CKT Checkit

Checkit Announces IoT Partnership With Norwegian Tech Company Disruptive Technologies to Integrate World’s Smallest Sensors Into Smart Buildings

CAMBRIDGE, England--(BUSINESS WIRE)--

Checkit, the leader in intelligent operations technology for deskless workforces, today announced that it has entered into a strategic partnership to integrate Disruptive Technologies’ sensor hardware into its intelligent operations platform.

The Checkit platform enables healthcare, hospitality and retail organisations to digitise their deskless operations, and to capture and analyse data to drive continuous improvement, productivity, cost reduction and compliance. Using digital workflows and sensors, Checkit provides business leaders with real-time insight into the activity of their staff, equipment and buildings.

Checkit’s partnership with Disruptive Technologies will enable the Checkit platform to harness the power of the world’s smallest wireless IoT sensors by using the data to capture critical insights about building facilities, equipment and assets. The partnership expands the scope of Checkit’s smart buildings capabilities, beginning with the roll-out of automated legionella monitoring and prevention.

The Checkit platform and IoT ecosystem provide leaders with real-time visibility over buildings and infrastructure no matter where they are. Data-driven insights alert frontline personnel to safety and efficiency problems before they occur, enabling cost savings, smarter allocation of engineering resources and greater confidence.

“The Checkit platform provides an unrivalled end-to-end solution for business leaders looking to solve their operational challenges. Integrating additional IoT sensors, such as those from Disruptive Technologies, into our platform will provide business leaders with even more opportunities to quickly deploy and scale operational insight in a secure and trusted environment,” said Kit Kyte, CEO of Checkit. “We’re thrilled to partner with Disruptive Technologies, and to jointly modernise deskless operations through the use of automated workflows, sensors and data analytics.”

“We bring the world's smallest wireless sensors and turn any indoor space into a smart space,” said Bengt Johannes Lundberg, CEO of Disruptive Technologies. “Partnering with an intelligent operations provider like Checkit supports our strategy of giving customers access to the data they need to make more safe, smart and sustainable operations. Our innovative sensors, data and strategic relationships will continue to provide our customers with the insights they need to continuously improve the way they work, now and into the future.”

About Checkit

Checkit is the leading intelligent operations platform for business leaders of large, multinational and complex deskless workforces. Used by the NHS, bp, Waitrose, Sodexo and Center Parcs, the Checkit platform prompts, guides, captures and analyses frontline activity.

With its history of innovation, user-friendly workflow tools, sensor ecosystem, and business intelligence, Checkit empowers organisations to drive down costs, improve productivity and reduce waste. The company is headquartered in Cambridge, UK, with its operations centre in Fleet, UK, and US office in Florida. The company has over 190 employees.

About Disruptive Technologies

Founded in 2013, Disruptive Technologies (DT) is a Norwegian tech company and the award-winning developer of the world’s smallest wireless sensors and IoT infrastructure. These tiny, easy-to-use, robust and affordable sensors integrate into any application and collect all the data points needed to make buildings safe, smart, and sustainable, in minutes.

EN
31/03/2022

Underlying

CKTCheckit

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Checkit

Richard Williamson
  • Richard Williamson
CKT CHECKIT

Checkit - Signposting the path to profitability

In a tough trading environment, Checkit managed to grow FY24 revenue by 17% and reduce EBITDA losses by nearly half. The company has had a positive start to FY25 with new contract wins and the launch of a new module. Focus on growth from its existing customer base combined with strict cost control is helping Checkit to make steady progress towards its target of positive EBITDA and cash generation in FY27.

04/25/24 April 25, 2024 1 EN
Richard Williamson
  • Richard Williamson
CKT CHECKIT

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

04/15/24 April 15, 2024 1 EN
Richard Williamson
  • Richard Williamson
CKT CHECKIT

Checkit - FY24 revenue and ARR in line, EBITDA ahead

Checkit’s FY24 trading update confirmed that revenue and year-end annual recurring revenue (ARR) were in line with our forecasts, up 17% and 16% respectively. Better cost control resulted in a smaller EBITDA loss than expected, highlighting good progress towards reaching profitability. Product development is focused on expanding into new verticals and enhancing the platform with tools to turn data into actionable insights.

02/15/24 February 15, 2024 1 EN
Richard Williamson
  • Richard Williamson
CKT CHECKIT

Checkit - Making good progress towards profitability

Checkit reported annual recurring revenue (ARR) growth of 24% y-o-y in H124, with more than half of the growth from upsells and cross-sells to its existing customer base. Revenue was 19% higher y-o-y and EBITDA losses nearly halved y-o-y. We have upgraded our FY24 EBITDA forecast on better gross margins and operating efficiencies. Recent contract wins provide upsell potential and the recent John Lewis contract renewal highlights the stickiness of the technology.

09/14/23 September 14, 2023 1 EN
Richard Williamson
  • Richard Williamson
CKT CHECKIT

Checkit - Trading on track in tough environment

Checkit made good progress in H124, growing annual recurring revenue (ARR) by 24% y-o-y and revenue by 19% y-o-y. Net revenue retention of 113% highlights the company’s ability to cross-sell and upsell, and the recent contract renewal with John Lewis and master service agreement with Compass provide further expansion opportunities. We maintain our forecasts.

08/10/23 August 10, 2023 1 EN

ResearchPool Subscriptions

Get the most out of your insights

Get in touch