Join our daily newsletter At The Bell to receive exclusive market insights
- Elsight (ELS) has entered a strategic partnership with Kinetx Prime to deliver direct-to-consumer telehealth services in the US
- The agreement will see Elsight’s flagship secure data and video transfer platform, Halo, rolled out for the first time in the North American business-to-consumer market
- As COVID-19 continues to spread into rural and remote areas, the need for telehealth consultations is burgeoning, particularly in southern states
- Kinetx provides services in areas with low cellular coverage, and with the adoption of the Halo platform, Kinetx can provide a secure and safe way for patients to access care
- The initial US$1.6 million (around A$2.23 million) deal may be followed with further orders up to the same amount over the next three years
- The new agreement marks a big step for the company, and it seems shareholders agree — Elsight is trading 56.7 per cent higher at 47 cents
Elsight (ELS) has entered a strategic partnership with Kinetx Prime to deliver direct-to-consumer telehealth services in the US.
The agreement will see Elsight’s flagship secure data and video transfer platform, Halo, rolled out for the first time in the North American business-to-consumer market.
A common goal
As COVID-19 continues to spread out of urban centres into rural and remote areas, the need for telehealth consultations is burgeoning, particularly in southern states.
Kinetx’s reach and capabilities in servicing areas with minimal cellular coverage is vital in the fight against the spread of the virus. With the adoption of the Halo platform, Kinetx can provide a secure and safe way for patients to access care.
Nir Gabay, founder and CEO of Elsight, says, the deal will bolster both public health and the company’s bottom line.
“We are delighted to have partnered with a company that shares our vision and to be able to bring about positive change during a time of crisis and pain,” Nir said.
“I believe that going forward, this project will enable Kinetx Prime and Elsight to contribute to helping save lives while cultivating a brand-new market with large and sustainable revenue opportunities,” he added.
The Outlook
The initial deal will see Elsight pocket US$1.6 million (around A$2.23 million), with further orders up to the same amount expected over the next three years.
The deal has come quickly off the back of Halo receiving U.S. Federal Communications Commission approval.
The Halo technology was originally designed for battlefield and intelligence applications requiring secure data and video transfer.
Elsight is now expediting proof-of-concept trials with potential partners in various industries to expand Halo’s market reach.
Now, with the first commercial rollout of Halo in a business-to-consumer model, Elsight can add to its growing service base, which already includes the defence and homeland security sectors, industrial security, broadcasting, first responders and healthcare.
The new agreement marks a big step for the company, and it seems shareholders agree — Elsight is trading 56.7 per cent higher at 47 cents as at 2:05 pm AEST.
