Coinsilium Group Limited (COIN)
Coinsilium Group Limited: Indorse Operational Update
02-Sep-2019 / 07:00 GMT/BST
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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
Marketing Campaigns
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.
Singapore
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.
India
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.
UK
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:
https://etstartupawards.com/our_partners/ [1]
https://etstartupawards.com/gallery-2019/ [2]
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%.[1]
"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
(Broker)
Adam Wurf/Chris Flame +44 (0) 20 3004 9512
Yellow Jersey
(Public Relations)
Notes to Editor
[1]https://cio.economictimes.indiatimes.com/news/strategy-and-management/natio
nal-technology-day-heres-how-cios-reforming-technology-implementation/64117740
[3]
About Coinsilium
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
About Indorse
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 [4] and https://youtu.be/CBs1JJe9Qr4 [5]
ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 18613
EQS News ID: 866421
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