9 Spokes Ltd (ASX:9SP) builds dashboards for its clients to collect a business’s data all in one place ready to be analysed.
The business model is certainly working, as 9 Spokes has a portfolio of blue chip clients including RBC, Barclays Bank (LON:BARC), Deloitte and Suncorp (ASX:SUN).
9 Spokes has also entered into an agreement with OCBC Bank.
READ NOW: 9 Spokes signs Memorandum of Understanding with OCBC Bank
The company is now rapidly acquiring new users, at an expanding rate.
User milestone
There are now 20,000 businesses signed up to the 9 Spokes platform.
To put this number into perspective, it is worth reviewing the timeline in acquiring the users.
The company achieved the 10,000-user milestone in 270 days on 21 July this year.
It has since surpassed the 20,000-user mark in just 68 days, following a record rate of user adoption.
Exponential adoption continues to be predominantly driven by both Barclays, 9 Spokes’ largest partner, and 9 Spokes’ direct channel.
Mark Estall, co-founder and chief executive officer, commented:
"The hard work integrating 9 Spokes into Barclays and developing our own marketing efficiencies is paying off with large-scale user adoption.
"The business has never been in a stronger position: Barclays is actively promoting the platform, its SME customers love the offering and we continue to add global banks to our business development pipeline.
"We also have the cash position to progress lucrative new partner opportunities.
"I’m delighted with the progress we are making with other partners including Royal Bank of Canada (RBC), OCBC Bank in Singapore, a leading New Zealand bank and one of the largest banks in the US, and look forward to updating the market on these and other opportunities."
Analysis
Given its strong user adoption rate and reaching critical mass, as planned, 9 Spokes will now announce its user adoption figures each quarter, with the next update at the end of the December 2017 quarter.
9 Spokes has also been getting some broker attention, with Foster Stockbroking applying a Buy Recommendation and $0.45 price target.
9 Spokes last traded at $0.105.