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- MyFiziq (MYQ) has punched the clock on another milestone agreement today, this time with workplace wellness business WellteQ
- Under the maiden binding term sheet, MyFiziq will bring its newly developed CompleteScan technology to WellteQ’s corporate health platform
- Significantly, the partnership exposes MYQ’s CompleteScan tech to the insurance, telehealth, corporate wellness and wearables market across the Asia-Pacific
- At this stage, both MyFiziq and WellteQ are working to integrate CompleteScan with WellteQ’s digital wellness platform by January next year
- The end result will first be offered to WellteQ’s corporate client portfolio, which includes major names like investment bank Credit Suisse and health care fund NIB
- Following the news, investors have brought the MYQ share price up by nearly seven per cent to trade for just under half a dollar per share
MyFiziq (MYQ) has punched the clock on another milestone agreement today, this time with workplace wellness business WellteQ.
Under the maiden binding term sheet, MyFiziq will bring its newly developed CompleteScan tech to WellteQ’s corporate health platform.
Significantly, the partnership exposes MYQ’s CompleteScan platform to the insurance, telehealth, corporate wellness and wearables market across the Asia-Pacific.
Let’s get digital
CompleteScan incorporates MyFiziq’s proprietary body scanning technology, which can be used to complete physical measurements via a user’s mobile phone. The tech has even been expanded into the healthcare space, where it can be used to analyse vital signs and calculate a patient’s body surface area to support accurate drug dosage.
At this stage, both MyFiziq and WellteQ are working to integrate CompleteScan with WellteQ’s digital wellness platform by January next year.
The end result will first be offered to WellteQ’s corporate client portfolio, which includes major names like investment bank Credit Suisse and health care fund NIB.
WellteQ’s platform seeks to improve an employee’s health literacy using artificial intelligence (AI). The program offers a suite of health-based digital services, such as HR onboarding, virtual coaching and even telehealth. The analytics side of the platform helps businesses customise their health offering and provide a more advanced program for employees.
The fine print
Both MyFiziq and WellteQ will collaborate under a binding commercial agreement, which comes with an initial one-year term. However, if both parties agree, the deal can be extended over two-year terms.
Overall, WellteQ will aim to target 250,000 active users within the first year of the agreement. And as more users flock to the platform to utilise the CompleteScan capabilities, MyFiziq will see the agreement bear fruit.
The technology company will receive US$5.49 (around A$7.61) per month, per user, if up to 50,000 active consumers use the CompleteScan service. And if the number of active users hits more than 1.5 million, MYQ will net US$1.80 (about A$2.49) per month, per user.
Ultimately, MyFiziq doesn’t expect to bring in any immediate financial return on the back of the deal, and notes it could generate licence fees in the future.
Match made in wellness
Speaking to the agreement today, MyFiziq CEO Vlado Bosanac said WellteQ’s solution was “a perfect fit” for the company’s capabilities.
“This will be a world-first as multiple organisations worldwide are positioning themselves with offerings to the telehealth, insurance industry and the corporate wellness space,” he stated.
“It’s a great first deployment for CompleteScan, when looking at the corporate register WellteQ bring to this partnership. This is an exciting new pathway to increase revenue for both organisations,” Vlado commented.
WellteQ Chief Scott Montgomery was similarly pleased with the agreement.
“Not one of our corporate wellness industry peers possesses such comprehensive capabilities as that of our WellteQ and CompleteScan integration,” he stated.
“Using just your smartphone we can assess, continuously monitor, coach and if needed triage a user into virtual care via telehealth. This extends our continuum of care and therefore user and client value substantially,” Scott continued.
“Healthcare has changed for the better and its technology collaborations like this that continue that evolution,” he concluded.
Following the news, investors have brought the MYQ share price up by nearly seven per cent to trade for 47.5 cents at 2:15 pm AEST.
