With a freshly-filed machine learning patent and recent three-year deal with Canada Post, Intouch Insight’s CEO says the shift toward subscription-based software is bearing fruit for the Ottawa firm.
Last week, the firm announced a new patent application to use machine learning to improve customers’ results. Chief executive Cameron Watt said in a statement that the application will help to differentiate Intouch’s software offering.
While the company’s products have always provided customer feedback to clients, Intouch’s patent-pending platform will constitute an integrated “customer experience management” system that will allow clients to survey their customers, analyze data in the form of charts and graphs and create checklists to help address customer concerns.
The filing follows an announcement last month that Canada Post will use the company’s IntouchCheck survey software to collect and analyze feedback from customers at post offices across the country. The contract will run for three years, with options for a pair of additional one-year extensions.
Financial terms were not released, but Watt said then that the deal is a big win for his company because of the large number of licences the Crown corporation will be purchasing.
“The fact that one of the pillars of our new platform is being well-received is a good signal,” he said.
Founded in 1992, Intouch (TSX-V: INX) recently began shifting its focus to a subscription-based software-as-a-service sales model.
Intouch has about 80 employees and its customers include General Motors, Loblaws and FedEx.
In its most recent earnings report in late November, the company said it earned revenues of $3.67 million for the quarter ending Sept. 30, 2017, a year-over-year increase of 15 per cent. It reported a profit of just over $33,000, compared with a loss of $34,000 a year earlier.