AssetOwl signs commercial deal with Colliers Int’l
Enterprise property management platform provider AssetOwl Limited (ASX:AO1) has today informed the market it has signed its first commercial contract in the property management sector.
From July 2018, Colliers International Pty Ltd, a leading real estate group in Western Australia, will implement AO1’s disruptive technology in the property management sector as per the software service agreement.
Colliers is an industry-leading global real estate company operating in 66 countries. The group delivers a full range of property management services to real estate owners, occupiers and investors across all sectors worldwide.
The agreement comes on the back of a successful trial period between the two companies from December 2017 and June 2018. AO1 has signed to provide its innovative management platform to Colliers International (WA) Pty Ltd (Colliers).
AO1 will in turn earn revenue from Colliers on a pay per residential property inspection basis along with an implementation fee.
Yet AO1 does remain a speculative investment and investors should take a cautious approach to any investment decision made with regard to this stock.
With powerful reporting and analytical capabilities, AO1’s platform will provide Colliers with a single system of field tools intended to make collecting visual property inspections easy, accurate and efficient.
AO1 will earn revenue from the contract on a pay per action fee basis along with an implementation fee.
AssetOwl Chairman, Simon Trevisan spoke on the news: “We are pleased to provide the AssetOwl management platform to Colliers, our first client in the large and attractive property management sector.
“With approximately 9.6 million dwellings and 2.3 million rental households in Australia, we view property management as a material growth driver for AssetOwl.
“AssetOwl’s platform can revolutionise the management of Australia’s largest asset class –real estate. The core of what we do is replace a laborious forms-based process with a photo-based process from which forms can be generated. This overcomes the tyranny of distance and allows our real estate management customers to focus their time and expertise on critical business issues.
“Our Company’s step into the residential and commercial real estate management sector, following our earlier success in retail property management and government asset management, recognises that the core process change in managing property is agnostic of the use of that property. Our technology solves the problem of managing disparate large sites by providing a visual record as the centrepoint,” he said.
AO1 is also currently implementing its software service agreement with public and private IT services provider, AC3, through which AssetOwl services a significant asset management agency of the New South Wales government.
The agreement implementation process is proceeding as scheduled between the parties in March 2018. Following implementation, AC3 will deliver a service using AssetOwl’s field tools for use by the agency’s audit teams, allowing for AO1 to earn a pay per action fee for use of its management platform.