Homestay Care Ltd Company Profile
ASX:HSC

Best of breed IoT technology targeting the multi-billion dollar aged care sector

HomeStay Care uses cutting edge technology to empower elderly individuals to age at home and avoid residential aged care facilities.

  • Company
    Homestay Care Ltd
  • Website
  • Sector
    Software
  • Industry
    Application Software
  • Code
    ASX:HSC
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Company Overview

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HomeStay Care Limited ("HomeSay", ASX:HSC) provide the elderly with access to on-demand services, healthcare data management and lifestyle monitoring via its proprietary Internet of Things platform. HomeStay's intelligent homes configuration combines its proprietary software with hardware from Essence Security International Limited ("Essence Group"), an Israeli technology company. Essence Group specialises in "smart living" devices including motion, magnetic and thermal sensors and has 30 million of its devices installed in more than 3 million homes globally.

Automation Australia Pty Ltd (trading as Essence APAC) is an Australian business (not a subsidiary of Essence Group) that is an exclusive distributor for Essence Group in the Asia-Pacific. On the 15th July 2019, HomeStay entered into a binding heads of agreement with Essence APAC to become their exclusive re-seller in Australia, New Zealand and Singapore. As part of the agreement, existing and pipeline revenues from Essence APAC from the 10th July 2019 will also be transferred to HomeStay. Essence APAC annual revenues in FY19 totalled A$1.94m from the health, aged care and disability sectors.

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A disruptive end-to-end IoT solution for the multi-billion dollar domestic aged-care market that is supported by leading global technology.

HomeStay's best-of-breed technology empowers elderly individuals to stay at home for longer.
Channel To Market

HomeStay have a multi-faceted B2B go to market strategy that is supported by government payment pathways which will lead to faster market penetration.

Best-Of-Breed

HomeStay has exclusive access to cutting edge technology from Essence Group, which already has 30m devices deployed in 3m homes globally.

Know-How

Highly experienced Essence APAC MD Graham Russell, a significant shareholder in HomeStay is also now its newly appointed Managing Director.

ASX presentation

Click here to view the latest presentation on HomeStay Care

What is the Problem?

The 2019 Royal Commission into Aged Care Quality and Safety has slammed the industry as being “cruel and harmful”, urging for an immediate overhaul of the entire system which “diminishes Australia as a nation”. This negative view is also reflected in the "Housing Decisions of Older Australians" report released in 2015 which showed that 76% of over-60s wanted to see out their retirement in their own home.

What is the Solution?

HomeStay's cutting edge "Intelligent Home" IoT system empower elderly individuals to age at home for longer, increasing overall wellness, independence and peace of mind. HomeStay Care combines its proprietary software platform with a leading hardware solution provided by Essence Group which have 30m of its devices installed in over 3m homes globally.

What advantages does HomeStay Care have?

HomeStay Care have significant advantages over competitors including:
HomeStay Care is able to provide the hardware, software, hosting and maintenance necessary from end-to-end. To the company's knowledge there is no one else in the world that is currently offering a plug-and-play offering from start to finish.
Essence Group have over 200 staff members in their R&D department. This allows HomeStay Care to focus on sales, intergration and customisation. Israel is a global leader in AI, machine learning, voice activated alerts, fall detection, radar analytics and more.
The HomeStay Care team possess the in-depth technical knowledge required to roll its solution out nationally and abroad. Team members include newly appointed MD Graham Russell with expertise in running home automation, smart living and IoT businesses as well as National Operations Manager Dan Linderman who has 20+ years experience rolling out significant healthcare technology projects at places such as Westmead, Royal Adelaide, Queensland Children's Hospital and more.
As a cloud service the HomeStay Care system can grow with clients needs and continually add devices and services to keep them in their home longer. HomeStay Care provide up to 7 different added services that can be activated according to each customer's needs. Each additional service comes with transparent and affordable pricing.
HomeStay Care is already in market with over 5,000+ installations across Australia and New Zealand.
With the closure of the 3G network, every single personal emergency response system has to be replaced by 2024 with a 4G unit. According to the NBN records, there are approximately 260,000 devices registered. HomeStay Care is well positioned to capitalise on this event.

Watch how it works

Click here to view how HomeStay Care's solution works

What is the funding source that HomeStay Care will capitalise on?

It is significantly cheaper for the government to provide home care and home support for elderly individuals compared to residential care. Because of this, the Australian Government pays approved providers a home care subsidy on behalf of each eligible care recipient. This funding is "Consumer Directed Care" which means the consumer can decide how and where to spend their subsidy. As shown below, government spending on "Home Care" and "Home Support" totalled $4bn in 2018. The size of the subsidy available is usually greater than the cost of HomeStay's comprehensive technology solution (depending on the added services requested) which significantly increases speed to market.

What are the channels to market?

HomeStay Care has a multi-faceted B2B channel to market strategy which intends to target the largest personal emergency response system providers in the APAC region. Integration into nursing homes will also allow for proactive data-driven care through the Essence platform. Finally, wholesale opportunities exist to re-sellers in the sector as well as to other niche providers.

Clock icon Information current at 28 January 2020

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