Identitii Limited

Founded in 2014, Identitii Limited (ASX: ID8) is involved in the operations of developing financial software and building blockchain software to help financial institutions to exchange payment information, overlay, financial crime prevention, and banking transaction.Mr. Nick Armstrong is the CEO of the company. The current headquarter of the company is in Sydney, Australia.

On 17 October 2018, the Block chain Startup started trading on Australian Stock Exchange (ASX) following the successful completion of fully unwritten IPO, raising $11 million at $0.75 per share. Identitii Limited is involved in the operations of developing financial software and building blockchain software to help financial institutions to exchange payment information, overlay, financial crime prevention, and banking transaction.

Proceeds raised from the IPO will be utilized for the development and commercialization of the company’s platform. The proceeds will also be used for appointing key human resources in business development, marketing, account management and professional services.

Identitii Limited’s blockchain system creates unique Identitii tokens that cannot be overwritten.It is expected that the IdentitiiPlatform will settle the higher rate of payments in the first instance and it will also facilitate faster reconciliation. It is also expected that the IdentitiiPlatform will help in reducing the security risk and it will improve the customer experience.

In FY 2018, the company’s total income was $1.60 million which includes income from sales ($0.185m), Government grants ($0.49m), R&D Tax Incentive ($0.91m) and interest income ($0.09m). The company suffered a loss of $2.88 million in FY 2018. The company was having current assets of $1.38 million in FY 2018.  The net cash outflow of the company was $2.87 million in FY 2018. At the end of FY 2018, the company was having cash balance of $16,532. The Company was successful in securing an Accelerating Commercialization grant from the Australian government for $1 million, earned over 18 months. These funds were disbursed quarterly, commencing January 2017 and completed in June 2018. The Company will continue to develop SerraTM and pursue proof of concept trials with global financial institutions. This will require further investment in product development, business development, and marketing. A number of financial institutions have signed up for paid trials of SerraTM and have now moved beyond proof of concept and are generating small amounts of revenue. The Company continuously pursues other grants that are available to it both from the state and federal government.

On 18 October 2018, the company launched its new platform Overlay Plus which uses private blockchain to improve the payments and corporate treasury transactions.The platform will create a path for verified information to be exchanged within banks and between banks and corporates customers securely and in real time using a private blockchain.

On 19 October 2018, the company’s share prices witnessed an Intra-day decrease of 4.118 percent. ID8’ shares traded flat at $0.815 with a market capitalization of $44.43 million as on 22 October 2018. This stock has some relevance when it comes to blockchain space, however, given the speculative scenario, we have a wait and watch view on ID8.
 

Disclaimer
 
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated pages are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.