Join our daily newsletter At The Bell to receive exclusive market insights
- Cloud-based solutions developer Buddy Technologies is
practicing what it preaches today after using its own technology to cut costs around the office - The company detailed in a restructuring of
business that quarterly spendings will be down to $1.2 million, a significant reduction from last quarter’s $3.75 million - The
cost cutting is thanks to the company’s newly developed device, the Buddy WattWatcher, assisting in power usage and mitigating efficiency costs
Cloud-based solutions developer Buddy Technologies is seeing a market upswing after announcing a restructuring of business today.
Company management detailed in its ASX media release the reduction of significant operating costs throughout the company.
Beginning from this month, the company is expecting to spend $1.2 million per quarter, a significant decrease from last quarter’s $3.75 million.
The largest cost reduction for the company came in the form of its own product, the ‘WattWatcher’. The device expected to reach company offices this month, reducing maintenance cost per customer for the company.
The reduced cost in deploying the newer device replaces its
Power usage analysing technology are leading the wave in the Internet of Things market, a revolution for integrating internet and wireless functions into everyday appliances and tools. Also commonly known as ‘smart’ technology.
On top of touting it’s own technology to save costs, the company announced receipts from a 2018 Research & Development Tax Incentive and a development grant for an impressive $1.24 million.
The incentive was issued by the Australian Government to promote Australian technology and sciences in the industry’s research and development.
Share prices in BUD are trading for 5.4 cents today, a 10.2 per cent premium from yesterday’s 4.90 cents. The company’s market cap is currently valued at $88.44 million.
