Monthly revenues for telecommunications specialist Dubber Corporation (ASX: DUB) have exceeded half a million dollars for the first time in its history.
The young company achieved an unaudited November revenue of $517,000, which has been attributed to ongoing developments with Cisco’s BroadCloud platform as well as relationships with IBM and other telecommunications service providers.
In July, BroadCloud became the recording and data capture feature for Dubber’s service, enabling users to record and manage calls ‘on the fly’ as a standard feature via the Dubber platform.
In October, Dubber signed an agreement with IBM to provide a cognitive call solution which combines IBM’s Watson artificial intelligence with Dubber’s cloud-based call recording to provide customers with a comprehensive analysis of recorded calls and meetings.
Key focus areas
Dubber chief executive officer Steve McGovern said the record revenue represented a $300,000 increase on September’s figures and provided “significant optimism” for the coming year’s performance.
“Growing our revenue has been a key focus this year,” he said.
“We will continue to work on increasing our active user base and our global footprint across [a range of] service providers.”
Mr McGovern said revenue results have been partly reflective of a string of new partnerships with an “enviable list” of global leaders.
“The Dubber platform has been delivered to a world-class standard and [our] partners recognise the value of strategies which comprise cloud, data and voice to deliver business outcomes,” he said.
“Ultimately, the success of those partnerships will underpin [our] progress.”
In November, Dubber completed a $5 million capital raising with institutional and sophisticated investors, resulting in the placement of 13,157,895 new fully paid ordinary shares at an issue price of $0.38 per share.
A tranche of 1,315,789 new shares was issued to Dubber’s leadership team, who subscribed to $500,000 in the placement.
The issue is subject to shareholder approval.
Mr McGovern said the capital raising positions Dubber to fully-fund any requirements arising from expanded business opportunities such as those discussed at the Cisco Broadsoft Connections conference in the United States last month.
These include growing direct agreements with 57 existing partners, and additional opportunities to accelerate service provider uptake via Cisco products such as HCS and Cloud Calling.
“We are pleased to receive continued support from existing institutional investors and welcome new participants as we grow a business which has global scale and validation from some of the world’s largest organisations,” he said.
Dubber’s call recording platform enables call recording and analytics to be provided by a telecommunications carrier on a monthly subscription, without the need for any additional hardware.
By the end of the 2018 financial year, Dubber had approximately 30,000 users, representing an annual growth of 241%.
At midday, shares in Dubber Corporation were trading 10.98% higher at $0.455.