It’s a good time to be named Swift—whether you’re a pop star on a world tour bringing in billions or an engagement and entertainment platform signing on new clients.
Specialised tech company Swift Networks (ASX: SW1) is expanding its market presence with recent agreements in the aged care and mining sectors, totalling $1.6 million.
Swift Networks’ foray into the aged care sector is gaining momentum as its Swift Access Aged Care engagement package and next-generation product roadmap attract new customers. The Company has recently inked three new agreements with Australian Aged Care Providers, including Eldercare’s Goodwood, Royal Freemason’s Coppin Centre, and Retiree’s WA Salter Point. These partnerships and the Company’s growing demand in the mineral resources segment represent a promising avenue for growth, with revenue expected to be recognised within FY24, with Subscription revenues over 12–72 months.
Given its $11.17 million market cap, the combined revenue from these contracts is substantial. Still, no individual agreement generates over $1 million in revenue, highlighting the diversified nature of Swift’s aged care portfolio.
Swift CEO Brian Mangano says, “We are pleased to announce three new Aged Care Providers to our growing customer subscription base within the sector. This relatively new sector for Swift is generating significant business interest as the Aged Care sector recovers from COVID and looks for ways to meet the needs of new government regulations. Aged Care providers have shown significant interest in Swift Access as increased functionality meets these market requirements.”
He added, “Our next generation of Swift Access is currently being developed with the input of some of the largest sector providers. Swift continues to improve and adapt our proposition to address the Aged Care sector’s current and future needs.”
Swift is a specialist technology company delivering a premium entertainment and engagement platform powered by proprietary technology and network infrastructure. Consider Swift Netflix and Prime’s older sibling, which not only comprises movies and TV shows but also pauses to deliver important alerts, provides exercise options for those in aged care and more.
Eighteen months ago, Swift launched Swift Access with secure casting, which has since seen many takers.
These agreements include both infrastructure and subscription services. Swift also renewed its subscription agreement for Swift Access and Swift Broadcast at Hall & Prior’s, Karingal Green Health & Aged Care community. Plus, it has extended its agreement with Mineral Resources to cover an additional four sites, reflecting the sector’s robust potential for growth.
Mangano feels that across both sectors, the Company can see clear signals that its focus on monthly recurring subscription revenue, improving margins and establishing a scalable business model drives Swift’s business trajectory.
As per its presentation, in FY23, its total revenue stood at $19.1 million, with subscription revenue amounting to $14 million. At the end of June 2023, its cash balance was $2.1 million, down from FY22’s $3.8 million.
Moreover, Swift Networks recently settled a legal matter from 2019 with the Australian Competition and Consumer Commission (ACCC) involving a US tech company. The Federal Court has ordered Swift to pay a penalty of $10,000 per month for 12 months, followed by $20,000 per month for an additional 54 months to resolve the issue.
Come FY24, the Company plans to look for more expansion opportunities and launch a dedicated Engagement platform.
Alinda is a Business Reporter for The Sentiment
Latest posts by Alinda Gupta (see all)
- Ovanti’s iSentric signs contracts worth $14.4m with Malaysian commercial bank - June 27, 2024
- Baby Bunting fights back from retail downturn with 5-year strategy, includes Gen-Z focus and self-funded growth - June 27, 2024
- CLEO meets with US FDA to develop strategy for ovarian cancer test launch - June 26, 2024
Leave a Comment
You must be logged in to post a comment.