Quantify Technology gains east coast distribution via Harvey Norman

Quantify Technology ASX QFY east coast distribution Harvey Norman Commercial Division
Quantify's three-year agreement with Harvey Norman Commercial Division will see an initial $500k stocking order placed in the first six months.

Internet of Things developer Quantify Technology Holdings (ASX: QFY) has made a splash in the consumer market by signing up Harvey Norman as its exclusive distributor for the Australian eastern states, including New South Wales, Victoria, Queensland, Australian Capital Territory and Tasmania.

The deal follows last week’s news that Quantify signed an agreement with Limitless Automation to distribute its product range in Western Australia.

As part of that deal, Limitless said it would integrate Quantify’s solutions into multiple residences as part of a $30 million construction project comprising of 24 two and three-storey luxury townhouses.

Meanwhile, Quantify’s latest deal with Harvey Norman Commercial Division covers an initial three-year term.

As one of Australia’s most prominent retailers, the franchise agreed to commit to a $500,000 stocking order for the next six months, with the agreement meaning that Quantify’s outstanding purchase orders now total of $1.2 million.

The two companies have confirmed they intend to work jointly in order to grow their market share in the “new build residential and retrofit markets, as well as relevant commercial markets such as hospitality, assisted and retirement living”.

Going to market with qDevice

Quantify’s prime product is known as the qDevice which it says replaces standard power outlets and light switches in commercial and residential structures.

By using standard wired Alternating Current (AC) wiring, it can be easily retrofitted without re-cabling in existing buildings.

The qDevice replaces AC light switches/dimmers and power outlets with an intelligent, network-connected framework to provide energy management and reporting, voice-enabled control and interaction and real-time evaluation of environmental and risk factors for building occupants.

The added efficiencies have become highly desirable and marketable across Australia as residents seek out cost-effective ways of lighting homes and businesses.

One of the key aspirations being pursued by Quantify is to deliver its vision of “Truly Intelligent Buildings”, including an ultimate goal to deploy the offering globally.

The IoT-enabled vision is a revolutionary fully networked computing framework consisting of secure, intelligent light control and power outlet devices and the Quantify Qumulus Cloud.

According to Quantify’s marketing material, it’s cost effective, simple to install, scalable and extensible, as well as working in any building that uses standard power cabling.

Retail expansion

The agreement with Harvey Norman follows on from a previous announced last year in which the IoT developer had completed an onsite installation at Harvey Norman’s display suite in Rosebery, Sydney.

Furthermore, the retailer is also currently selling Quantify’s products to residential and commercial construction projects in the local area with “significant sales” expected.

“We are very pleased to appoint Harvey Norman Commercial Division as our exclusive stockist for the eastern Australian states. With an extensive network of large-scale customers including developers, builders and architects, the HNCD team are ideally placed to deliver significant B2B sales,” said Brett Savill, chief executive officer of Quantify.

Currently, HNCD has more than 400 staff and is the single largest Harvey Norman franchise, providing an extensive selection of brand-name products to builders, developers, architects and designers.

According to Quantify, Harvey Norman’s customers are increasingly seeking to include IoT technology and smart devices into their developments, as demand increases for higher energy efficiency, convenience and security.

“Harvey Norman enjoys a strong market share and a strong customer base and there is increasing demand from customers for home automation. This is an important agreement and we look forward to continuing our relationship with Quantify,” said Alan Stephenson, proprietor of HNCD.

This morning’s news saw Quantify’s shares price add 37.5% to $0.011 per share.

George is an award-winning market analyst who has authored articles and editorial opinion pieces for multiple publications around the world. He has written about a wide variety of topics including financial markets, stocks, trading, politics and economics.