COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Indorse Operational Update
London, UK, 2 September 2019 - Coinsilium Group Limited (NEX:COIN), the blockchain venture builder, advisor and investor that finances and manages the development of early-stage blockchain technology companies, is pleased to announce that Indorse Pte. Ltd. ("Indorse") a company in which Coinsilium holds a 10% equity position has provided the Company with an Operational Update.
Background and Brand Capital Investment
The Company announced on 19 June 2019 that Brand Capital, the strategic investment arm of India's largest media house, The Times Group, agreed to invest up to US$ 6.5m in the Singapore-based skills verification platform Indorse. The investment was to be used for Indorse's expansion into India and to build the demand for its services through The Times Group's 360-degree media assets in India, which rank among the most popular titles in the country. Based on The Times Group investment at a valuation of US$ 15m, the implied value of Coinsilium's 10% shareholding in Indorse is US$ 1.5m, representing a 350% uplift in the two years since Coinsilium's initial investment at the pre-seed and seed stage.
Operational Update Highlights:
- Strong growth and robust pipeline of new small and large enterprise clients from India and Singapore
- Successful delivery of strategic advertising campaigns, mainly through the Economic Times print and online media channels, leveraging the relationship with The Times Group
- Distinct product lines and optimised, scalable revenue model established
- Material near term revenues targeted with two Fortune 500 companies amongst initial clients
- Featured as a sponsor for the prestigious Economic Times Startup Awards 2019
To date, Indorse has run seven print campaigns in the Economic Times producing a number of meaningful leads from Fortune 100 and Fortune 500 companies. Digital campaigns on The Times digital platforms in India, the UK and U.S. have produced 3.1m impressions in the Indian region and 2.8m in the UK and U.S. regions combined.
Product Lines and New Agreements
The Indorse service model has three distinct product lines:
1. Optimising Recruitment - Evaluation and assessment of candidates' coding skills. Clients obtain comprehensive, qualitative reports to help them make more informed hiring decisions.
2. Recruitment through Hackathons - Facilitation of Country/region-wide hackathons. Organisation of outreach, roadshows & assessment for clients optimising the hire and recruitment process for data engineers and scientists.
3. Future Readiness through Upskilling - Assessment driven learning. Upskilling of workforce through a series of quality content modules with pre and post-assessments by a panel of world-renowned industry experts.
Indorse has secured a substantial long-term project agreement for its Upskilling solution for assessing data scientists, in collaboration with Ngee Ann Polytechnic with OCBC Bank in Singapore initially using this product. The project consists of 12 modules and will take two to three years to complete, following which trainees will receive a certificate from the polytechnic. Indorse and Ngee Ann Polytechnic are now exploring further collaboration opportunities with commercial applications over the course of 2020.
Indorse is also delivering assessment services for Rolls Royce in Singapore who are organising a 'Hackathon' for Blockchain solutions. Indorse completed a similar project in June 2019 for Grab, Asia's largest ride-hailing service (Grab acquired Uber in SEA in 2018).
Indorse is currently working with a number of SMEs from Singapore; these range from 20-person start-ups to 200-person recruiting agencies.
Through ongoing campaigns in the Economic Times newspaper and digital adverts in India, Indorse have already generated a healthy pipeline of leads, including approaches from Fortune 100 and Fortune 500 companies where some discussions are at an advanced stage. To support Indorse's expansion plans in India, a regional sales function has now been set up.
Indorse has established a UK subsidiary company with sales representation to act as a springboard for expansion into the European and U.S. markets. The sales outreach will initially be targeting mid-size enterprises and initial results are encouraging.
Optimised Revenue Channels
Indorse is targeting material revenues from each of its distinct product lines, which are designed to deliver significant efficiencies and quantifiable costs savings for its clients in the recruitment, training assessment and upskilling processes. To reflect this, sustainable and scalable revenue models have now been structured, including revenue sharing models with suppliers, with pricing pitched to commercially reflect the value of the services provided and savings delivered.
Times Group initiatives in Bangalore and Mumbai
To support their launch into the Indian market, Indorse recently participated in a number of high-profile initiatives in Bangalore and Mumbai, leveraging The Times Group's media assets and connections. These events included the prestigious 2019 Economic Times Startup Awards where Indorse featured as Associate Sponsor. The ceremony was broadcast on live TV nationally with addresses from Government Ministers Ravi Shankar Prasad and Piyush Goyal.
These initiatives have generated a number of high quality leads which Indorse's sales team are currently pursuing. Coinsilium's Chief Executive Eddy Travia and Chairman Malcolm Palle also attended these events on behalf of Coinsilium.
Indorse branding profile and photographs of the event can be seen via the links below:
Coinsilium's CEO, Eddy Travia, commented: "The marketplace for talent acquisition has never been more competitive, especially in the fast-evolving data and information technology sector. It is therefore most encouraging to see the fast pace at which the Indorse team are rolling out their client solutions and their growing roster of prestigious corporate clients, further validating their business model. It is our belief that Indorse is now set to become a key strategic partner for some of the largest recruiters globally.
"Likewise, the Indian market opportunity for Indorse cannot be understated. According to NASSCOM, the Indian technology sector aggregated revenues of US$160 billion in 2017 and is growing by over 13%.
"As Indorse's first investor at the seed stage, it is gratifying for us to see this potential starting to be realised and going forward, we expect Indorse's rapid growth trajectory to reflect significantly in valuation terms within our portfolio of investments."
The Directors of Coinsilium Group Limited take responsibility for this announcement.
For further information, please contact:
Malcolm Palle, Executive Chairman +44 (0) 7785 381089
Coinsilium Group Limited
Eddy Travia, CEO +44 (0) 20 3889 4312
Coinsilium Group Limited www.coinsilium.com
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
Peterhouse Capital Limited
(NEX Exchange Corporate Adviser)
Nick Emerson +44 (0) 1483 413 500
SI Capital Limited
Adam Wurf/Chris Flame +44 (0) 20 3004 9512
Notes to Editor
Coinsilium is a venture builder, investor and advisor, supporting early-stage blockchain technology companies and the digital token economy. As the first ever IPO of a blockchain company in 2015, Coinsilium harnesses its experience and wide-ranging network to invest in some of the world's leading blockchain projects such as RSK/IOV Labs, Indorse, Blox and Factom.
Coinsilium shares are traded on NEX Exchange Growth Market, the primary market for unlisted securities operated by NEX Exchange, a Recognised Investment Exchange under the Financial Services and Markets Act 2000. For further information about Coinsilium please visit www.coinsilium.com
Indorse is a skills validation platform which helps companies find the talents they need faster. Unlike other platforms on which users can claim skills without a proper validation, Indorse ensures that users' skills are assessed and validated by a panel of experts. Using cutting edge technology, Indorse provides insights about candidates' skills and proficiency level. Instead of spending several man-hours and dollars sifting through a barrage of resumes, hirers can now interview only the validated candidates who have been assessed by experts in the domain. For further information about Indorse please visit www.indorse.io and https://youtu.be/CBs1JJe9Qr4