Under the deal, the ASX-listed Quantify (ASX: QFY) “says the Harvey Norman Commercial Division (HNCD) will promote and sell its products into commercial and residential development projects throughout NSW and the ACT".
The deal will see Quantify establish a demonstration facility at HNCD’s showroom at Taren Point in NSW and provide training and engineering support to HNCD personnel.
In return, HNCD will promote Quantify’s platform and products to developers of major residential and commercial projects.
Quantify says it is finalising reseller/distribution agreements and supply contracts with individual developers for specific projects, and claims estimates that in years 3 to 5, sales of its technology and products derived from the agreement will potentially reach $20 million to $30 million per year.
The agreement will see HNCD extend its building automation offerings to both new and existing customers who are primarily large-scale builders and developers in the high rise and home builder sector, complementing its existing bathroom, kitchen and audio visual businesses.
According to a joint statement from Quantify and Harvey Norman, HNCD’s customers are increasingly looking to include Internet of Things technology and smart devices into their developments as demand for higher energy efficiency, convenience and security increases.
“We see enormous potential in partnering with HNCD. This agreement significantly advances our commercialisation efforts and gives us a large pipeline of residential project customers in NSW and the ACT and potentially, Australia-wide,” said Quantify managing director Mark Lapins.
HNCD’s principal Alan Stephenson said: “Harvey Norman enjoys a strong market share and a strong customer base supported by an extensive and experienced sales and marketing team. We see increasing demand from customers for home automation solutions and
Quantify Technology, at the cutting edge, will allow us to enhance our reputation for supplying and supporting leading brands. We think this agreement will significantly increase the value we offer to our clients.”