homebusiness Newscompanies NewsWith Amazon Web Services deal done, Intellect now going after other strategic deals
With Amazon Web Services deal done, Intellect now going after other strategic deals
A day after the AWS deal, Arun Jain, Chairman and MD of Intellect Design Arena, discussed the company's performance and plans for the future with CNBC-TV18.
Intellect Design Arena stocks jumped over 4 percent on February 8 after the fintech company announced a collaboration with Amazon Web Services (AWS). The deal will help Intellect bring AWS’s innovation and emerging technology to its customers.
“This will entail comprehensive and dedicated support from AWS across technology and strategy as well as an increased level of collaboration between the sales teams of both organisations. These joint go-to-market initiatives will help commercial insurers, Managing General Agents (MGAs), and brokers streamline and automate their underwriting,” the firm said in a release.
A day after the AWS deal, Arun Jain, Chairman and MD of Intellect Design Arena, discussed the company's performance and plans for the future with CNBC-TV18.
According to Jain, the average deal value size could remain similar in the future, as the company has many strategic deals in the pipeline. The company's recent success in winning deals in the US and France in quarter three has added to its growth trajectory.
However, Jain acknowledged that the slowdown in license revenue in the UK had impacted the company's overall growth. “There was a slowdown in the December quarter and I think we should recover back. There are a lot of deals in the pipeline. We won the deal in US and France,” he said.
To overcome this challenge, Intellect Design Arena is investing heavily in its platform business, which has seen a growth of 40 percent in the last 12 months. The company is moving from a product-based business model to a platform-based model, which is proving to be a key driver of growth.
“We are investing in the product-to-platform business,” he said.
Jain also highlighted that 5 percent of the company's profit had been reinvested in its growth platform, which will enable it to continue its upward trajectory.
In the December quarter, Intellect’s consolidated net profit declined 38.5 percent to Rs 62 crore despite the firm posting a 7.6 percent rise in net sales to Rs 547 crore over the same quarter in FY22.
Also Read | Intellect Design Arena ties up with InsureMO to offer AI-enabled solutions for insurance firms
Over the last 12 months, Intellect Design Arena has grown its revenue by 20 percent on year on year (YoY) basis, demonstrating its commitment to driving growth and innovation.
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