Vault Intelligence Ltd (ASX:VLT) has delivered strong development and growth for the six month period ending December 31, 2018, with the completion of a $5 million capital raising and an increased sales pipeline.
A successful capital raising, which was conducted in October 2018 and was supported by institutional and sophisticated high-net-worth investors, assisted in delivering the Solo product.
Vault continued to enhance existing apps in the period, particularly the development of the small business app suite, launched the localised China version of Vault Enterprise and signed a major distribution agreement in Singapore.
The company said it was pleased with its development progress, particularly with the Vault Solo App which was a global wearable first and was attracting significant market interest.
Vault’s new contracted ARR for the first six months is shown below:
It is on track to meet projections for the full financial year of $6 million contracted ARR, which is dependent on 2-3 enterprise deals.
In Singapore, the company appointed major distribution group, ACA Pacific Technologies, to sell Solo
Vault is excited with its progress out of Singapore and expects sales generation in the third quarter.
The company generated recorded revenue was $1.68 million, an increase of 19%.
Higher than normal costs were incurred in quarter-two with significant expenses incurred through payment in advance for the full year to reduce overall costs.
Vault has also lodged research and development as well as tax and grant claims with the Australian and New Zealand governments, which if successful will result in cash receipts in excess of $800,000 in quarters three and four.
As sales growth and technical development continue, the company strives to enhance and improve its customer success programs.
New systems for implementation and training are being rolled out to facilitate a seamless integration and implementation experience with the Solo product.