FoneWorx will move to the JSE's main board from next Monday after the bourse approved its graduation from AltX. It will change its name to Cognition Holdings at the same time.
This news was announced by CEO Mark Smith in a letter to stakeholders today. The changes, notes Smith, are because the company has identified "new and exciting opportunities" in what it calls the "New Knowledge Economy".
Smith explains, as mass marketing declines and new digital channels open up, there is an "accelerated need to understand the customer better and communicate in a meaningful, relevant and anticipated manner". He says FoneWorx has realised that collecting, using and processing data will become more complicated when new laws like the Protection of Personal Information (POPI) Act comes into effect.
The legislation has been signed off by president Jacob Zuma, but he has yet to announce a commencement date.
Smith adds there is a need to build up demographics and psychographics of individual customers, and understand how various generations of customers behave. This, he says, has created new opportunities, which FoneWorx aims to take advantage of through a new division called Knowledge 350^0.
In July, FoneWorx added to capacity at this unit by buying a 35% stake in BMI Research for an undisclosed amount. This follows its May acquisition of a 44% stake in Living Facts to add to Knowledge 350's capabilities as it allows the company to better understand customer needs, perceptions and realities.
Knowledge 350o provides a business process plan for clients, which will then be augmented by technology as a facilitator. It is a "15-step business process which creates an integrated and logical strategic process that assists companies to build up meaningful databases in line with POPI and to move away from segmenting customers to building single customer profiles with detailed demographics and psychographics associated to each customer," FoneWorx explains.
The business unit is expected to open up new market sectors, new clients, and additional revenue streams for FoneWorx.
Share