Rapid growth in wearables market wins Spacetalk place in the Deloitte Technology Fast 50
Rapid growth in demand for children’s safety devices has driven 281% growth for smartphone watch innovator Spacetalk, and won the ASX company a coveted place in the Deloitte Technology Fast 50 Australia, announced yesterday.
Founded in 2001 as MGM Wireless with a focus on SMS messaging for the education sector, Spacetalk formally changed its name last week to reflect its new focus on wearable technology that keeps families safe and connected.
The shift from school messaging to family-friendly wearables was organic, based on our years of experience working with families and schools, but even we were amazed by the demand from parents when the first Spacetalk kids’ smartphone watch hit the market in 2017,” said CEO and Executive Chairman Mark Fortunatow.
“The result has been this surge in revenue, and with new products about to hit the market, we are intent on keeping up that momentum. We are delighted to be recognised alongside the most successful high-growth tech companies in Australia with a sought-after Deloitte Fast 50 ranking.”
Now in its 20th year in Australia, the Deloitte Tech Fast 50 list ranks fast growing technology companies, public or private, based on percentage revenue growth over three years.
Deloitte Tech Fast 50 lead Josh Tanchel commended all the winners for their resilience in a challenging year, saying the 2020 list had shown “incredible leadership, agility, foresight, passion and perseverance”.
Mr Fortunatow thanked Spacetalk’s management and staff for their own passion and hard work during a year of uncertainty.
“We share the same common purpose as our founding team nearly 20 years ago, when our technology was designed to make sure children arrived at school safely,” Mr Fortunatow said. “The school SMS service alerted parents if their child hadn’t arrived at school, but the first question parents asked was ‘Where is my child?’”
By listening to parents’ concerns, and after three years of research and development, the company launched its first wearable device in 2017: the highly successful Spacetalk Kids, a smartphone built into a wristwatch designed for children aged 5 to 12, with a GPS service to allow parents to quickly locate their child from the companion app on their own phone.
The company’s R&D team went on to respond to another market need – a mobile phone built into a wristwatch with safety and other features important to the seniors market. Spacetalk Life for seniors, a new Spacetalk App and a next-generation Spacetalk Kids 2 model will all reach retail stores before Christmas.
“Spacetalk is a significant business, already over 3 times bigger than our school business,” Mr Fortunatow said. “We’re now the leader in this fast growing and huge new family wearables market.”
During this remarkable shift, the company has grown from 15 to 44 employees, with revenue up 47% to $10.7 million and office locations in London, Glasgow, Shenzhen, Melbourne, Sydney and headquarters in Adelaide.
About Spacetalk Ltd.
Spacetalk Ltd. is an Australian Stock Exchange listed technology company that develops innovative technologies to enrich connections between families, schools and society.
Founded in 2001 as MGM Wireless, the Company developed the world’s first SMS student absence notification platform for schools. MGM Wireless listed on the ASX in 2003 and went on to become Australia’s most successful school messaging company.
Leveraging this history and deep understanding of school and family communication and student safety, the Company set out in 2017 to conceive, develop and launch a safe technology ecosystem for families. The market-leading Spacetalk range of all-in-one smartphone watches for children and seniors and the companion family app platform are purpose built with tailored features, design qualities and data protection for families to stay confidently connected.
The Company changed its name to Spacetalk Ltd. on 12 November 2020.
To learn more about the Spacetalk devices and app platform, and the Company, please visit: https://www.spacetalkwatch.com/.