Listed access control provider TZ underwent a serious corporate restructuring last year – and recently appointed CEO Mario Vecchio has now outlined his vision for the company’s future.
Speaking to Stockhead, Mr Vecchio flagged 2022 as a year of automation for the company, saying advancements in TZ’s technology will improve the service offering for clients and strengthen the business’s own position in the market.
Mr Vecchio has focused his efforts in the past few months on transitioning new and existing customers to the TZ Cloud – a platform that enables greater on-demand services for customers that create significant value.
“The uptake in the first quarter was way above our expectations … with monthly recurring revenue of $235,000 in the first quarter – and we expect this to expand greatly going forward,” he said.
“We are spending our efforts on automating our software assets to create scale and productivity for our business and for our customers.
“That basically means we’ll be able to sell more software to more customers and not increase our overheads in the process of doing that.”
Mr Vecchio – who commenced in his current role in September 2021 – described this work as a “critical phase” that will ensure clients have the capacity to automate the deployable software provided by TZ.
“That’s one of the key highlights that we’re working on for 2022,” he said.
Seeking to support the company’s expansion, Mr Vecchio added that TZ expects to license its software to companies around the world within the next few months.
“That will help us scale our business greater than we have ever had before,” he said.
Mr Vecchio’s comments come almost a month after TZ published its quarterly report, which showed unaudited half-year revenues of $8.5 million – just down on the $8.6 million reported in the prior corresponding period.
This was partly due to changing the basis of revenue recognition to align with new monthly recurring revenue reporting and negotiating challenging supply chain conditions, which the company expects to ease in coming quarters.