Following April’s capital raise of $22m, we have utilised this investment to scale the business in order to pursue growth potential. Cash at bank as of 30th June 2019 was $19.6m, with the company fully funded to execute these opportunities. The leadership team has been expanded, and the service has now launched with Spark New Zealand and Bell Canada. Key metrics for the June quarter include:
Market conditions, customer and partner requirements, and the continued growth in cloud voice and data services has enabled Dubber to consolidate our position in the market. During the June quarter we have focused on scaling to capitalise on commercial opportunities and we have grown our sales team in order to procure network agreements and generate revenue across Australia, North America, and Europe. In order to support our channels, including IBM and Cisco/BroadSoft, we have increased resources to expand our reach with these organisations. Our AI development has continued with the enablement of third party integrations, including CRM systems and trading platforms, and other value added services for telecommunications service providers.
In order to strategically target growth opportunities around the world we have expanded our team, particularly in technology development, sales, account management, and application development. We have added 14 new staff members, including a director of global sales, a strategic partnership manager and a channel sales director for ANZ.
In June, the Dubber service went live with Spark New Zealand on their Cloud Phone Service. Spark (formerly known as Telecom New Zealand) is one of New Zealand’s largest telecommunications and IT service providers. Shortly after the June quarter, Dubber also went live with Bell Canada, providing call recording to its Bell Total Connect Service. Bell Canada is the largest communications company in Canada. Customer subscriber numbers are expected to be reflected in the current quarter and beyond.
Dubber co-founder and CEO Steve McGovern commented on the June quarter results:
“Our service provider and technology partnership agreements represent some of the world’s largest telecommunications service providers and global technology sales channels. With a technology that is designed to meet large scale requirements, the business itself is in a position to scale to capitalise on the opportunities available to it.
“We have seen an acceleration of large enterprise customers moving quickly towards adopting AI in their operations (and thereby call recording), particularly in Australia and the USA. There have also been extensive developments in the cloud voice and collaboration markets in the last quarter that we believe will have a profound impact on the way voice and related services will be delivered to end customers.
“The Company’s short-term goals are unchanged – we will continue to procure additional key carrier agreements to build out the global backbone of call recording, to grow revenues on a quarterly basis, and to be cash flow positive on a monthly basis this calendar year end.”