- Wooboard Technologies (WOO) will cater to the remote working renaissance with the latest iteration of its employee rewards program
- Wooboard 2.0 — a digital platform that hosts a rewards-based mental health scheme — officially launched on February 26
- The revitalised platform has repositioned Wooboard to offer remote workforces incentives and tools to improve their mental health
- In tandem with the update, Wooboard has set its sights on three key market segments that could benefit from the digital wellness platform
- Already, the tech stock has caught the eye of household names like Disney, Deliveroo and Lululemon, which started trials with Wooboard over the December quarter
- Wooboard closed out Wednesday’s session up 20 per cent and trading at 0.6 cents each
Software-as-a-service provider Wooboard Technologies (WOO) will cater to the remote working renaissance with the latest iteration of its employee rewards program.
The tech stock’s most recent rollout, which repositions the proprietary platform as a health-and-benefit-focussed tool, was launched on February 26.
Introducing Wooboard 2.0
Wooboard’s new iteration — dubbed Wooboard 2.0 — comes as workforces prioritise digital mental health, particularly in the work-from-home era.
Crucially, the rising demand for these services has created huge opportunities — according to GMI Research, the digital health market could be worth $639.4 billion by 2026.
Sensing the market gap and the growing need for online health tools, Wooboard has prepared its platform to cater to the post-COVID workforce.
Its evolved program will incentivise employee achievement and provide ways for workers to monitor their mental wellbeing with check-ins and mindfulness activities.
“Where Headspace gained a reputation for bringing meditation to the masses, Wooboard aims to bring wellness to the rewards space,” the company stated in an update today.
A new audience
As part of its evolution, Wooboard has set its sights on three major market segments. Corporate multinationals, large enterprises and small and medium enterprises are at the heart of the company’s vision.
“The shift to remote working environments, which has been accelerated by the COVID-19 pandemic, has created strong demand from organisations of all sizes around the world for better employee engagement, recognition and improved workplace well-being.”
Wooboard, 2021
Already, the tech stock has caught the eye of household names like Disney, Deliveroo and Lululemon, which started trials with Wooboard over the December quarter.
And it won’t be long before the evolved platform gets another facelift: Wooboard is prepared to roll out new features to further enhance the program in the coming months.
One of the biggest upgrades involves a library of interactive mindfulness exercises, which is supported by a far-reaching knowledge base and a suite of check-in tools.
Looking ahead
A capital raise completed last month and a bolstered balance sheet have primed Wooboard to cater to the workforce of the future.
In fact, once the final tranche of WOO’s mid-February fundraise passes at an EGM later this month, Wooboard will be debt-free. And by wiping out its dues and strengthening its bottom line, Wooboard believes its business model will become increasingly attractive to enterprise clients.
On top of that, in its latest interim report, Wooboard revealed it had over $1.3 million in cash and cash equivalents to support future operations. The balance also marks a sharp increase on the previous corresponding period’s $103,000 in reserves.
With a renewed focus on digital wellbeing, a revitalised platform and extra cash in the bank, Wooboard is positioning itself as a market leader which champions wellbeing at work.
The company closed out Wednesday’s session up 20 per cent and trading at 0.6 cents each.