a massive team globally yet.
My opinion: Mgmt will get the 5 into GO LIVE, learn, get some $$ runs on the board, then open the flood gates and expand the business. Will likely mean raising more cash into the new year to really scale into all 15 pipeline clients across US and Asia. Just a thought *** If all goes to plan and not counting on any future interest we could have 20 companies paying MRR by year end 2018, on single product lines = 20 MRR contracts. I believe a company stopping at 1 product line is unlikely. Imagine if we can secure 3-5 product lines per client = 60-100 separate MRR contracts ? This isn’t moving into revenue split stage either.
‘The other 2 USF100 Companies’: Everything is progressing very well. Both companies have expanded the scope of Flamingos reach to include every state in the US. Seems that one of the companies is well into the integration and UAT stage. Wouldn’t be surprised to get a solid update on this name before the end of September. The other company will be more likely towards year end.
AMP and Direct Money: Integration stage near completion. Final stages of UAT and then GO LIVE. Could be close to hearing a material update on either of these two soon. IMO.
Metlife Asia: Fleshing out details of the awarded contract. Didn’t go into any detail though CW noted that the scalability would be exciting so they must have some idea whats brewing on this front. Stay tuned.
Company Focus into 2018: CW went into detail about her wish list for the company into 2018. Alongside attacking the very strong pipeline of clients. It is to get the platform to a point whereby clients can purchase and configure Rosie themselves. This would be huge and skies the limit then. I think it will take time but I like where the company is heading. This is the big difference between Flamingo vs competitors [IBM Watson, IP Soft]. Early days.
What has Flamingo learnt to date: The very detailed and time consuming contract process of these large global insurance companies. They have hired a full time expert attorney in the US to manage this into the future. Real tangible results for end customers being generated in UAT to date / Rosie delivering real value. Better skilled now in the procurement process, how to integrate and connect API a lot faster now. Bodes well for future client engagements.
Absolutely zero issues with dealing with multiple insurers installing VA. These large companies know that they need to adapt and that Flamingo dealing with their largest competitors will drive a competitive product for them in the long run.
In short: Everything progressing well. Exciting first step with the Nationwide MRR today.
Apologies if I got something wrong above or left out important material.
Good luck to all.
CR8 Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
(20min delay)