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- Real estate software business AssetOwl (AO1) has called a two-day trading halt as it prepares to launch a fresh capital raising plan this week
- AssetOwl is yet to announce the details of the raise, but shares are slated to remain in a trading halt until Wednesday, April 21
- Meanwhile, the company signed on WA-based real estate agency Attree Real Estate as a new customer for its inspector360 product
- Essentially, inspector360 uses geospatial information systems (GIS) and virtual reality (VR) tech to let real estate companies inspect their properties remotely
- Using inspector360, real estate businesses can visualise, analyse and interpret data within a property they own without needing to step foot in the property
- Moreover, with the new Owner’s Portal development, the tech’s capabilities have been extended to landlords, too
- According to AssetOwl’s latest financial report, the company had less than half a year of funding left in the bank at December quarter cashflow levels
- Nevertheless, whether the capital raise announced today as a simple balance sheet booster or if something bigger is in the works for AO1 is still uncertain
- Shares in AssetOwl last traded for 0.7 cents each on Friday, April 16
Real estate software business AssetOwl (AO1) has called a two-day trading halt as it prepares to launch a fresh capital raising plan this week.
AssetOwl is yet to announce the details of the raise — like how much it plans to raise and for what it will use the funding — but, at this stage, shares will remain in a trading halt until Wednesday, April 21.
At the same time, AssetOwl told shareholders today it has signed on a Western Australian real estate agency, Attree Real Estate, as a new customer for its inspector360 software-as-a-service (SaaS) product.
inspector360 and Owner’s Portal
inspector360 is designed to help real estate owners manage and inspect their properties remotely.
Through a mixture of geospatial information systems (GIS) and virtual reality (VR) tech, the software lets real estate companies visualise, analyse and interpret data within a property they own without needing to set foot in the property in real life.
The software, which is offered as a subscription service, eliminates the need for tenants and real estate agents to take hundreds of photos of a property and reduces the chance of arguments or disagreements about the condition of a property at exit time.
What’s more, the new ‘Owner’s Portal’ segment of the software extends the property management technology to landlords.
The new development lets real estate agents update landlords and landowners with a visual view of the property and virtual panoramic tours for easy and accessible remote inspection.
This feature comes included with Attree’s inspector360 subscription.
“Attree prides itself on being a technology leader in the real estate industry. For a long time, we have been frustrated at the poor digital experience provided by legacy inspection tools,” Attree Director of Property Management Nathan Want said.
“AssetOwl now provides us with the digital experience that we are looking for, and we are thrilled to be able to roll that experienced out across our portfolio,” he said.
AssetOwl CEO Geoff Goldsmith said the Attree deal is a “major milestone” for the company.
“We identified Attree Real Estate as a leader in the real estate sector and the type of firm we had to deliver a complete solution to if we are to be successful,” Geoff said.
“The addition of the Owner’s Portal to inspector360 was the final piece of the complete solution for all stakeholders in residential real estate management.”
AssetOwl’s cash position
While the Attree deal bodes well for AssetOwl, the upcoming capital raise may come as no surprise to investors given the company’s balance sheet at the end of December 2020.
According to AO1’s latest financial report, it had around $650,000 in available funds at the end of December after going cashflow-negative during the December quarter by $439,000.
At this rate of cashflow, this means the company had less than six months of funding left before needing a top-up. At the time, AssetOwl said it expected revenue to increase in coming quarters, reducing net operating cash deficiency, but it would be able to raise additional capital if needed.
Nevertheless, whether the capital raise announced today is a simple balance sheet booster or if something bigger is in the works for AO1 is still uncertain.
Shares in AssetOwl last traded for 0.7 cents each on April 16. The company has a $2.4 million market cap.
