Increasing prevalence of dark corners on the internet has prompted the nation of Finland to increase child cybersecurity awareness in the Nordic region with tech company Spacetalk (ASX: SPA) one of the beneficiaries, securing national distribution of their smartwatches via telecommunications giant Elisa Corporation.
The deal will see the Spacetalk Adventurer stocked across all of Elisa’s retail stores and online channels in Finland and its Nordic neighbours. As one of the region’s largest telecommunications providers, Elisa has more than 2.8 million customers and has developed a special monthly subscription for Spacetalk devices which require a SIM card for its full functionality.
“We are delighted to have Elisa launching Spacetalk in the Nordic region, a market where the awareness and growth of the connected kids wearables category is advanced,” said Spacetalk CEO, Mark Fortunatow.
“This partnership recognises Spacetalk’s appeal, brand equity in the category, and our shared history and passion about child safety and family connectivity.”
No minimum orders have been tied to the partnership where Spacetalk forewarns that revenue will be entirely dependent on adoption.
Retailing in Australia around $350 each (not including the monthly SIM card plan), the Spacetalk Adventurer is a smartwatch that enables parents to control their child’s exposure to the internet, while providing smartphone functionality. This enables parents to contact them via calls, communicate via messaging, track them via GPS and see them through the embedded 5 megapixel camera.
Other key features include water resistance while premium models also include a heart rate monitor for fitness tracking.
For the year ended 30 June 2021, Spacetalk reported a 44% increase in revenue to $15.1 million as part of the Company’s initiatives to increase global distribution having established a firm foothold in Australia where the Spacetalk range is actively sold by all major tech retailers.
In line with their rising sale, Spacetalk is nearing profitability having improved its FY21 NPAT to a $1.79m loss after a $4.27m loss the previous year when the product was still largely in development.
Going forward, Spacetalk has declared its intent to expand its global market penetration across Europe and the United States by targeting similar partnerships to the Elisa one with other multinational organisations.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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