As announced earlier this week to the ASX, we are excited to confirm that Quantify Technology has signed an important agreement with United-States-based Electronic Caregiver LLC. Here are the highlights:
Quantify Technology Holdings Limited (ASX: QFY) (‘Quantify Technology’ or ‘the Company’) is pleased to announce that it has signed an agreement with Electronic Caregiver LLC (ECL), a United States-based company, for the development, sales, marketing, and distribution of an integrated, collaborative solution for the United States and Australian markets.
ECL was founded in 2009 to provide safety and security options for the elderly and chronically ill in an effort to reduce medical complications, extend lifespan, lessen avoidable mortalities, and support wellness through education and technology solutions. ECL’s product and service suite gathers and analyses crucial scientific data. ECL is currently undertaking research and development for their product and service suite that focuses on risk assessment for the elderly and chronically ill, whether they live independently or in an aged care facility.
This partnership is an opportunity to enhance and expand ECL’s offerings to their established client portfolio by incorporating the data collection and control capabilities of Quantify Technology’s platform. The integrated technologies will have a significant impact on the retirement, assisted living, and home care market in the United States and Australia.
The Company’s platform is easily adaptable to this market segment, which has been a key target in Quantify Technology’s plans for expansion. When installed in a building or home, the Company’s platform collects data on the daily activities of the occupants. This invaluable data will assist ECL in the delivery of improved outcomes for its growing customer base. The Company’s technology also adds significant value by providing additional tools for living assistance and risk assessment so that the aging and chronically ill can safely maintain their independence for longer.
ECL offers Quantify Technology the opportunity to enter the United States market by developing and promoting a collaborative solution to their current and future customers. Quantify Technology will assist ECL as they enter the Australian market, as well. The parties will develop joint market assessments and go-to-market strategies for the promotion and sales of their technologies, products, and services in both markets.
Successful cooperation with ECL will give Quantify Technology a beachhead from which to launch its Intelligent Building Solution to the huge United States consumer market. Quantify Technology’s hardware has been designed to operate at 110V and 240V since its inception, and providing hardware for one of the largest markets in the world will further accelerate the growth of the Company.
ECL’s customer base is senior citizens 65 years and older in the United States. According to the United States Census Bureau, there were 43 million in this demographic as of 2012, which is expected to double in size by 2050, reaching 83.7 million as the “baby boomer” generation ages.
“Making a difference to people’s lives is what truly matters. It’s what drives us to create solutions that improve our lives. Partnering with service providers like Electronic Caregiver LLC allows us to provide safer, more secure homes for those that need help the most. Development of integrated solutions that can provide a sense of security, save a life, or help someone maintain their independence makes all the hard work we put into technology worthwhile,” says Quantify Technology Managing Director Mark Lapins.
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