As released to the ASX on 20 September 2017

Key highlights:

  • KPMG’s Solution 49x division signs Teaming Agreement with Gooroo
  • Gooroo management expects that each realised opportunity with KPMG’s Solution 49x will deliver large, multi-year and scalable recurring revenues. 

Summary:

Gooroo Ventures Limited (Gooroo or the Company) is pleased to announce that it has entered into a teaming agreement with KPMG’s Solution 49x. Solution 49x is the Cognitive Science & Artificial Intelligence division of KPMG’s Advisory practice. 

The Solution 49x division was established to transform the decision-making capability and performance of enterprises through the integration of advanced analytics, psychology and data-driven technologies. 

KPMG has identified how Gooroo’s ColourGrid™ intellectual property can be applied to add unique insight to KPMG’s technology solution. Gooroo’s solution will help their clients:

  • communicate with customers in a more personalised way to deliver improved lead flow and sales conversions 
  • make better hiring decisions to deliver high performing teams.

Four discreet opportunities are currently in discussion in consumer retail, consumer medical, real estate and federal government. Gooroo intends to supply its breakthrough technology via a volume-based subscription pricing model, on a client-by-client basis to KPMG. Gooroo management expects that each realised opportunity will deliver large, multi-year and scalable recurring revenues. Revenue recognition will be linked to the timing of each client implementation. 

This program with KPMG represents the start of a new revenue category for Gooroo, as defined in the Prospectus. Gooroo’s breakthrough talent matching and hiring assessment technology, based on artificial intelligence and neuroscience, is also now being sold to recruiters and employers via a subscription revenue model.

Rod Bryan, Lead Partner, Solution 49x, KPMG Australia
"At KPMG Solution 49x we tackle big, complex problems for organisations. We build intelligent solutions that have the ability to transform how our clients engage with their customers and accelerate their businesses. We are now integrating best practice partners from around the world who complement our team and offer capability that we can deliver at scale. We have spent time getting to know Gooroo’s ColourGrid™ and ARMS technology and believe it can deliver us unique capability that can have widespread impact."

Greg Muller, CEO of Gooroo Ventures
"We are very excited to be working with Rod and the KPMG Solution 49x team. They are really smart people and strategic thinkers who understand how Gooroo’s technology can be used to improve marketing and hiring effectiveness. Strategic relationships such as this give us reach and access to opportunities that we would not typically be exposed to. Shareholders and investors should be encouraged that the Company’s investments in R&D and IP have now established a core capability that has considerable commercial appeal and application."


About KPMG & KPMG Solution 49x

KPMG is a global network of professional firms providing Assurance, Tax and Advisory services across a wide range of industries, Government and not for profit sectors. KPMG operates in 152 countries and have more than 189,000 people working in member firms around the world. In Australia, KPMG has a long tradition of professionalism and integrity, combined with our dynamic approach to advising clients in a digital-driven world. We have approximately 6,700 people, including over 400 partners, with offices around the country. 

KPMG’s Solution 49x group assists organisations enhance their decision-making capability through the integration of process design, advanced analytics and data-driven technologies. They challenge traditional design constructs by embedding deep anthropological and human behaviour understanding into all aspects of capabilities developed. Solution 49x brings a powerful combination of business acumen, creativity, design thinking and technical expertise.