InFocus Reports AUD 500k Cash Receipts from VigoBet Project Phase One
InFocus Group Holdings reports $500,000 in cash receipts from the first phase of its VigoBet digital gaming platform contract, with the project nearing completion and promising further phases.
- Received AUD 500,000 cash from first phase of GBO Assets VigoBet project
- First phase revenue of AUD 1.2 million nearing completion this quarter
- Positive feedback from GBO Assets signals imminent second phase start
- Rebranding of Trienpont International to Onify to target enterprise clients
- Prodigy9 acquisition to complete by 4 February, enhancing fintech capabilities
Strong Start to Multi-Phase Digital Gaming Contract
InFocus Group Holdings Limited (ASX: IFG) has announced a significant milestone in its contract with GBO Assets, receiving AUD 500,000 in cash receipts as the first phase of the VigoBet digital gaming platform development nears completion. This initial phase is valued at AUD 1.2 million, with the balance expected upon completion this quarter.
The contract, denominated in USD, is valued at an estimated USD 2.5 million over multiple phases. InFocus highlighted that the strengthening of the US dollar against the Australian dollar will positively impact its consolidated revenues when converted to AUD, providing a currency tailwind to the project’s financial outcomes.
Positive Client Feedback and Next Phase Outlook
GBO Assets has provided encouraging initial feedback on InFocus’ performance, setting the stage for the immediate commencement of the second phase following the first phase’s completion. This progression underscores the client’s confidence in InFocus’ delivery capabilities and the potential for sustained revenue streams from this contract.
Strategic Rebranding and Expansion in Fintech
InFocus is also undergoing a strategic transformation by rebranding its software development subsidiary from Trienpont International to Onify. This move is designed to reposition the company from servicing predominantly SME clients to attracting larger enterprise-level customers, aligning with its growth ambitions in the fintech and digital gaming sectors.
Complementing this shift, InFocus has engaged Ingenium Technologies, led by seasoned executive Mr Clovis Warlop, to provide fintech consulting expertise. Mr Warlop brings extensive experience in Southeast Asian fintech and digital gaming markets, including leadership roles at True Corporation and Hero Poker, which is expected to bolster InFocus’ capabilities in delivering enterprise-scale projects.
Prodigy9 Acquisition to Enhance Enterprise Capabilities
The company also confirmed the imminent completion of its acquisition of Prodigy9, a software engineering consulting firm with strong retail and fintech expertise. Expected to close by 4 February 2025, this acquisition is anticipated to generate immediate cost synergies and contribute to making Prodigy9 cash generative within months, further strengthening InFocus’ enterprise offerings.
Together, these developments signal InFocus’ strategic pivot towards larger-scale projects and markets, leveraging its data analytics and software development strengths to capture growth opportunities in fintech and digital gaming.
Bottom Line?
InFocus is positioning itself for growth with strong project momentum and strategic acquisitions, but execution on upcoming phases and integration will be key.
Questions in the middle?
- Will the second phase of the GBO Assets contract proceed on schedule and meet revenue expectations?
- How effectively will InFocus integrate Prodigy9 to realise cost synergies and cash flow benefits?
- Can the rebranding to Onify successfully attract and retain larger enterprise clients in competitive fintech markets?
