Microcap AI and prescriptive analytics company Houston we Have (ASX: HWH) has hit the ground running since rebranding and expediting an entry into the healthcare AI sector.
Although the contracts are collectively only expected to add $130k of revenue to Houston, it opens up significant market opportunities which have been brought upon by their acquisition of fellow tech company Prometheus for $600k in October 2019. With that acquisition, Houston also secured 21 new clients with annual revenue of $670k, including 17 of Australia’s registered health insurance funds.
Through the acquisition of those clients, Houston has now successfully made their first cross-sell by offering Prometheus clients expanded AI and analytics developed by Houston.
“The cross-selling synergies we promised from the Prometheus acquisition are now materialing and we anticipate more contract wins and extensions to be locked in as a result,” said Houston we Have Managing Director, Elizabeth Whitelock.
“Whilst all these contract wins and expansions are valued, partnering with Queensland Country Health Fund is a highlight given it is an existing Prometheus client that has bought into our broader solution and will surely benefit from the expanded capability we are delivering.
“As more companies navigate their way through the current market and changing consumer behaviour, we confidently expect that our pipeline of opportunity and tenders will continue to grow as a result. As such, we expect to report more of the same very soon.”
Within their new contracts, Houston will drive greater insights and better outcomes for health fund customers, expand their fraud modules to better understand customer behaviour during the COVID-19 period and provide extensive reporting on the impact of COVID-19 on members and service levels.
Previously listed on the ASX as Veriluma Limited (ASX: VRI), the Company rebranded to Houston we Have in December 2019 to better align with their digital offerings whilst standing out amongst the AI crowd. The name change offers Houston with a fresh start away from the Veriluma brand which had poor financial history, whilst enabling Houston to adopt a start-up culture which best engages with the AI community.
Whilst healthcare will become a core focus for Houston courtesy of their Prometheus client acquisition, the Company still retains a significant contract with Australia’s Department of Defence through to 2022.
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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