- Full suite of self-quarantine monitoring technology consisting of a bracelet or access card that has an embedded chip that can trace the wearer’s location
- Designed with user privacy and security in mind
- Currently in use by governments and private enterprises around the world to help manage the coronavirus outbreak
- Helping Cruise lines return to operations during coronavirus pandemic
What Tracesafe does:
Tracesafe Inc (CSE:TSF) is playing a vital role in the safe reopening of a post-coronavirus (COVID-19) economy.
Headquartered in the British Virgin Islands and listed in Canada, the company has developed a suite of real-time location management services and contact tracing solutions enabled through advanced, low power bluetooth beacons and enterprise cloud management.
Designed with user privacy and comprehensive administrative control, the TraceSafe suite of products do not require the installation of apps on user cell phones. Its wearable technology only collects anonymous interaction data with other wearables, and all communication between devices is secured using top-level encryption.
The product comes in either a clip tag format or as a wristband that an administrator assigns to a user, which is then viewable on Tracesafe’s cloud-based platform where access levels can be assigned based on needs.
In addition to their governmental work, Tracesafe is developing leading-edge solutions for enterprise, healthcare, education and large-scale venue management.
Led by a strong team of wireless technology professionals, including Dennis Kwan, who heads up TraceSafe Technologies Inc, the firm is well set up to deploy its safety management portfolio to help the world emerge from a global crisis.
How is it doing:
Tracesafe has made fast progress so far in 2021, signing a plethora of new agreements for its wearable technology, notably in the Cruise space.
In an effort to energize one of the hardest-hit sectors of the coronavirus (COVID-19) pandemic, TraceSafe announced in January that it had formed a strategic cruise ship division led by its director of global business development, Susanne MacKillop, based on ongoing collaboration and positive feedback from the industry. The company then unveiled a first series of pilot projects, noting that a series of tests were underway with multiple major European Cruise operators.
Then on May 5, the company announced a two-year wearable technology agreement with Fred. Olsen Cruise Lines on-board its fleet of cruise ships. The partnership will see TraceSafe's intelligent wearable technology initially deployed on three of Fred. Olsen's ships - Borealis, Balmoral, and Bolette
Away from cruising, on April 20, Tracesafe unveiled a new partnership with Hubbcat Telecommunications, a cutting-edge provider of private secured radio networks and telecommunications solutions. TraceSafe and Hubbcat will work together to increase the reach of TraceSafe solutions in European markets. The partnership extends TraceSafe's reach into new markets with Hubbcat's existing operations currently in 20 countries around the world, with over 130,000 users.
A week later, Tracesafe also announced a new partnership with PlotProjects, a European leader in location-based marketing technology that delivers high-end geo-fencing and beacon services to app owners and developers. The company said the partnership will offer a proven health and safety solution to the European market.
And at the end of April Tracesafe revealed that it is now a part of the TELUS Procurement Ecosystem. The company noted that as part of the Enterprise Safe Return to Work Solution on the TELUS IoT ecosystem, TraceSafe products offer contactless entry, location intelligence, and proximity alerts. TELUS is a dynamic, world-leading communications and information technology company with $15.3 billion in annual revenue and 15.7 million customer connections spanning wireless, data, IP, voice, television, entertainment, video and security.
At the start of that same month Tracesafe had announced that in partnership with TELUS it would provide contact tracing and quarantine solutions during the Women's World Hockey Championship in Halifax and Truro, Nova Scotia from May 6-16, 2021. TraceSafe said more than 500 team and crew members will be wearing its products as part of a comprehensive health and safety plan.
Elsewhere on the sporting front, Tracesafe's contact tracing and quarantine management technology played a key role in helping stage a safe 2021 World Junior Hockey Championship tournament earlier in the year. The event saw TraceSafe technology embedded into the credentials of everyone involved in the tournament, from players to event staff to media. When COVID-19 infections were discovered in eight German and two Swedish team members, TraceSafe’s technology helped to facilitate early detection and targeted isolation measures to contain the spread.
And in January, the company had announced an exclusive partnership with TTG Canada for national and international events. TTG's dedicated and experienced sponsorship, marketing and communications team's portfolio includes high-profile properties and events such as Rugby Canada, HSBC World Rugby Sevens Series, Hockey Canada, and the IIHF World Junior Championships, as well as collaborations with many prestigious Canadian brands on strategic marketing and purpose initiatives.
On the financials front, on April 19. Tracesafe announced record 2020 sales numbers of US$3.6 million, closing out Q4 2020 with sales of US$2 million. The company said the massive growth seen in Q4 is a result of continued sales strength in the Asia Pacific region, including contracts with the Government of Hong Kong and a Singapore conglomerate. In the North America region, sales increased 148% in Q4 compared to Q3, attributed to contracts with Hockey Canada, TD Garden, and the Cayman Islands Ministry of Health, Environment, Culture, and Housing.
And on the personnel front, at the end of March, Tracesafe said it had appointed Emily Graham as its operating chief financial officer. The firm said Graham's appointment follows a successful and dynamic growth period with TraceSafe's outgoing CFO Alan Tam, who is moving on to new ventures.
Graham specializes in scaling companies with fast growth and has 20 years of accounting and leadership experience in the construction and manufacturing industries, TraceSafe said, adding that in a recent role she oversaw $250 million in revenue and an annual capital budget of $10 million.
And in other news, at the end of April, Tracesafe revealed that its solution had won the loT Award for IT Services during Singapore Business Review's (SBR) Technology Excellence Awards. Aside from winning an SBR Technology Excellence Award, TraceSafe was only recognized by Singapore deputy prime minister and finance minister Heng Swee Keat while presenting Singapore's national budget for the financial year for 2021.
Inflection points:
- Reopening of economies and venues in a safe manner as the pandemic continues
- Increasing the adoption of smart technology in the workplace
- Deployment of massive amounts of wearables to government and private sector
- More news on cruise ship initiatives
What the boss says:
When announcing 2020 sales numbers in April, Tracesafe CEO Wayne Lloyd said: "We are proud that TraceSafe's sales growth in Q4 2020 exceeded our internal targets."
"TraceSafe is honored to continue serving a role in helping governments and enterprises mitigate the global pandemic while at the same time entering into multi-year technology contracts in non-pandemic business lines. We continue to build up asset tracking, hospital patient management, and other exciting technologies. Our solutions are emerging as highly sought-after innovations for the workplace of the future," the CEO added.
What the analyst says:
Click here to read Proactive Analyst Ed Stacey's latest update
Contact the author at jon.hopkins@proactiveinvestors.com
