FinFeed: Simble surpasses $1 million in orders for SimbleSense
Simble Solutions Limited (ASX:SIS) has informed the market this morning that it has accrued over $1 million in orders across Australia and the UK for the Simble Energy Platform (or ‘SimbleSense’).
SIS, which is the fastest growing Software as a Service (SaaS) company on the ASX, continues to deliver promising early results after securing its first large scale channel partners six months ago.
SimbleSense is an IoT supported real-time software solution that enables businesses to adjust, remotely control and monetise their energy systems. The platform represents a new revenue stream for SIS, with each installation generating recurring SaaS revenue recognised on a pro rata basis over the user’s contract life.
Synnex Australia, which is the company’s primary distributor in Australia, has placed its second material order for the SimbleSense bundle to cover projected sales by SIS’ partners.
This news is just the latest affirmation that SIS is continuing to execute on its growth strategy, as it looks to expand the scale of its distribution network. Discussions are now underway with Synnex reseller partners to scale the company’s channel network.
SIS CEO Fadi Geha commented on today’s news, “Passing the million dollar milestone within months of launching to our large channel partners is exciting, however it is just the beginning.
“We are scratching the surface in terms of the sales velocity these partners can achieve and look forward to ramping up activity to meet market demand.
“The momentum in the business provides a clear pathway for a significant uplift in sales active over the coming 12 months.”
Under its current configuration, the SimbleSense is a bundled software and hardware solution, with a weighted average subscription term of three years.
As subscriptions are prepaid in advance, recent growth in orders is poised to have a material impact on the company’s cash flow, with the first material impact expected during the current quarter. Associated revenue commences following installation by SIS partners with the end user.