Australia-based AD1 Holdings (AD1:AU), previously known as ApplyDirect, provided a business update for the quarter ended 30 September 2021.

The group reported cash receipts for Q1 were AUD 1.95 million (1.46 million), representing an increase of 125% compared to the same period last year and of 52% compared to the previous quarter.

CEO of AD1, Brendan Kavenagh said, “During the first quarter of the new financial year, we managed to achieve new customer wins, launched internal programs, built out future roadmaps and agreed upon key strategic priorities for each business. We onboarded new staff across each business and worked hard on our customer renewal targets while also building a stronger pipeline of potential opportunities for each business.”

During the year the group reported contract wins within the HR tech market including the Australian Department of Defence, Royal Australian Air Force and Queensland Department of Premier & Cabinet. It also signed a contract with HR.com, a US-based HR social network for 1.9 million HR professionals which has created a pathway for AD1 to explore international opportunities.

Approximately one year after being acquired by AD1, Art of Mentoring (AoM), a SaaS (software-as-a-service) business, reported record growth of 94% compared to the previous quarter and 230% compared to the same period last year.

On 25 October 2021, AD1 successfully raised over AUD 2 million (USD 1.5 million) via a private placement to fund its plans for growth and expansion attracting new and existing ‘institutional and sophisticated’ investors.

“We are very pleased to have completed the successful capital raise in October,” Kavenagh said. “Completing the cash component of the acquisition was important so that we can move forward with plans to expand into the US with Art of Mentoring without distraction. We are now progressing with conversations with potential partners and industry leaders as to how we develop and execute our Go-To Market strategy in the US without disrupting the organic growth that we are currently experiencing locally.”

“This quarter we are focused on delivering Q2 initiatives. These initiatives are focused on implementing the key internal metrics required to deliver on our customer 1st strategy, staff engagement in conjunction with continuing to realise synergies and cross sell opportunities, customer growth, retention, product development and marketing refresh requirements,” Kavenagh said.