Gratifii unveils platform contract with Click Frenzy, completes $1.5m cap raise
Gratifii have announced it has signed a three-year contract to supply its Mosaic Enterprise Rewards platform to leading e-commerce events platform Click Frenzy.
The contract marks the first Australian implementation of the new Mosaic platform, highlighting the flexibility and functionality of the enterprise software system and its ability to deal with scale for Click Frenzy’s 1.7 million members.
Click Frenzy will also licence Gratifii’s Card Linked Offer module which has been recently developed in partnership with local fintech company OpenSparkz, providing the ability for Click Frenzy’s merchants to provide flexible and timely incentives to its shoppers, with an initial focus on card linked offers eliminating the requirements for loyalty cards, coupons or offer codes.
The 3-year contract provides for a minimum license fee of $360k in SaaS based revenue for GTI, representing a material increase in contracted revenues for the Mosaic Software product. Additional revenues are expected to be generated by the forecast increasing transaction volumes over the term of the contract.
The unique combination of Gratifii, OpenSparkz and Click Frenzy, three leading Australian tech platform providers, means Click Frenzy’s 1.7 million members will have immediate access to best-in-class, low-friction rewards programs with benefits for merchants and shoppers.
Gratifii’s Executive Chairman Iain Dunstan said, “Our Mosaic Platform, with the Card Linked Offer solution, has the potential to change the way loyalty schemes and rewards are delivered in Australia and New Zealand.”
Click Frenzy’s Head of Innovation, Grant Arnott, said, “For our business model, we believe Card Linked Offers offer the best solution to meet our unique needs.”
“We ran a thorough selection process with a number of prospective suppliers,” said Arnott.
“Gratifii’s platform and their understanding of our unique requirements led us to choosing their solution.”
Having launched as Australia’s first industry-wide cyber event, Click Frenzy conducts at least four Main Event mega sales a year, bringing together premium retailers and special offers across a range of categories including fashion, travel, home & décor and electronics.
“We are looking forward to working with a leading e-commerce player like Click Frenzy,” said Dunstan.
“We are also excited about the first implementation of Mosaic Platform in Australia, supporting the investment made in the software upgrade and improved functionality. We are also focused on deploying our new Card Linked Offer capability in the other global markets in which we operate, including South Africa and the Middle East,” he said.
Gratifii recently completed a $1.5 million capital raise to accelerate the development of its Mosaic Platform incorporating the Card Linked Offers functionality. Customers can now accumulate rewards by simply paying with Visa, MasterCard or EFTPOS via a wallet on their phone and without the need for loyalty cards, coupons or offer codes. For merchants it removes the need for expensive integration with point-of-sale terminals.
Gratifii spends around $2.5 million annually on R&D, employing over 20 software and systems developers.
It has more than 25 million consumers on its platforms, with more than $180 million worth of rewards earned across them in the past 12 months.
Gratifii have confirmed that all conditions precedent have been met for the contract. The forecast revenues are largely dependent on transaction revenues generated on the Click frenzy platform.