Featured Company /
HealthSpace Data Systems Ltd.
The cloud services market continues to grow and evolve as IT companies increasingly shift to services platforms and companies look outside to the cloud to capitalize on big data to better connect with consumers. According to Statista, the total size of the public cloud Software as a Service (SaaS) market grew from $5.56 billion in 2008 to an estimated $105.49 billion in 2017 and will continue to rise to $132.57 billion in 2020.
In addition to what could be considered traditional uses for SaaS, catalysts abound in emerging markets, albeit countries or industries, offering tremendous upside to the market opportunity going forward. With the advent of blockchain technology, the next tectonic shift could also be in the making in a way that the digital ledger could re-write how data is stored and shared.
It’s this digital environment that highlights companies like HealthSpace Data Systems Ltd. (CSE:HS)(OTCPK:HDSLF), one of the more successful, yet overlooked, SaaS companies in North America with a proven track record with government agencies and the hospitality industry for two decades. Founded in 1998 by health inspector John Halstad and database guru Andrew Price with a focus of developing inspection, information and communication management systems for federal, state, county and municipal governments, the company now has a roster with hundreds of government clients as well as a growing list of customers in the restaurant and hospitality and agriculture industries.
Products and services include the newly launched cloud and mobile inspection management system called HealthSpace CS (Cloud Suite) Pro, HealthSpace Cloud, HealthSpace Touch and HealthSpace Data, as well as implementation and support training. Impressively, the company, who is headquartered in Chilliwack, British Columbia with support and development offices in Charlotte, North Carolina, can boast a 100 percent customer retention rate. Again, that’s twenty years of never losing a customer, which speaks volumes about the quality of the company and its products and to the opportunity with a little more marketing.
A look through HealthSpace’s news feed suggests the company would be far bigger than its $18 million market capitalization. In January alone, HealthSpace announced $236,000 in new contracts and contract renewals from customers in Washington, Illinois, New York and Ontario, followed by a five-year contract with the State of Tennessee Department of Health to deploy HS CS Pro. At the minimum, this contract is valued at $294,000, which could climb to $440,800 depending on the number of system users.
That’s a good start to a year following $481,175 in revenue during the most recent quarter reported, ended October 31, 2017. While those sales were essentially flat with the year prior quarter, management shaved operating expenses by over 42% to $640,712, cutting the net loss to only $164,178 as the company moves towards profitability while developing and launching new products and services.
While HealthSpace can trumpet leading states, cities and counties across North America as clients, the company is only scratching the surface for its potential as it hits new markets and develops cutting-edge technology. Last July, the company secured its first food and beverage SaaS customer, LB Steak, for a one-year contract covering LB’s five Silicon Valley locations, marking the first delivery of HealthSpace’s new product to a commercial enterprise vertical. The implications of integrating HS CS Pro into daily operations run deep for a restaurant operator, especially when considering that via a check of the HS Touch app, LB management can quickly perform quality checks on the full spectrum of their business. This includes the same public health inspection that regulating jurisdictions perform.
To lend some color as to just how important this auditing system is, consider the multiple foodborne illness debacles experienced by Chipotle in recent years. A system like that of HealthSpace potentially could have averted the protracted outbreaks of E. coli, salmonella and norovirus that led to the closing of over 2,000 locations and an unquantifiable amount of reputation damage and marketing to try and win back customers by proving their food was safe.
As it deepens its roots with governments and expands into other markets, such as cruise ships, HealthSpace is advancing initiatives in two of today’s most lucrative and exploding markets: cannabis and blockchain. Cumulatively, these two initiatives should have a profound impact on the top and bottom line if HealthSpace can maintain its position as a first mover introducing blockchain across many market verticals.
In August, a partnership was struck with 1804 Management in Needles, California to expand the HS CS Pro technology platform to provide comprehensive environmental health, auditing, permitting, and business management services to cannabis producers and distributors internationally.
Given HealthSpace’s experience in the agriculture sector and the prowess of the data management platform, the move into cannabis dovetails perfectly with the corporate growth strategy. Oversight from seed to sale is a critical component of the legal marijuana industry and HealthSpace is polishing its offerings specific to the cannabis market through collaboration with Drew Milburn, CEO of 1804 Management, a man regarded as a foremost expert in the cannabis cultivation and retail market.
Expressing his confidence, Milburn referred to the new partnership to solve pain points in the cannabis space as “an industry changer” by two companies “accustomed to being leaders within their respective industries and now working together [to] continue that trend.”
The companies are looking to build the system that will capture share in the burgeoning cannabis market that was estimated to hit $9.7 billion in North America last year, according to Arcview Market Research and mushroom globally to $55.8 billion by 2025, as forecast by cannabis research firm Grand View Research. HealthSpace is in the right spot by aligning in California now that recreational marijuana became legal at the first of the year. The market in the populous and liberal state is expected to hit $3.7 billion in 2018 alone and rise to over $5.0 billion next year, presenting a premium opportunity for HealthSpace to broaden its West Coast footprint.
Finally, HealthSpace is taking a leadership position in blockchain, utilizing its skillset to improve upon data collection and inspection. As with any innovation, the premise is to provide a more efficient and secure technology to better inform decision making. Blockchain has been scrutinized as if it is synonymous with the cryptocurrency Bitcoin that has experienced wild volatility in the recent months. Fact is, that while blockchain is the public ledger underscoring Bitcoin transactions, it is a completely independent technology for which cryptocurrencies are but one possible application for storing and sharing distributed data that has multiple sources of input.
Most experts with a deep understanding of blockchain stand firmly on the potential of the technology as the second coming of the internet in the way it can reshape the way the world transacts, communicates and stores information.
In November, HealthSpace disclosed it had begun to prototype their iOS and Android inspection applications to implement blockchain technology. As with the cannabis market, blockchain is a natural extension of HealthSpace into commercial enterprises where a common system of records connecting regulatory data and events will soon be standard issue. HealthSpace is taking a novel approach and leveraging its wealth of experience to develop an innovative inspection and auditing system built for regulatory and quality assurance oversight that implements its own distributed blockchain ledger using smart contracts, self-executing computer code that acts as an independent third party to verify and facilitate the terms of a contract. These smart contracts provide customization of blockchain transactions and will underpin a continuous chain of events tied to a singular location or product.
At its core, blockchain is an ideal scaffold for audit trails. What HealthSpace is doing is taking it to the next level, providing “off-chain” storage access in conjunction with smart contracts. The applications are endless. In the cannabis business, for example, it can securely envelope the complete seed to sale lifespan of each and every plant or product in an open standard to ensure public trust and transparency.
On top of meeting the regulatory component, the technology most certainly supports frictionless integration with digital currencies, which overcomes a litany of banking issues as marijuana remains a Schedule I drug at the U.S. federal level.
To expedite its blockchain efforts, HealthSpace has teamed with the industry experts at Blockchain as a Service (BaaS) company SIMBA Chain. SIMBA is currently working with HealthSpace on integrating blockchain into its existing platform as well as collaborating with Vanbex Group, Etherparty and HealthSpace on a white paper detailing how HealthSpace can leverage blockchain into both the public and private sectors for auditing purposes.
If you’re judged by the company you keep, HealthSpace has a bright future. Akin to the excitement of 1804’s Milburn, Ian Taylor, a SIMBA CTO and Research Professor of Distributed Computing and Data Science at Notre Dame, calls the new technology an “innovative, disruptive strategy that will pave the way for a new decentralized ecosystem of next generation inspection/auditing applications.”
The plan is to release the alpha prototype of the blockchain-based quality and safety audits with industry partners by the end of March. The prototype will cover all the important market opportunities for HealthSpace, including cannabis production, government agencies and the food service and hospitality sectors and mark an important milestone not just for HealthSpace and its investors, but for each industry that can benefit as the power of blockchain is starting to be realized.
Fundamentally, HealthSpace will further stamp its name as a pioneer in SaaS, a name that many may not know about today, but likely will in the near future as a rebalancing between the market cap with the technology, client base and sales certainly seems imminent to properly reflect corporate value.
Corporate Snapshot:
HealthSpace Data Systems Ltd.
Stock Symbol:
CNX
Stock Exchange:
CSE
Sector:
Technology
52 Week High:
$0.2700
52 Week Low:
$0.0350
Alt Exchange/Ticker:
OTCPK:HDSLF
Current Stock Quote / Chart / News: Click here
Information as of
February 26, 2018
The cloud services market continues to grow and evolve as IT companies increasingly shift to services platforms and companies look outside to the cloud to capitalize on big data to better connect with consumers. According to Statista, the total size of the public cloud Software as a Service (SaaS) market grew from $5.56 billion in 2008 to an estimated $105.49 billion in 2017 and will continue to rise to $132.57 billion in 2020.
In addition to what could be considered traditional uses for SaaS, catalysts abound in emerging markets, albeit countries or industries, offering tremendous upside to the market opportunity going forward. With the advent of blockchain technology, the next tectonic shift could also be in the making in a way that the digital ledger could re-write how data is stored and shared.
It’s this digital environment that highlights companies like HealthSpace Data Systems Ltd. (CSE:HS)(OTCPK:HDSLF), one of the more successful, yet overlooked, SaaS companies in North America with a proven track record with government agencies and the hospitality industry for two decades. Founded in 1998 by health inspector John Halstad and database guru Andrew Price with a focus of developing inspection, information and communication management systems for federal, state, county and municipal governments, the company now has a roster with hundreds of government clients as well as a growing list of customers in the restaurant and hospitality and agriculture industries.
Products and services include the newly launched cloud and mobile inspection management system called HealthSpace CS (Cloud Suite) Pro, HealthSpace Cloud, HealthSpace Touch and HealthSpace Data, as well as implementation and support training. Impressively, the company, who is headquartered in Chilliwack, British Columbia with support and development offices in Charlotte, North Carolina, can boast a 100 percent customer retention rate. Again, that’s twenty years of never losing a customer, which speaks volumes about the quality of the company and its products and to the opportunity with a little more marketing.
A look through HealthSpace’s news feed suggests the company would be far bigger than its $18 million market capitalization. In January alone, HealthSpace announced $236,000 in new contracts and contract renewals from customers in Washington, Illinois, New York and Ontario, followed by a five-year contract with the State of Tennessee Department of Health to deploy HS CS Pro. At the minimum, this contract is valued at $294,000, which could climb to $440,800 depending on the number of system users.
That’s a good start to a year following $481,175 in revenue during the most recent quarter reported, ended October 31, 2017. While those sales were essentially flat with the year prior quarter, management shaved operating expenses by over 42% to $640,712, cutting the net loss to only $164,178 as the company moves towards profitability while developing and launching new products and services.
While HealthSpace can trumpet leading states, cities and counties across North America as clients, the company is only scratching the surface for its potential as it hits new markets and develops cutting-edge technology. Last July, the company secured its first food and beverage SaaS customer, LB Steak, for a one-year contract covering LB’s five Silicon Valley locations, marking the first delivery of HealthSpace’s new product to a commercial enterprise vertical. The implications of integrating HS CS Pro into daily operations run deep for a restaurant operator, especially when considering that via a check of the HS Touch app, LB management can quickly perform quality checks on the full spectrum of their business. This includes the same public health inspection that regulating jurisdictions perform.
To lend some color as to just how important this auditing system is, consider the multiple foodborne illness debacles experienced by Chipotle in recent years. A system like that of HealthSpace potentially could have averted the protracted outbreaks of E. coli, salmonella and norovirus that led to the closing of over 2,000 locations and an unquantifiable amount of reputation damage and marketing to try and win back customers by proving their food was safe.
As it deepens its roots with governments and expands into other markets, such as cruise ships, HealthSpace is advancing initiatives in two of today’s most lucrative and exploding markets: cannabis and blockchain. Cumulatively, these two initiatives should have a profound impact on the top and bottom line if HealthSpace can maintain its position as a first mover introducing blockchain across many market verticals.
In August, a partnership was struck with 1804 Management in Needles, California to expand the HS CS Pro technology platform to provide comprehensive environmental health, auditing, permitting, and business management services to cannabis producers and distributors internationally.
Given HealthSpace’s experience in the agriculture sector and the prowess of the data management platform, the move into cannabis dovetails perfectly with the corporate growth strategy. Oversight from seed to sale is a critical component of the legal marijuana industry and HealthSpace is polishing its offerings specific to the cannabis market through collaboration with Drew Milburn, CEO of 1804 Management, a man regarded as a foremost expert in the cannabis cultivation and retail market.
Expressing his confidence, Milburn referred to the new partnership to solve pain points in the cannabis space as “an industry changer” by two companies “accustomed to being leaders within their respective industries and now working together [to] continue that trend.”
The companies are looking to build the system that will capture share in the burgeoning cannabis market that was estimated to hit $9.7 billion in North America last year, according to Arcview Market Research and mushroom globally to $55.8 billion by 2025, as forecast by cannabis research firm Grand View Research. HealthSpace is in the right spot by aligning in California now that recreational marijuana became legal at the first of the year. The market in the populous and liberal state is expected to hit $3.7 billion in 2018 alone and rise to over $5.0 billion next year, presenting a premium opportunity for HealthSpace to broaden its West Coast footprint.
Finally, HealthSpace is taking a leadership position in blockchain, utilizing its skillset to improve upon data collection and inspection. As with any innovation, the premise is to provide a more efficient and secure technology to better inform decision making. Blockchain has been scrutinized as if it is synonymous with the cryptocurrency Bitcoin that has experienced wild volatility in the recent months. Fact is, that while blockchain is the public ledger underscoring Bitcoin transactions, it is a completely independent technology for which cryptocurrencies are but one possible application for storing and sharing distributed data that has multiple sources of input.
Most experts with a deep understanding of blockchain stand firmly on the potential of the technology as the second coming of the internet in the way it can reshape the way the world transacts, communicates and stores information.
In November, HealthSpace disclosed it had begun to prototype their iOS and Android inspection applications to implement blockchain technology. As with the cannabis market, blockchain is a natural extension of HealthSpace into commercial enterprises where a common system of records connecting regulatory data and events will soon be standard issue. HealthSpace is taking a novel approach and leveraging its wealth of experience to develop an innovative inspection and auditing system built for regulatory and quality assurance oversight that implements its own distributed blockchain ledger using smart contracts, self-executing computer code that acts as an independent third party to verify and facilitate the terms of a contract. These smart contracts provide customization of blockchain transactions and will underpin a continuous chain of events tied to a singular location or product.
At its core, blockchain is an ideal scaffold for audit trails. What HealthSpace is doing is taking it to the next level, providing “off-chain” storage access in conjunction with smart contracts. The applications are endless. In the cannabis business, for example, it can securely envelope the complete seed to sale lifespan of each and every plant or product in an open standard to ensure public trust and transparency.
On top of meeting the regulatory component, the technology most certainly supports frictionless integration with digital currencies, which overcomes a litany of banking issues as marijuana remains a Schedule I drug at the U.S. federal level.
To expedite its blockchain efforts, HealthSpace has teamed with the industry experts at Blockchain as a Service (BaaS) company SIMBA Chain. SIMBA is currently working with HealthSpace on integrating blockchain into its existing platform as well as collaborating with Vanbex Group, Etherparty and HealthSpace on a white paper detailing how HealthSpace can leverage blockchain into both the public and private sectors for auditing purposes.
If you’re judged by the company you keep, HealthSpace has a bright future. Akin to the excitement of 1804’s Milburn, Ian Taylor, a SIMBA CTO and Research Professor of Distributed Computing and Data Science at Notre Dame, calls the new technology an “innovative, disruptive strategy that will pave the way for a new decentralized ecosystem of next generation inspection/auditing applications.”
The plan is to release the alpha prototype of the blockchain-based quality and safety audits with industry partners by the end of March. The prototype will cover all the important market opportunities for HealthSpace, including cannabis production, government agencies and the food service and hospitality sectors and mark an important milestone not just for HealthSpace and its investors, but for each industry that can benefit as the power of blockchain is starting to be realized.
Fundamentally, HealthSpace will further stamp its name as a pioneer in SaaS, a name that many may not know about today, but likely will in the near future as a rebalancing between the market cap with the technology, client base and sales certainly seems imminent to properly reflect corporate value.
Forward Looking Statements
This report includes forward-looking statements that reflect current expectations about its future results, performance, prospects and opportunities. HealthSpace Data Systems Ltd. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause HealthSpace Data Systems Ltd.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.
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