Smart City Software and Innovative Solutions that Capitalize on IoT, AI and 5G Technologies.
First Software as a Service (SaaS) Customer and First US Customer Through Dell Technologies Partnership.
Second Quarter Revenue of $563,275 and Net Income of $42,322.
Q2 Revenue Approximately 13% Higher Than Same Period Last Year.
Expansion Into South America Through Partnership with Globe S.A.
Multi-Million Dollar Contract for Smart City Project in Saudi Arabia’s Capital.
Affluence Corporation (OTC: AFFU) is a diversified technology company focused on smart city software and innovative solutions that capitalize on IoT, AI and 5G technologies. AFFU is investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet.
OneMind Technologies SL is a wholly owned subsidiary of AFFU. The OneMind Intelligent IoT solution builder is used to create applications for smart construction and smart city operations. Functioning as systems of systems, AFFU OneMind connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. The AFFU OneMind Smart City solution is deployed in Barcelona, San Francisco, Guadalajara, Oslo and many other cities throughout the world. For more information go to https://www.onemindtechnologies.com
AFFU Second Quarter Revenue and Net Income
On August 22nd AFFU released its earnings for the Second Quarter of 2023.
Highlights included:
Revenue of $563,000
First Software as a Service (SaaS) customer
First US customer from the Dell Technologies partnership
“The second quarter was a quarter of firsts for our company, we had our first Software as a Service (SaaS) customer and we had our first US customer through our Dell Technologies (DELL NYSE) partnership,” said James E Honan, Jr., CEO of AFFU.
“I am extremely proud of our team and delighted to announce quarterly revenue of $563,275 and net income of $42,322. Absolute quarter over quarter revenue was down but when you analyze the composition of the revenue you will understand the decline. In the second quarter we made a conscious decision to add more predictability to our revenue stream by offering a SaaS alternative for our customers. Even with the SaaS revenue, Q2 revenue is approximately 13% higher than the same period last year. It is our belief that offering a SaaS option into the Smart City Software market will increase our reach and positions us well for the future. Going forward our sales pipeline continues its steady growth with both enterprise software and SaaS opportunities and I am extremely excited about our prospects for the remainder of this year and beyond,” said AFFU CEO Honan.
Being able to offer a SaaS alternative will open up more opportunities for OneMind and reduce the time required to close sales,” said Stephane Eyme, Global CEO of AFFU OneMind Technologies. “Our development team did a fantastic job in producing a SaaS version of our best-in class enterprise software product in such a short period of time. Equally as important and not to be taken lightly is that we received our first US based customer from our Dell Technologies partnership. Prior to this quarter all of our sales through the Dell channel have been in the Middle East and Asia. OneMind was prominently featured at Dell World in Q2 and as a result we received our first US customer shortly after and have several more Dell US opportunities in our pipeline. I am very excited to unleash the power of the entire Dell Technologies US based sales team,” said AFFU OneMind Technologies CEO Eyme.
AFFU OneMind Technologies Expands into South America Through Partnership with Globe S.A.
On July 10th AFFU announced that its wholly owned subsidiary OneMind Technologies had increased its sales presence in South America through its partnership with Globe, S.A., one of the premier value added services, distribution and integrators in South America.
“The partnership with Globe has already started paying dividends,” said Stephane Eyme, Global CEO of AFFU OneMind Technologies. “Globe has included OneMind’s Hypervisor NG into a very large, high profile smart city project in Chile and we were able to recognize revenue from that project in Q2. Of particular note is that this project incorporated the SaaS capabilities of Hypervisor NG. Our long-term strategy is to have a mix of enterprise software and subscription revenue to build a more predictable revenue stream. We are extremely satisfied with the relationship with Globe, their professionalism and reach in South America is what makes them the top integrator in the geography. We have been working with Globe since October and have found that there is pent up demand throughout South America to centralize and manage data from multiple sub-systems such as traffic, parking, smart traffic lights, GPS positioning of busses and first responders, air quality, waste collection, water systems, CCTV and license plate recognition in a single panel view in all major metropolitan areas of this geography. We are looking forward to continued growth in the partnership and have multiple joint opportunities in our pipeline,” said AFFU CEO OneMind Technologies Eyme.
“Incorporating OneMind’s Hypervisor NG in our portfolio will allow us to compete and implement projects with a “Best-In-Class” solution that enables a comprehensive vision which enables more efficient management and holistic intelligence so users can process and act on information from different systems and data sources, something that has been lacking up until now,” said Jaime Godoy, CEO of Globe.
AFFU OneMind Technologies Awarded Multi-Million Dollar Contract for Smart City Project in Saudi Arabia’s Capital
On June 28th AFFU announced that it has received a multi-year, multi-million dollar contract to provide it’s best in class smart city software solution to a high profile smart city project for the city of Riyadh, Saudi Arabia. The contract was secured by one of the AFFU premier technology partners and there are several more contracts associated with this project that will be awarded over the next twelve months. There will be a formal signing ceremony amongst all three parties that will bring to light the magnitude of this contract. AFFU OneMind Technologies has already shipped the software for Phase 1 of the project.
“This Smart City Project in Riyadh is one of the largest, highest priority and high profile projects in the Middle East and in the world,” said Stephane Eyme, Global CEO of AFFU OneMind Technologies. “This was an incredibly hard fought win for the OneMind Technologies team and in the final analysis we won the contract because of the ease of use, technological connectivity and a coordinated joint sales effort with one of premier partners. This is the second time that we went head-to-head against a Fortune 200 company and won a multi-million dollar opportunity where the customer viewed our technology and approach as superior. This is significant because there are at least 4 more smart city projects associated with this Riyadh contract and because of our win here OneMind will be viewed as the incumbent for those as well. While the contract has been executed and the Phase 1 software has been shipped, we are under a strict non-disclosure until the formal signature ceremony amongst all three parties at which time the market will realize the significance of this win,” said AFFU OneMind Technologies CEO Eyme.
For more information on AFFU visit: https://affucorp.com
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Media ContactCompany Name: Affluence CorporationContact Person: James E Honan, Jr, CEOEmail: Send EmailPhone: 702.295.6409Address:875 North Michigan Avenue Suite 3100 City: ChicagoState: IL 60611Country: United StatesWebsite: https://affucorp.com/
