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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 (OTC PINK: AFFU) announces that its subsidiary, OneMind Technologies, has been awarded Best Regional Partner for the 2022 IMEAR by Orange Business Services. This recognition reflects OneMind's expertise in smart city digital transformation and strengthens its partnership with Orange. The award was presented at the annual Partner Day in Paris, where strategies for leading in cloud and IoT services were discussed. This accolade positions OneMind for further growth and expansion in digital city projects.
OneMind Technologies, a subsidiary of Affluence Corporation (OTC PINK:AFFU), has formed a strategic partnership with Dell Technologies (NYSE:DELL). This collaboration will see Dell integrate OneMind's Hypervisor into its Digital City Software product. The partnership aims to leverage Dell's extensive sales force to expand OneMind's global market reach, following previous successful projects. Both companies have participated in major Digital City events, showcasing their joint capabilities in the smart city sector.
Affluence Corporation (OTC PINK:AFFU) reported third-quarter earnings for 2022, achieving its fourth consecutive quarter of positive net income. Key highlights include a 504% year-over-year revenue growth, reaching $453,005, and a net income of $132,670. The gross margin improved by 20 points quarter over quarter. The company also secured $3.3 million in growth capital to enhance its development and sales efforts. Partnerships with major technology firms aim to expand sales reach across multiple regions, including North America and Asia.
Affluence Corporation (OTC PINK: AFFU) announced its participation at the Smart City Expo World Congress 2022 in Barcelona from November 15-17. OneMind Technology, a subsidiary of Affluence, will showcase its Hypervisor product and is invited as a technology partner by Dell Technologies. Key executives will deliver notable presentations on optimizing smart city operations and innovations in smart city software. The expo aims to gather over 24,000 attendees and focuses on various sectors including safety, security, and energy efficiency.
Affluence Corporation (AFFU.PK) announced that its subsidiary, OneMind Technologies, received recognition from Maia Research as a top player in the Flight and Situational Awareness Market. The market is projected to grow from $900 million in 2021 to $1.8 billion by 2028. OneMind's Hypervisor software stands out for its ability to integrate data in any format, unlike competitors bound to proprietary systems. This versatility positions OneMind favorably amidst partnerships and competition with industry giants such as Collins Aerospace and L3 Harris.
Affluence Corporation (OTC PINK: AFFU) announced a significant enhancement to its OneMind Technology's Hypervisor product to meet rising market demand. The upgrade aims to improve real-time analytics and multi-domain intelligence for public safety applications in smart cities. This relates particularly to emergency services coordination, optimizing response times and operational efficiency. A live demonstration of these capabilities will be showcased at the upcoming GITEX GLOBAL event in Dubai from October 10-14, 2022, emphasizing the transformative potential of their advanced technology solutions.
Affluence Corporation (OTC PINK: AFFU) announced that its subsidiary, OneMind Technology, had a successful debut at the Intersec Saudi Arabia Conference. The collaboration with Dell Technologies led to numerous sales opportunities and partnership discussions. New Head of Sales, Jorge Luengo Azcona, joined the team, bringing over 20 years of experience in disruptive technologies. OneMind's Hypervisor, an innovative IoT solution, is key to smart city operations and partnerships with Fortune 50 companies.
Affluence Corporation (OTC PINK:AFFU) announced a significant step towards growth by selecting Accell Audit and Compliance, PA as its audit and compliance partner. CEO James E. Honan, Jr. stated that this move aims to enhance transparency for shareholders as Affluence becomes a fully reporting company. The audit firm is experienced in working with emerging growth companies, which aligns with Affluence's goal of providing a comprehensive view of its operations. The company specializes in smart city software and IoT technology, seeking to leverage these advancements for future growth.
Affluence Corporation (OTC PINK:AFFU) announced that its subsidiary, OneMind Technology, will showcase its Hypervisor product at the Intersec Saudi Arabia Conference from September 13 to 15. Invited by Dell Technologies (NYSE: DELL), OneMind aims to demonstrate how its IoT solutions enhance safety and security in digital cities. The conference will host key government and industry leaders, focusing on emergency services and smart city innovations. Affluence is committed to advancing smart city technology through IoT and AI solutions.
Affluence Corporation (OTC PINK:AFFU) has reported record revenue for the third consecutive quarter in its Q2 2022 earnings, posting a remarkable 511% increase year-over-year and a 12% growth from Q1 2022, totaling $617,076. The company has achieved positive net income in each of the last three quarters. Management credits growth to successful partnerships and a robust Smart City Software market, projected to reach $6 trillion by 2030. Additionally, Affluence is advancing a significant Smart City project and has secured a $1 million contract for AI module development.
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