SmartSpace Software Plc (LON:SMRT) CEO Frank Beechinor talks to DirectorsTalk about the acquisition of SwipedOn. Frank explains what has been happening to the business since the restructuring in July, the rationale behind its acquisition strategy, why they acquired SwipedOn some 12,000 miles away, how entry level SaaS fits in with the business model and where Frank expects the business to go from here.
Acquisition Highlights
· SwipedOn has customers in 39 countries and is growing by over 100 customers every month with an impressive base of clients in the USA, Canada, UK, Australia and New Zealand
· Annual Recurring Revenues of approximately NZ$1.7 million (£0.8 million), growing at +100% per annum
· SwipedOn has a Customer Acquisition Cost (“CAC”) of NZ$609 with a Life Time Value (“LTV”) of NZ$6,700
· Excellent customer satisfaction with a Net Promoter Score (NPS) of 60 with high customer retention and revenue churn of less than 6% per annum
· Highly experienced management team and staff comprising 19 employees who will remain with the business
· Supports SmartSpace’s strategy to broaden and build its SaaS revenue as well as offering software solutions for Enterprise, mid-market and entry-level customers across the globe
· Broadens SmartSpace’s existing software offering and focus on technologies that make corporate real estate more efficient and businesses more effective as a result
SmartSpace Software plc is building a SaaS orientated software business, designing and building software centering around its ‘Connect’ software platform and ‘OneSpace’ occupancy management software, to help people work smarter and more efficiently on a global platform. The Company’s software solutions in workspace, retail and hospitality help transform employee and customer engagement with software modules which include: desk and meeting room management, wayfinding, car parking, visitor management, frictionless vending and space management.