Presentation Daniel Rabie (CEO), and Ben Oliver (CTO) July 2017 Document Management and Productivity Software
Your Presenters Daniel Rabie Ben Oliver CEO CTO 2015 to present: COO of Reckon (ASX:RKN) 2001 to present: product strategist and with revenues to A$97.8m in 2016, leading technical lead Virtual Cabinet (now used by 27% Development, Marketing and HR. of the UK’s top accounting fjrms by revenue). Over 15 years experience in the software 2010 - 2015: Strategic Director at Reckon. industry conceiving, designing and building Guiding company direction across multiple successful mission critical solutions for geographies and product categories. businesses. 10 years experience in the software industry. Proud father of 4 Founder of numerous startup businesses. Proud father of 1 (almost 2!) 2
A letter from our CEO Our mission at GetBusy is to make people productive and happy. We’re an established and successful business, with 51k While our award winning SmartVault document management customers, and 15% underlying customer growth in 2016. Over software targets the Professional SME market and is long 617k users are registered to share information through our established in the USA market. online portals. In addition, we have an exciting new product code-named ‘SCIM’ We have a quality earnings stream with 82% of our total revenue under development, taking the best of what we know works in coming from recurring subscription revenues. And we’re growing our current two successful products to further accelerate rapidly from a strong customer base, with 94% of revenue our growth. growth coming from subscription in 2016. We are seeking listing on AIM with a Rights Issue to existing Our Virtual Cabinet product is document management software shareholders of £3 million to further strengthen and build out our focused on medium to enterprise business market. It is used by existing business, and to develop a new product (SCIM). 27% of the largest accounting fjrms in the UK, and our successful recent Australian and New Zealand launch proves its GetBusy has strong products across multiple geographies. We ongoing demand. have a proven business model which has demonstrated growth, a great deal of momentum on our side, and enormous future potential. Onwards! Daniel Rabie 3
The agenda CEO update Financials Outlook Questions 4
CEO update 5
Reckon and GetBusy demerger Demerged Reasons for the Demerger - Free GetBusy to pursue an independent strategy, building on the success of its existing businesses. Reckon (ASX:RKN): an Australian GetBusy Group: a global software technology company document management - Enable GetBusy to raise capital and create its own with revenues of A$97.8 million, software business, building the personality consistent with the innovative nature of and EBITDA of A$35.3 million next generation of its new product in development. in 2016. productivity software. - Strengthen Reckon’s focus on its Business and Practice Management segment strategies, and benefjt from improved cash fmow from the removal of the development capital and new market costs. - Simplify Reckon’s diverse business portfolio. - Lets Reckon take advantage of its previous investments in cloud based products, and focus predominantly on domestic activities (in Australia and New Zealand). 6
Potential capital raising £3 million Possible fund raising by way of pro rata rights issue is being considered to: Further strengthen GetBusy’s existing SmartVault 1 and Virtual Cabinet businesses. Complete development of our next-generation 2 product code-named SCIM. 4th August Intended fjrst day of dealing. 7
Our three Core Products SmartVault Virtual Cabinet SCIM In development 14k customers at Dec 2016 37k customers at Dec 2016 Document management Document management Document management + software for small to software for medium to MORE for small, medium medium businesses enterprise businesses. and enterprise businesses. 8
Operational model Sales Marketing Support / Consulting Enterprise Highly skilled sales reps focused on a High-end marketing that facilitates High touch support up to on-site issue narrow set of target prospects. Long brand awareness, education, resolution complemented by educational Virtual Cabinet sales cycles supported by technical relationship building and trust, tools and training tailored to the specifjc consultants who implement the complemented by direct support of needs of individual customers. product around customers needs. the sales team. Transactional Inside sales reps supported by online Feeds highly qualifjed leads to Inside support reps that provide pre content, automation, tools, training, the sales team to build pipeline. and post sales support and consulting, SmartVault & incentives and metrics that enable Removes roadblocks through with tools and training that enable high SCIM high effjciency. educational content and automation effjciency, helped by customer self-service that drive complexity out of the tools and educational content. purchase. Self Service Leverage off existing channels Revenue generation with low CAC Automation and tools for easy to market and sales team. (Customer Acquisition Cost). Create on-boarding, plus templates and SCIM awareness, educational content educational content that allow customers and automation to drive business to largely resolve any issues they through the entire purchase process encounter on their own. from awareness to close. 9
The problems we solve Wasted time dealing with information issues can lead to a 21.3% loss in an organisations total productivity.* Information chaos Email complexity Misfiling & search Stop duplicate fjles, content Control security risks, track fjles, receive Prevent signifjcant search time per worker disorganisation, and data overload. alerts, automatically fjle attachments. per day looking for lost fjles. Poor security Compliance costs Legal approvals View audit trails, reduce risk of Meet audit and litigation requirements to Legal digital signatures to signifjcantly confjdential leaks and hacks. prevent fjnes and damages. reduce contract turnaround time. Version control Document access Information silos One version of the document seen by Log into your document system Integrates with your existing software and everyone, no duplicates and confusion. from outside the offjce. systems so all your fjles live in one place. *ICD 2012 10
Market opportunity Security, Mobile, Big Data and other strong industry trends are positive for GetBusy. Global ECM Market SME & self employed markets (Enterprise Content Management) (Small and Medium Sized Enterprises) NZ 0.5 million $ 5.9 3 million AUS UK 5 million billion USD USA 65 million The ECM market grew by 9.4% in 2015. While the top three Only showing markets with current operations. vendors lost market share in 2015 to their smaller rivals. 11
Rising customer growth 55k 50k 45k 40k customers as at Dec 2016 35k 7k new customers 30k added in 2016 for 15% YOY growth 25k 20k 15k 10k 2011 2012 2013 2014 2015 2016 SmartVault acquired 12
Strong subscription business Subscription 82 % 94 % of total revenue was of 2016 revenue growth subscription in 2016 was subscription % 0.28 % Net Churn SmartVault Virtual Cabinet average 2016 MRR churn. average 2016 MRR churn. 14k customers at Dec 2016. 37k customers at Dec 2016. 13
Scalable business model Revenue Growth and Type SmartVault Metrics 2016 ARPU: £170 £1.5m +6% LTV: £2,312 £1.4m CAC: £458 MRR churn: 1.1% Usually annual or monthly renewals. £6.5m +21% £5.4m Virtual Cabinet Metrics 2016 2016 2015 ARPU: £164 MRR churn: 0.28% Subscription Revenue LTV and CAC are not applicable to Virtual Cabinet as Upfront + Service Revenue an enterprise desktop product. Generally 3 year contracts, which rolls into an annual renewal at the end of the term. * The results have been amended by management from those disclosed in the HFI for comparative purposes. The above results include SmartVault, which was acquired in January 2016, for both years and assumes that development costs are expensed as incurred rather than capitalised and amortised. 14 ARPU = Average Revenue Per User | LTV = Lifetime Value | CAC = Customer Acquisition Cost | MRR = Monthly Recurring Revenue
Growing user numbers & satisfaction ratings 650k 600k 550k 500k 450k 98% of Virtual Cabinet customers 400k rated their experience as good or excellent users have registered 350k on our online portal 84% of SmartVault customers as at Dec 2016 300k in a 2017 survey were satisfjed or very satisfjed 250k 200k 150k 100k 50k A ‘user’ is someone who has accessed our online portal, but isn’t yet a customer. Hence they have unmonetised potential. 0 2011 2012 2013 2014 2015 2016 15
Diversifjed revenue Largest 20 businesses 9% of revenue Largest 21st-40th businesses 5% of revenue Largest 41st-60th businesses 4% of revenue Largest 61st to 80th businesses 3% of revenue Revenue Largest 81st to 100th businesses 3% of revenue Remaining businesses 76% of revenue Each business contains multiple customers. 16
A globally diversifjed business. Over 110 worldwide employees UK 61% revenue 59 staff USA 28% revenue 38 staff ANZ 11% revenue 14 staff Only entered ANZ region in 2015. Proves global potential. 17
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