Core Government Business - HSCloud Suite
In late 2016, the Company announced a new product line called HSCloud Suite. HSCloud is an enterprise web platform capable of eliminating much of the paperflow that comes with running a government agency by automating much of the day-to-day tasks. Utilizing a highly configurable business intelligence (BI) engine, each agency is easily able to configure their own laws, rules and business requirements enabling them to work faster, smarter and more efficiently. By mid 2017 the company brought on its first HSCloud Suite clients marking the beginning of the transition to this innovative, easily configurable and higher margin product. In April of this year, the Company announced that it won the largest contract in its history with the State of Virginia. This contract was awarded based upon the Company's latest Cloud technology offerings coupled with its excellent service reputation. This contract solidifies HSCloud as a proven Cloud SaaS product for large government implementations. The new technology suite has been extremely well received and the sales pipeline has been building up significantly. The Company projects recurring revenue to continue to increase in 2018-2019, with growth in the government space rapidly increasing into 2020.
Blockchain - VIA Marketplace
The Company launched a blockchain initiative in late 2017 that has since gained significant attention from various government agencies and the private sector alike. With the onboarding of its first regulatory agency, Peterborough, Ontario, the Company has been able to validate the transmission of audits and regulatory data across a distributed system. HealthSpace is developing a second version of its white paper for the VIA Marketplace in order to expand upon its technological thesis. Part of this will entail offering the blockchain platform as a standardized protocol for larger government agencies and various private industries. By doing so, the addressable market is expanded beyond what was addressed in the first iteration of the white paper. The second version of the white paper will fall in-line with the Company's release of the BETA version of the VIA platform. This version will be aimed at broader testing from community insiders and early adoption into other verticals. Both the white paper and BETA version are in active development and are planned to be released in the near future.
Cannabis
HealthSpace has developed several relationships within the cannabis space and has begun detailing some product changes in order to cultivate market traction. The Company is exploring opportunities with multiple regulatory agencies that oversee and regulate cannabis producers. The Company intends on leveraging its vast experience in developing SaaS platforms for enforcement and compliance into the cannabis space where there is little in the way of software offerings that adequately handle compliance.
AI
