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Tuesday, 26 October 2021 16:19

Insur-tech Gefen Technologies AI appoints new CFO after successful IPO and achieving H1 gross margins of 81%

By Gefen Technologies
New Gefen Technologies AI CFO, Shlomi Gilad New Gefen Technologies AI CFO, Shlomi Gilad

COMPANY NEWS: Gefen Technologies AI (ASX: GFN) has announced a new CFO to join the company effective immediately. Shlomi Gilad joins the Gefen as Chief Financial Officer with over 15 years of experience in finance, business development, M&A, strategic planning and business intelligence. Gilad is a Chartered Accountant and holds an MBA from Reichman University and a Master's Degree in Statistics from the University of Haifa.

Gilad joins Co-CEOs and Co-Founders Orni Daniel and David Nash in the executive suite supported by Chief Architect and Co-Founder, Elad Daniel, along with Chief Operating Officer and Chief Technology Officer, Tomer Ben-Ari.

IPO to Growth

Gefen which was listed on the ASX in July is a leader in the insur-tech and digital transformation industry. The oversubscribed IPO raised A$25 million and helped the company grow into a massive 2021. Prior to the IPO, Gefen had raised over US$17 million to fund itself. Gefen specialises in providing an omnichannel digital hub for agent-based and customer-focused businesses such as insurance brokers and financial planners. 

As face-to-face businesses were subjected to stay-at-home orders, companies on Gefen's platform saw 260% customer growth YoY for H1 CY21, with Gefen achieving high gross margins of 81%. The company saw revenue grow 22% to US$6.75 million with a net profit of US$2.15 million. 

The flagship digital transformation tool of Gefen has been a massive hit with customers, with the platform achieving an average satisfaction rate (NPS) of 8.5 versus the industry average of 3.0. The platform reaches customers in over 15 countries around the world and is partnered with global carrier partners such as TAL Life Insurance and Manulife in Hong Kong.

Expanding Revenue Streams

Gefen is growing its revenue streams in the second half of 2021, with advertising solutions and processing fees due to join as revenue streams. Currently, the company receives revenue from both license fees and commission fees. The advertising solutions are expected to commence later this year, with Gefen becoming a Facebook Marketing Partner for managing advertising campaigns. Processing fees are due to commence in late 2021 or earlier 2022 with fees coming from transactions for online payments with customers through the platform.

Gefen continues to grow from strength to strength with an industry-beating platform advantage and strong profitability and margins, Gefen is well capitalised from its IPO and ready to continue strong growth into the future. 

About Gefen Technologies AI (ASX: GFN)

Gefen Technologies AI is a platform provider that empowers and transforms agent-based networks. Gefen’s platform enables the fast transformation of existing agent networks at a large scale, allowing the agents and the brands they represent to thrive in today’s digital-first world. It is the only solution that enables the digital distribution of business strategy, tactics and processes through the agents all the way to the last mile - the customers. 

To learn more, please visit: https://www.gefentechnologies.com/

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