IOT expands Internet of Things business: inks deal with personal courier service
Published on: | by Meagan Evans
The IOT Group Limited (ASX:IOT) has announced that it is expanding its business in the Internet of Things (IoT) space, making a strategic investment in the unique purchase, delivery and pickup platform, RUNA.
RUNA is a service capable of purchasing any item from anywhere and delivering on-demand for consumers. It has an app that allows for the immediate connection of consumers with any store or service via independent ‘RUNA’s’ who collect, pay and deliver on-demand. It is globally applicable, price agnostic and globally scalable and assists in the immediate impulse buying of consumer items.
Since its start in early 2015, RUNA has successfully made over 3000 deliveries and has recently completed six months of controlled beta trialling and agile improvements.
IOT is taking a strategic 25 percent interest in RUNA for a consideration of $250,000 in cash, plus $350,000 in IOT shares or cash.
Taking this initial 25 percent investment in RUNA will allow IOT to gauge the business performance over the next six to 12 months after which time IOT will decide whether it wants to increase its shareholding.
It should be noted, however, that this is an early stage tech company and success is no guarantee. Investors should seek professional financial advice before making an investment.
The decision to make this strategic investment in RUNA is a way for IOT to diversify from the Selfie Drone market into the broader market of Internet of Things (IoT) — that is, devices talking to devices.
The territories in which RUNA operate include Australia and New Zealand with a first option for the territories of Hong Kong, Singapore, Japan and Malaysia. It is currently testing the service in the Sydney’s Eastern Suburbs and the Northern Beaches, while the rollout to other regions and Cities will begin next month.
IOR Group Executive Director and founder, Mr. Sean Neylon commented on the deal:
“This deal focuses IOT back to its beginnings of being a true IOT based Company. Devices talking to Devices. Download the RUNA APP from Apple or Google and you will find that RUNA is one of the best personal courier services available. You can purchase anything anytime from BBQ items, any food items, medications, flowers, courier services, nappies, alcohol, cigarettes, office supplies, gardening products, pool supplies – everything and anything – its absolutely brilliant and unique.
This is what IOT is all about, making life easier and more efficient, and RUNA is exactly that!”