Morning,
I can't stop thinking about the collaborative business relationships Wrkr is continuing to building. I am wondering if anyone else is noticing this as well?
The wording in the most recent company releases, in my view, are positioning statements by the company. They really highlight their collaborative approach. May be
@jocko Wrkr are trying to position themselves to become the "One Platform" you have eluded to many of your previous posts.
Collaborations
Link MSA - a competitor in the clearing house space, yet we have just gone from a competitive relationship to a collaborative one. Should be a scary thought for other competitors in this space like Superchoice. Note the wording in the release; "the services involve the
co-design of market-leading models and options for Funds to adopt as they seek to digitally transform Employer and member experiences under Your Future Your Super changes."
I am hoping this relationship with Link is more PaaS than SaaS.
Consortio MSA - Wrkr Ready (employee on-boarding solution; white labelled)
Paygoup MOU - PayGroup and their associated companies (Astute, Payroll HQ, iWS and PayAsia) . The MoU forms a
collaboration to explore the use of Wrkr PAY across the group starting with Astute as well as the
co-selling and delivery of Wrkr READY to add onboarding compliance services for their customer base, starting with iWS as a pilot. While our objectives are to serve the approximate 270,000 employees represented, our initial goal is on developing a
shared proposition, pricing and achieving market success via initial pilots.
We are taking advantage of our Consortio collaboration which has integrated Wrkr READY into the Astute platform.
Lets not forget our yet to be announced completion of a market leading stapling solution for a marquee Superfund client that brings a digital stapling solution for employers and their employees
which we believe will set an early standard in the market when it is launched in the coming weeks. In this area, I think
@norvest has eluded that he believes Wrkr has the edge on the competition.
SMSF Hub
I don't think we have really appreciated the potential upside in the income source.
"Continued success of Wrkr SMSF Hub product with 3,500 new registered SMSFs (taking our Trustees to 7,500, 100 new Accounting and Advisors onboarded this quarter taking us to 300 with 500 more to process). This base is expected to swell significantly as we convert our 16,000 unpaid to paid subscribers in the last quarter."
For the exercise, lets assume 10,000 of these clients take-up the new service at $39.95. representing another $399k in income on top of the $300k initial order from Link.
Sales Pipeline
Sales pipeline progression continues with the maturing of our Retail connections with several
large format retail organisations taking an active interest in the Wrkr READY product. This activity has increased our software demonstration and pricing activity over the quarter. We are expecting this activity to yield results in FY23.
Australian Retirement Fund
This new fund is made up of QSuper and Sunsuper.
Sunsuper is a Wrkr client, QSuper is a Superchoice client. I wonder which administrative services company will win out as the preferred back office solution when these two entities bed down their integration?
This is just a recap, to remind us of how far this company has come in the past 6 months. Nothing better than a positive win LINK, to make you recap on how management have been travelling in relation to their stated objectives in communication with shareholders. It's a big step-up from the previous management in my view.
Enjoy your Sunday.
Ian
