Identitii is pleased to provide the market with a business update and new investor presentation, following new CEO John Rayment’s first 60 days in the role.
The updated investor presentation outlines Identitii’s new strategy for growth and how it plans to deliver value for shareholders in the short and long terms. Importantly, Identitii is well positioned to not only survive the COVID-19 crisis, but to help financial institutions as they recover. The need for more information on financial transactions hasn’t gone away during the recent turmoil, instead it has intensified, with financial institutions needing to continue to meet regulatory obligations and internal deadlines in less time and with less budget. Identitii’s value proposition – of improving the accuracy and security of financial information without costly technology upgrades – makes it the perfect partner for institutions to meet these goals.
In his first 60 days, Mr. Rayment has undertaken a review of the operational cost base, in order to make as many productive and sustainable savings as possible, providing they do not impact the Company’s ability to win and deliver new business. This has already resulted in $2m in annualised savings, via a reduction in headcount, non-immediate business activities, and discretionary spend. These savings, together with the $1.9m raised under its recent Entitlement Issue, and various government benefits received (including recent COVID-19 support) have further extended Identitii’s runway.
In addition to its new CEO, Identitii announced a new Independent Chairman, Steve James. Steve takes over the role from Co-founder Nick Armstrong, who moves to Non-executive Director, a critical and final change that allows Mr. Armstrong to focus heavily on commercial development opportunities to accelerate Identitii’s growth agenda. Importantly, Steve James brings extensive capital markets experience and independence to the role of Chairman at an important time in Identitii’s growth. Steve has indicated he will not take the full Chairman’s fee for the foreseeable future.
These changes, combined with a new organisational structure, have created additional focus and capacity in strategy and partnerships, sales and account management and marketing and communications, the key areas critical to Identitii’s short-term and future success.
Click here to view Identitii’s Investor Presentation.
Click here to see Identitii’s presentation at Capital 2020.
Identitii solves the problem that while money moves fairly freely around the world, the information needed to process and report on financial transactions is often incomplete, inaccurate or even missing. This is due to a combination of the decades old technology systems still used by financial institutions today, and that information is currently still collected manually, often using email, Excel or even fax. This means there is no single source of truth for information, meaning payments are held up and it is hard to combat financial crime. Identitii is replacing these manual processes with a global network for financial information that enhances existing systems and helps reduce financial crime, decrease operational costs and improve the integrity of data for financial institutions and regulators around the world.