BIZTRAK is an established and profitable (audited EBITDA $500+K p/a last 3 years) business and a leader in accounting and business intelligence software. Biztrak provide SME’s, mostly in the Asia Pacific region, with high functioning, lower cost software that can integrate and centralise all accounting and business intelligence in real time, to provide management the information they need to better inform their decision making.
Recent significant investment in product development has allowed them to shift from a SaaP (selling Software as a licensed desktop Product) model, to a lowewr cost SaaS model (selling cloud based Software as a Service on a subscription or regular fee basis).
In Which Industry Does Biztrak Operate?
Biztrak (see www.Biztrak.com) operates in the business accounting software development and sales. Accounting software assists management, bookkeepers and accountants to manage financial accounts and undertake accounting operations of an organisation in a specified methodology.
With gloablisation, the importance of accounting software is growing at a rapid pace because the need to maximise efficiencies, achieve scale cost-effectively or maximise production, logistics or marketing efforts, can equate to cost advantage. Improved spending on IT infrastructure and the rise in government initiatives is anticipated to boost the accounting software industry.
Companies are turning to high functioning accounting software for speed and ease of information, to aid their decision making. Biztrak serves SME’s (Small to Medium Size Enterprises) with a higher functioning, lower cost software product.
Up to recently, Biztrak MSB has been sold as SaaP (Software as a Product) desktop accounting software, either directly or through agents, under a license fee. (SaaP programs are paid for at the point of purchase by a License fee and subsequently installed on or run from your own computers, servers, or other on-premise hardware. Technical support is sold seperately.)
The company has invested in the development of their cloud based SaaS (Software as a Service) alternative and this is now being sold into new and existing clientelle. (The SaaS distribution model allows Biztrak to make their software available to customers over the Internet for an annual fee or subscription.)
What Are Biztrak’s Technologies?
Biztrak acquired the rights to its underlying intellectual property (which was originally developed in Melbourne, Australia) and further developed the product named Biztrak MSB Accounting and Business Intelligence Solutions (Biztrak MSB).
Biztrak offers Biztrak MSB to its customers through various packages to cater for different company sizes and different functionality to suit its customers’ needs. It complies with both GST/VAT regulations and IFRS catering mainly to SMEs and integrates with other leading systems such as MYOB, Xero and Quickbooks.
Biztrak MSB provides an integrated series of core financial modules (e.g. general ledger, accounts receivable, accounts payable, cash management, system management and security, e-bridge and online wizard) as its base offering and can be easily expanded with additional add-on financial and distribution modules (eg. inventory control, multicurrency, sales order processing, fixed assets, purchase order processing and excelink).
Biztrak’s software solutions have been constructed to allow ever-expanding features, while delivering to SMEs capabilities usually found only in costlier enterprise class packages.
What Makes Biztrak Competitive?
Biztrak’s most compelling value proposition is its software architecture, which facilitates seamless integration with other products while ensuring enterprise-quality BI capabilities.
A key feature of the architecture is the e-bridge middleware, which has been developed and refined by Biztrak’s in-house staff. E-bridge is a middleware solution in the Biztrak MSB application that facilitates the Electronic Data Interchange (EDI) solution to bridge the information gap between various financial and business management applications. It features the exchange of data in multiple formats and in a bidirectional manner, elasticity in communication, different batch modes structured in both an attended and unattended manner for rationalised processing of data.
By providing seamless and automated integration, the e-bridge allows businesses to eliminate the need for manual data entry and to quickly achieve EDI compliance with business partners for maximum efficiency and minimum costs. Biztrak’s rapid data migration and integration capabilities can be marketed to SMEs that want quick first-time implementation and smooth add-ons.
Unlike most competitors, the e-bridge is bundled, at no extra cost, as part of the software package. This suite can be offered to SMEs seeking integrated accounting and BI solutions that combine attractive price, scalability, robust architecture and constant upgrade of features and functions to achieve compliance or improved productivity.
Its ease of use also contributes to a high level of customer loyalty. Biztrak offers Biztrak MSB to its customers through various packages to cater for different company sizes and different capabilities to suit its customers’ needs. Biztrak generates revenue from selling its Biztrak MSB product and related services to users, mainly SMEs.
Product Development: Recognising accounting software is shifting towards cloud-based computing, Biztrak invested in the development of a cloud-based suite of services. They’re also expanding features that are in demand in new sales territories such as China, Hong Kong and Japan.
Business Model Moves From Saap to SaaS: The main characteristic of Cloud Accounting is that the accounting service system could be used without the need to install any software, which allows Biztrak to transform from the more expensive Software as a Product (SaaP) model, to a Software as a Service (SaaS) model where subscription fees replace licensing fees for existing and new customers.
Biztrak intend to generate revenue by transitioning existing customers to the new SaaS model, generating new sales in exsiting and new territories.
Market Development: Biztrak will launch their SaaS system in new territories including Australia and New Zealand.
Biztrak’s major shareholder is iFree Group, the international telecommunications and travel business. Bistrak intends to sell to iFree’s international SME customer base.
To learn more about the Biztrak business model, product development and growth projections, please view our Prospectus here.