Proactiveinvestors Australia Socialsuite https://www.proactiveinvestors.com.au Proactiveinvestors Australia Socialsuite RSS feed en Wed, 19 Dec 2018 09:19:05 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Socialsuite continues to gain new customers and grow its revenues ]]> https://www.proactiveinvestors.com.au/companies/news/204398/socialsuite-continues-to-gain-new-customers-and-grow-its-revenues-204398.html Socialsuite continues to increase it's annual recurring revenue (ARR), which has been driven by both new clients and existing client increases.

 

Notably, the Software as a Service (SaaS) platform for organisations to manage their social impact is on track to meet a major milestone of $1 million ARR by late 2019.

Socialsuite is also in the final stages of closing out a venture capital led $1.8 million pre-series A investment round.

READ: Socialsuite targets multi-billion dollar social impact measurement market with leading technology

Socialsuite is a way for both not-for-profit businesses to better report on the effectiveness of their work, and for government, philanthropic, and corporate funders to receive better insights on how their investments are being used.

Notable new customers

Marks & Spencer (UK)

Socialsuite was selected by Marks and Spencer as the technology solution to measure the impact of elements of their Plan A project, which is their way to help build a sustainable future by enabling customers to have a positive impact on wellbeing, communities and the planet. 

St George Community Housing

St George Community housing provides housing to more 8,900 people across 4,700 in metropolitan Sydney. Following a competitive tender process, Socialsuite was awarded the contract to power their impact measurement.

New version of Socialsuite

August saw a significant release of Socialsuite. The new version has been designed based on customer research and the engagement of a high-calibre designer to assist in transforming Socialsuite to a self-service solution.

 

CEO update 

After seven months in the role of chief executive officer of Socialsuite, Brad Gurrie has reported that the business is progressing well against the company’s strategic initiatives.

Gurrie added: “As the business looks to complete its pre-series A round we have significant momentum with the signing of new deals, strong retention, the growth of existing customers and major product enhancements.”

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Fri, 07 Sep 2018 14:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204398/socialsuite-continues-to-gain-new-customers-and-grow-its-revenues-204398.html
<![CDATA[News - Socialsuite targets multi-billion dollar social impact measurement market with leading technology ]]> https://www.proactiveinvestors.com.au/companies/news/193200/socialsuite-targets-multi-billion-dollar-social-impact-measurement-market-with-leading-technology-193200.html By bringing a best-in-class technology solution to a potential US$12.5bn niche global market, Socialsuite has proven real-time monitoring of social impact data for not-for-profit (NFP) enterprises is possible, and potentially, highly profitable.

Launched in 2014 by Damian Hajda and Doctor Clara Ong, the company and the technology addressed a need for enterprises operating in the social sector to effectively report their social impact to funders.

With a client base that now includes some blue chips of the NFP sector, including World Vision, along with notable Australian organisations in YMCA, Anglicare and Youth off the Street, Socialsuite has made substantial progress.

Robust financial growth

It expects to generate revenues of A$700,000 in 2018, increasing by about 150% to A$1.8mln in 2019.

This is forecast to ramp up substantially by 2020, surpassing the $5mln mark and in the ensuing two years, compound annual revenue growth of 65% is forecast.

Focusing on the bottom line, Socialsuite is expected to deliver its maiden year of profitability in 2020 with underlying earnings of $1mln.

This is projected to increase nearly six-fold by 2022.

Challenges of social impact measurement

Compared with profit-focused entities, whether they be public or private, the breadth of data collection in the NFP space is far less comprehensive.

Accurate performance measures can be elusive, and this can impede organisations from gaining financial support and meeting accountability standards.

Socialsuite has solved this by creating the world’s first marketplace of social impact measurement metrics.

The metrics are published by experts from around the world and can be downloaded into Socialsuite like apps from an app store.

Developing a technology that enables NFPs to collect the metric data required to measure their performance has been challenging for Socialsuite, but the founders and early customers are now reaping the rewards of their efforts.

Socialsuite favoured over banking and marketing apps

While an NFP doesn’t receive the same media coverage as the likes of International mining giant BHP (ASX:BHP), don’t underestimate the profile of the market.

This was evidenced recently when the Socialsuite founders competed in a Salesforce World Tour pitch competition, claiming first prize of $128,000.

While the prize money won’t go astray, a real takeaway was the fact that their product ousted high-profile banking and marketing apps pitched at profit-focused entities.

Hajda echoed this sentiment in saying, “Winning the competition was a great validation, not only for the not-for-profit sector, but also effective in shining a spotlight on investing with a social purpose.

“From our perspective, I think it’s a real win as it highlighted the surging importance of social impact measurement.”

One stop shop for social impact measurement

Providing that measuring capacity is at the heart of Socialsuite.

The last three years hasn’t so much been devoted solely to selling the product; substantial groundwork was involved in identifying and embedding research bases and tools that can be used to measure social impact metrics that are sometimes difficult to define.

Users can now choose a validated impact measurement framework from hundreds available on the company’s impact marketplace.

Using a SaaS platform with a mobile app, staff easily collect impact data from multiple sources.

View: Demonstration of Socialsuite technology

Dashboards show the impact achieved in real time with artificial intelligence providing benchmarks against similar investments.

Measurement tools critical in attracting funding

This is particularly useful when potential investors are looking to inject funds into NFPs.

Potential contributors can be government instrumentalities, corporate enterprises or philanthropists.

With numerous NFP organisations both in Australia and overseas seeking funding, providing those organisations with the expertise to present their investment case is crucial.

The process of raising funds is more aligned with the corporate world than it was in the past, hence, NFPs need to run their organisations like a business with the same accountability expectations and transparency as is expected from profit-focused companies.

Services also provided to profit-focused organisations

Though Socialsuite provides NFP related data, its client base includes enterprises outside this sector.

Australia Post is a key client, and Clara Ong recently said: “Australia Post is involved in some pretty amazing corporate social responsibility programs.

“They don’t just want to do it as a public relations or marketing exercise, they want to measure the impact and ensure the service providers they work with are having an impact.”

Miguel Oyarbide, corporate responsibility manager, Australia Post, said: “At Australia Post we use Socialsuite to measure the impact of our community investments and programs.

“The insights that Socialsuite provides allow us to better understand the value of our programs, make better decisions and ensure we make the biggest impact.”

As a fast-growing enterprise with an early mover advantage in a niche market, management is looking to use this as a platform for future progress.

Raising $1.5mln in capital

To take Socialsuite to the next level requires an injection of capital, and the company is in the process of raising $1.5mln.

READ: https://socialsuitehq.com/invest/

Once revenues move towards the $5mln mark, management is of the view that the company may be ready for an ASX listing.

Corporate activity could support IPO

There has been recent takeover activity in the SaaS space, particularly in relation to companies that have a unique intellectual property and a leading presence in niche markets.

An example of this was the US$1.2bn (A$1.6 bon) tilt at ASX listed Aconex Ltd (ASX:ACX) by Oracle Corporation (NYSE:ORCL).

The offer has board support and is expected to be ratified shortly.

While not suggesting Socialsuite is going to be snapped up by Oracle, this transaction demonstrates the importance of having quality intellectual property.

Valuing Socialsuite

The Aconex acquisition price wasn’t purely earnings-related as the company generated EBITDA of about $15mln in fiscal 2017.

Instead, Oracle took a view on the technology and its potential to help it dominate a multibillion-dollar marketplace.

It is likely to be equally tricky to place a value on Socialsuite, but industry dynamics suggest that whether it be a capital raising, an IPO or a takeover, the implied price tag is likely to surprise on the upside.

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Thu, 15 Mar 2018 12:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193200/socialsuite-targets-multi-billion-dollar-social-impact-measurement-market-with-leading-technology-193200.html
<![CDATA[News - SocialSuite a US$100,000 winner as it offers a breakthrough for those investing in the not-for-profit sector ]]> https://www.proactiveinvestors.com.au/companies/news/193071/socialsuite-a-us100000-winner-as-it-offers-a-breakthrough-for-those-investing-in-the-not-for-profit-sector-193071.html A technology start-up that could transform the not-for-profit sector has won US$100,000 after taking part in a ‘Shark Tank’-style competition.

SocialSuite provides real-time feedback on not-for-profit organisations, offering a breakthrough for the charities, companies and government departments that fund them.

Founders Damian Hajda and Dr Clara Ong were put through their paces by three leading Aussie entrepreneurs at the Salesforce World Tour PitchComp in Sydney.

Judges saw the potential

Hajda said he had been expecting a “boxing match” with the judges, with the pugilistic Steve Baxter, the tech guru who has appeared on Channel 10’s Shark Tank Australia, expected to give the pair a going over.

In the end, all three panel members got the proposition and SocialSuite’s potential.

It is easy to underestimate the not-for-profit sector, yet the addressable market on some forecasts might be in excess of US$50bn.

A fifth of GDP  

“From an investor’s perspective, social spending makes up 20% of OECD countries’ GDP, so [people] don’t realise how much money is being shovelled around the industry,” Hadja told StartupSmart, an online magazine.

SocialSuite is currently in the middle of a A$1.5mln pre-series A round, having previously landed A$500,000 and A$400,000 pre-seed and seed funding.

The two founders are looking to encourage further investment to “aggressively scale” their marketplace, which Ong views as a winner-takes-all business space.

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Tue, 13 Mar 2018 10:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193071/socialsuite-a-us100000-winner-as-it-offers-a-breakthrough-for-those-investing-in-the-not-for-profit-sector-193071.html