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Affluence Corporation (AFFU) is a diversified technology company specializing in Smart City Software and Internet of Things (IoT) solutions. Headquartered in Oak Brook, IL, the company focuses on delivering innovative IoT, AI, and 5G technologies aimed at transforming urban living and industrial operations.
Affluence Corporation operates through its key subsidiary, OneMind Technologies SL, based in Barcelona, Spain. OneMind offers intelligent IoT solutions used in creating applications for smart city and smart industry operations. The platform connects data sources to a single point of insight, providing real-time information on operational processes, which is crucial for efficient city management and industrial automation.
Recently, Affluence Corporation has shown significant growth and strategic expansion. In the third quarter of 2023, the company reported a revenue of $433,000 with a gross margin of 84%. Despite a slight decrease in quarter-over-quarter revenue, the emphasis on increasing SaaS customers and investment in product development has positioned Affluence for future growth. The introduction of OneMind NG Polar, a smart IoT tool, marks a significant advancement in their product lineup, suitable for Smart City command, Big Data applications, telecom, and data centers.
In November 2023, Affluence announced a partnership with Durham Black to implement a two-pronged growth strategy aimed at unlocking new markets and enhancing value through acquisitions. This strategic move is set to establish Affluence as a global leader in smart industries and next-generation internet solutions.
January 2024 saw Affluence expanding into the $500 billion global connectivity market with the acquisition of Contrivian Inc. This acquisition provides sophisticated network services essential for modern cloud computing, AI, and SaaS demands, bolstering Affluence's market presence.
Continuing its expansion, in April 2024, Affluence planned to acquire three IoT technology companies, forming a new entity named Digibriks. This acquisition aims to provide an end-to-end solution for smart cities and industries, enhancing revenue and technological capabilities.
In May 2024, Affluence merged with Durham Black Inc., appointing Patrick C Shutt as the new CEO. This merger is expected to unlock new markets and increase shareholder value through targeted acquisitions, cementing Affluence's role in the $1.7 trillion global communications market.
Affluence Corporation (AFFU) reported record revenue of $1,463,099 for FY 2022, a 185% increase from $513,673 in 2021. The company also achieved a 38% revenue growth in Q4 compared to Q4 2021, with an improved gross margin of 5% year-over-year. CEO James E. Honan, Jr. highlighted significant expansion in the customer base and strategic partnerships globally, contributing to the enhanced Smart City Software solutions that incorporate AI and SaaS options. Looking ahead, the preliminary results for Q1 2023 are projected to double compared to the previous quarter, with a sales pipeline five times larger than last year. The company has established key partnerships with Dell Technologies, Orange Business Services, and others, indicating strong future growth potential.
OAK BROOK, IL / ACCESSWIRE / February 7, 2023 - OneMind Technologies, a subsidiary of Affluence Corporation (AFFU.PK), announced new product features leveraging Artificial Intelligence (AI) and Machine Learning (ML) to enhance analytics for Smart City decision-making. The announcement was made at the LEAP 2023 Technology Conference in Saudi Arabia, where OneMind showcased its Hypervisor for Digital Cities alongside Orange Business Services (NYSE:ORAN). New functionalities, including an analytical panel for data clustering and monitoring, aim to support city managers with real-time, actionable insights. OneMind is committed to evolving its platform with emerging tech trends.
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