TZ smart locker wins global praise as Keyvision deal lifts sales
As previously telegraphed to the market, the company has now officially locked up Australian-based property technology company, Keyvision Holdings, in a debt-funded $4 million deal designed to turbocharge TZ's push into recurring SaaS revenue.
Developed two years ago as an App for property tenants, Keyvision's platform delivers information about multi-tenanted properties and even provides booking services for shared facilities.
The acquisition has also armed the company with fresh cross-sell opportunities and locked in a new revenue stream forecast to hit $1.6 million annually within 12 months.
TZ's smart locking technology uses a shape memory alloy (SMA) combined with microprocessors to produce its groundbreaking electronic locking and fastening mechanism. The TZ 'SMArt' system offers a more secure, software-controlled alternative to traditional locks and keys, with the added benefit of remote operation.
Despite revenue headwinds from the United States where tariff volatility, port congestion and delayed shipments have slowed sales, other operating regions, according to the company, have overachieved for the quarter with SaaS division sales on track for a 20 per cent year-on-year uplift.
Operating cash burn for the quarter came in at $1.03m, with $1.49m in manufacturing and operating costs and $988,000 in staff expenses accounted for by $2.23m in customer receipts. Management says, overall, its cost discipline has remained tight with its spend tracking 10 per cent below budget excluding one-off legal and acquisition fees.
The new $4 million secured debt facility also gives TZ the firepower to chip away at its First Samuel loan, slashing the balance down to just $1.5 million.
The company says it remains upbeat about its growth plans especially for the coming quarter thanks to a deep sales pipeline in the US, booming demand for its DC Cabinet Security solutions and ongoing traction with Keyvision deployments across the Asia-Pacific.
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