Quantify Tech’s new agreement with Electronic Caregiver, US
Quantify Technology Holdings Limited (ASX:QFY) has today informed the market it has signed an agreement with the US-based Electronic Caregiver LLC (ECL) for the development, sales, marketing, and distribution of an integrated, collaborative solution for the US and Australian markets.
Founded in 2009, ECL offers safety and security options for the elderly and chronically ill in an effort to reduce medical complications, extend lifespan, lessen deaths, and support wellness — both through education as well as technology solutions. It does this, in part, by gathering and analysing crucial scientific data that relates to risk assessments for the elderly and chronically ill who are either in institutional care or live independently.
QFY has chosen to partner with ECL to enhance what the company can offer its existing client portfolio, by utilising the specific data collection and control capabilities inherent within QFY’s tech platform.
This partnership presents an opportunity for both companies to cooperate towards enhancing and expanding ECL’s offerings to their established client portfolio. This will be achieved by incorporating the data collection and control capabilities of QFY’s cutting edge platform, with the resulting integrated technologies having a potentially significant impact on the retirement, assisted living, and home care market in the US and Australia.
It is also a prime opportunity for QFY to get its hardware and platform in front of the rapidly growing US retirement living and aged care market.
ECL already has major contracts in place with large hospitals, medical institutions and leading health service companies such as Vantage Healthcare Network Inc., Mid-Delta Home Health & Hospice, Total Health Care, Unity Health Systems and others.
However this remains an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Part of a broader plan for QFY
According to the company, QFY’s platform is easily adaptable to this market segment, which has been a key target in the small cap’s plans for expansion for some time.
Its technology also adds value by providing extra tools for living assistance and risk assessment so that the elderly and chronically ill can safely maintain their independence for longer periods of time.
Another bonus of the partnership is the fact that QFY will be assisting ECL as the latter company enters the Australian market, including the development of joint market assessment and go-to-market strategies.
This could provide QFY with a beachhead from which to launch its Intelligent Building Solution to the large US consumer market.
ECL’s target market
As part of the deal QFY will be providing its hardware and platform for one of the largest markets in the world, which should further accelerate the growth of the company; ECL’s customer base is senior citizens 65 years and older in the United States.
According to the US Census Bureau, there were 43 million in this demographic as of 2012, which is expected to double in size by 2050, reaching 83.7 million as the ‘baby boomer’ generation ages.
QFY Managing Director Mark Lapins said: “Making a difference to people’s lives is what truly matters. It’s what drives us to create solutions that improve our lives. Partnering with service providers like Electronic Caregiver LLC allows us to provide safer, more secure homes for those that need help the most.
“Development of integrated solutions that can provide a sense of security, save a life, or help someone maintain their independence makes all the hard work we put into technology worthwhile.”
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