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Prophecy International maintains strong financial position during Corona Virus disruption
Corona Virus Update
- Strong Cash Balance
- No Debt
- AUD/USD exchange rate has positive effect
- Sales pipeline continues to grow across both Snare and eMite
Prophecy announces response to Corona Virus disruption.
As we have stated in previous releases Prophecy maintains a strong cash balance and no debt. At the end of February cash on hand was $4.6M and receivables were $2.6M.
More than 80% of the company’s sales are done offshore in either US Dollars or in Euro or British Pounds. The fall of the Australian dollar against these currencies provides a significant buffer against any potential slow down in sales revenues. We continue to transition to recurring revenue and at the end of the first half 45% of revenues were recurring from either subscription licenses or from maintenance renewals from existing customers.
All R&D is done in Australia in either Sydney or Adelaide and we are a pureplay software company with no reliance on global supply chains or overseas manufacturing. Our product is distributed digitally, and we have no impact from disruptions to shipping or air travel.
In these times of uncertainty and as many companies move their workforce to remote working the mandate to provide IT Security has increased. There is also increased threat activity as cyber criminals try to take advantage of the disruption to the usual mode of business. The mandate for security and compliance that drives sales of Snare software continues. Although we have seen some uncertainty about budgets and do expect sales cycles to be longer and for purchasing decisions to be delayed.
We continue to see companies like Gemalto, Global Payments, Lifespan, Webjet and Premera Blue Cross all buying Snare software in the last 6 weeks either directly from Prophecy in the US or EMEA or through one of our partners.
For eMite and our focus on the contact centre we see a potential increase in the activity of customers either migrating to cloud based contact centers or standing up new contact centers to facilitate “work from home” contact centre agents to manage this new work paradigm and to enable increased flexibility and any increase in call volumes.
Our pipeline for eMite remains strong and we continue to close business with significant global companies like Fitch Ratings Agency, AMP New Zealand and Phillip Morris International in the last month and a half.
CEO Brad Thomas said “As a company we are as prepared for this new world of work as any organization and better prepared than most. Our staff work in a high tech world across multiple geographies and time zones and are used to working remotely. We have moved the entire business to working from home with no interruption to daily operations. Most of our selling is done by phone or video conference already and our teams are used to collaborating online using the tools and systems that we have in place. We have no cases of COVID-19 amongst our staff at present and have taken any recommended precautions to minimize impact to our staff.”
At this point we are putting existing expansion plans on hold but no other action is planned at this stage. We expect an impact from the disruption caused by the Corona Virus but the extent of that impact will be dependent on many factors outside our control and is difficult to assess at this time. We will continue to monitor the situation and act accordingly.
In this time of disruption, we encourage Australian businesses and governments to look to Australian sovereign capability and to buy Australian.
eMite launches new analytics solution for Amazon Connect
eMite signs first sales partners and announces first customer sales
Sydney— Tuesday, 2 April 2019 — Prophecy International is pleased to announce that its subsidiary eMite has launched a new product offering as part of its CX (Customer Experience) Intelligence platform and has already signed new customers and partners.
Identifying the cause of a poor sales or service experience is difficult, as it typically involves data that is scattered across multiple isolated systems. Without a good understanding of the true problems, companies spend energy fixing the wrong things or addressing problems that aren’t really there, effectively wasting millions of dollars and countless hours of employee time.
Companies increasingly rely on multiple systems and technologies to try to deliver great customer experiences. Multi-channel contact centre software leveraging voice, chat, email and social, CRM, Service Desk, Speech Analytics and Customer Surveys are used to deliver a great experience to customers.
Creating and managing Key Performance Indicators from across multiple systems is difficult, time consuming, often a manual process and constantly requires change and adjustment. This is why eMite has developed our CX Intelligence Platform. Alternative tools often attract high costs of licensing, require expensive technical resources to implement and lack the embedded knowledge of contact centre operations. In addition to taking months to implement, this approach yields an incomplete understanding of the issues.
This week eMite announces the general availability of our CX Intelligence solution for Amazon Connect. Amazon Connect is a self-service, cloud-based contact center service that makes it easy for any business to deliver better customer service at lower cost. Amazon Connect is based on the same contact center technology used by Amazon customer service associates around the world to power millions of customer conversations. eMite CX Intelligence for Amazon Connect brings our award winning technology to this new market and will assist Amazon Connect customers rapidly deploy our industry leading analytics solution.
eMite CX Intelligence brings together data from a customers’ contact center software and combines that with data from many other systems to deliver both real time and historical data to visualize issues with sales or service experience. CX Intelligence presents an easy to use, visually appealing and highly configurable experience. Because of our focus on contact centres, we understand the data involved and this enables KPI’s to be created instantly from multiple data sets with no coding.
eMite CX Intelligence solution brings real time and historical data from multiple systems to our customers finger tips in a highly scalable SaaS offering that can be deployed in minutes. eMite puts the power back in the hands of the business and not with the IT Dept.
With over 150 customers world-wide using the eMite platform, we have the proven ability to deliver out of the box functionality for CX Intelligence. Our deep experience in the contact centre market enables us to deliver superior speed to value for customers looking for a fully integrated analytics solution to deliver real CX insight.
“The market for cloud based contact centres is growing at an astounding rate of over 25% CAGR and some say it could grow to become a $15B market by the end of 2021. We continue to see customers migrating from on-premise software to cloud based solutions. Amazon Connect is a fast growing vendor in this market and it is important for us to be able to assist Amazon Connect customers with our technology. As a company we have already selected Amazon Web Services (AWS) as our hosting infrastructure so it makes perfect sense to extend our analytics solution to Amazon Connect” said Brad Thomas, Prophecy CEO, “Since making the product available we have already signed two new sales partners and acquired our first 2 customers in Australia.”
About Prophecy International Holding Limited
eMite is a wholly owned subsidiary for Prophecy International.
eMite is an award winning SaaS solution that combines data onboarding, analytics, correlation, performance and KPI management into a single, out of the box solution to provide customers with historical and real time insight in a simple, visual appealing format that can be easily customized. eMite has a global technology partnership with Genesys, is a premium Genesys AppFoundry partner and was Genesys AppFoundry partner of the year for PureCloud in 2018.
Prophecy International Holding Limited is a listed Australian company (ASX:PRO) that has been operating globally since the 1980s. More recently the focus at Prophecy has been on growing the eMite and Snare lines of business in Analytics and Cyber Security respectively.
Prophecy operates globally from Adelaide and Sydney in Australia, London in the United Kingdom and in Denver, USA.
