04 Nov 2021

AssetOwl Achieves First Use of New Data Migration Capability

AssetOwl Ltd ACN: 122 727 342 Level 14, 225 St George’s Terrace, Perth, Western Australia 6000 Telephone: (61) (8) 9424 9320 Facsimile: (61) (8) 9321 5932 www.assetowl.com ASX Announcement 4 November 202 1 AssetOwl Achieves First Use of New Data Migration Capability HIGHLIGHTS • First use demonstrated of AssetOwl’s new capability to deliver automated Word and PDF data migration to the cloud • With the successful migration of ~ 400 property inspection reports, this capability has allowed Pirsee to transition its 5 th agency from fee - free trial to paying customer . A further 2 5 ongoing trials constitute a growing pipeline • Automated property inspection data migration is expected to accelerate the Company’s growth and its conversion of customers from trial to paying • New data migration service will be offered to future customers on commercial t erms Enterprise property management platform provider AssetOwl Limited (ASX: AO1, AssetOwl or the Company ) is pleased to advise of continued development of its technology platform, demonstrating the first use of a new Word and PDF document data migration capability . AssetOwl has successfully uploaded the Word and PDF inspection data of a trial customer onto its Pirsee platform , u tilising the Company’s newly developed data migration capability. With the migration of these ~ 400 inspection records now complete, this agency has now converted from its trial and has becom e AssetOwl’s fifth paying customer . The customer’s licencing agreement is on the Company’s standard contracting terms . This co n tract is not mater ial to the Company. In the Company’s recent experience, the entr y inspection data for a significant component of West ern Australian agencies is Word or PDF based. Entry inspections are a critical part of the tenant life cycle, as the se inspections form the basis of evidence of the initial condition AssetOwl Ltd ACN: 122 727 342 Level 14, 225 St George’s Terrace, Perth, Western Australia 6000 Telephone: (61) (8) 9424 9320 Facsimile: (61) (8) 9321 5932 www.assetowl.com.au of the property. St oring these records as a Word or PDF document is highly inefficient – they are often stored in disparate locations, easy to lose, and are a cumbersome format to refer to during final bond inspections. To address this industry inefficiency, AssetOwl has developed its own in - house , semi - automated capability for migrating Word and PDF reports. Under this process, the Company’s operations team converts Word and PDF records into AssetOwl’s standardised, proprietary digital format , and imports these records onto the cloud based Pirsee platform . This process is important to the Company’s business because: • A number of West ern Australian agencies still retain Word and PDF inspection records. Typically, the ability to migrate data i s a pre - requisite for agencies to change inspection platforms. It is anticipated that AssetOwl’s new data migration capability will materially assist with the market up take of Pirsee. • T he Company believes that its data migration capability will be particularly attractive to rent roll aggregators. Rent rolls are commonly traded and data integration o f inspection records represents a significant challenge to the successful and efficient merging of rent rolls. It is anticipated that over time the data consolidation of different rent rolls o nto the P irsee platform will represent a significant revenue opportunity for the business . • Storing digital records on the Pirsee platform makes them readily accessible to property managers when they perform final bond inspections. This streamlines a difficult, time - consuming process, saving property managers time and improving report quality . • The digitisation and u pload of inspection reports means tha t property room configurations are loaded and ready for use. Property Managers avoid having to spend ~ 40 minutes to manually input property room and accessory details into their legacy inspection tool , prior to conducting a property inspection . The busine ss believes that the value which the industry will place on this service will further drive market uptake . AssetOwl’s data migration capability will be provided to existing trial customers as a complementary service. F uture customers will be offered the service on commercial terms , which will vary by customer depending on the condition and amount of data being migrated . AssetOwl CEO, Geoff Golds mith, said: “ The migration of a full set of Word and PDF - based property condition reports is a significant achievement for our business. AssetOwl’s raison s d’etre are to help customers to improve their business processes, whilst supporting property managers in the day - to - day challenges of what is AssetOwl Ltd ACN: 122 727 342 Level 14, 225 St George’s Terrace, Perth, Western Australia 6000 Telephone: (61) (8) 9424 9320 Facsimile: (61) (8) 9321 5932 www.assetowl.com.au a very demanding role. I am excited to report that this new capability enables AssetOwl to deliver significant improvements to those customers who are yet to digitise their inspect ion records. “ Full credit must go to the Company’s Chief Technology Officer Giuseppe Di Franco and his hard - working operations team for the delivery of this market - leading capability.” For Pirsee enquiries, please contact the AssetOwl team at enquiry@assetowl.com. Authority For the purpose of ASX Listing Rule 15.5, this announcement has been authorised for release by Simon Trevisan, Chairman of AssetOwl Limited. ***ENDS*** For further information, shareholders and media please contact: Sean Meakin Tim Dohrman n Company Secretary Investor and Media Enquirie s +61 8 9424 9320 tim@nwrcommunications.com.au +61 468 420 846 About AssetOwl Limited (ASX: AO1): AssetOwl is an innovative technology company which has developed an enterprise software application, providing real estate owners with one trusted platform for managing propert y inspections . ‘Pirsee’ (formerly ‘inspect or360’) is the revolutionary next generation of AssetOwl’s photo - centric inspection management platform, designed to benefit property owners, tenants, agents and managers. It incorporates 360 - degree imagery, video, voice - to - text and hot - spot mapping of flo or plans to accurately document property condition reports, significantly boosting the efficiency of the inspection process . In short, t he Pirsee app provides tenants, property managers and landlords with an exact record of the condition of residential properties .
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