9 Spokes grows to new user milestone at rapid rate
12:00 17 Jul 2017
Users have grown at an accelerated rate during the June quarter.
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9SP listed on the ASX in June 2016 9 Spokes International Ltd (ASX:9SP) user growth continues to accelerate, recently reaching 9,000 businesses now signed up to its platform for business analytics dashboards.
The company builds dashboards for its clients, this means collecting all of the business’s data so it is in one place (known as the dashboard) to be analysed.
Furthermore, 9 Spokes has made a key hire to drive European growth, Andy Birch has been appointed as the inaugural vice president of the EMEA region joining from Oracle Corporation (NYSE:ORCL).
9 Spokes expects to reach the major milestone of 10,000 users towards the end of the month, based on current run-rate. Mark Estall, CEO, commented:
“We are delighted by the significant acceleration in user adoption over recent weeks.
“Adoption has ratcheted up to a new level, as best evidenced by adding the last 2,000 users in
17 days.
“We are delighted to have Andy join our team. He is a well-respected I.T. professional in the region, who will provide leadership of our U.K. team.
“Andy’s impressive experience in IT sales will build on our recent momentum within business development, as well as amplify revenue opportunities.” Tracking towards 10,000 users
At the start of March, 9 Spokes stated it expected user adoption to accelerate in the June quarter.
This was achieved as adoption continued to increase since the major milestone of 5,000 users was reached in late May.
This acceleration has been driven by both the national roll-out by Barclays and continued success of recent campaigns for 9 Spokes’ Direct channel.
9,000 businesses have now signed up to the platform and current growth rates imply10,000 users could be reached by the end of July. User growth rate
The number of days to reach each 1,000 user milestone is listed below:
- 0-1,000 users: 101 days;
- 1,000 to 2,000 users: 47 days;
- 2,000 to 3,000 users: 41 days;
- 3,000 to 4,000 users: 15 days;
- 4,000 to 5,000 users: 12 days;
- 5,000 to 6,000 users: 21 days;
- 6,000 to 7,000 users: 11 days;
- 7,000 to 8,000 users: 7 days; and
- 8,000 to 9,000 users: 10 days. Analysis
While the first 2,000 users took 148 days to gain, the most recent 2,000 have taken only 17 days to sign up.
The adoption has been supported by continued improvement in adoption from the early stages of Barclays’ national roll-out, as well as 9 Spokes’ Direct channel.
The Barclays’ roll-out is expected to structurally underpin acceleration of adoption going forward.
Barclays Bank is the U.K.’s largest bank and one of the largest and most respected banks globally.
9 Spokes is developing a track record of attracting this calibre of client, further highlighted by recently signing a letter of intent (LOI) with Royal Bank of Canada (RBC).
Furthermore, the company has been introduced to multiple banks by its two substantial global alliance partners, one of which is a world-leading computer firm, and one of which is a world-leading consulting firm.
It is these types of relationships that continue to open doors for 9 Spokes and validate both its reputation and product and service offerings.
9SP Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
