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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 Corp. (AFFU) announced a new interview with CEO Jim Honan, discussing the company's growth strategies in cloud computing and IoT technology. Honan emphasized their focus on artificial intelligence, 5G technologies, and smart city applications, highlighting the success of their subsidiary OneMind Technologies in various global cities. The company also recently entered the $7.6 billion biomedical waste market through the acquisition of Saamarthya Management Consultancy, which operates in 40,000 healthcare establishments in India. Affluence secured $40 million in funding to support global expansion and aims to acquire more IoT technology companies.
Affluence Corporation (AFFU) has signed a Letter of Intent to acquire Saamarthya Management Consultancy P Ltd in India, entering the $7.6 billion biomedical market. This acquisition aims to enhance their IoT portfolio with a biomedical waste management solution, already in use by 10 operators in India, covering over 40,000 healthcare establishments. Projected revenue from this initiative is approximately $3 million in the next year, with plans to increase market penetration significantly. The global biomedical waste market is expected to grow to $12.8 billion by 2030.
Affluence Corporation (OTC PINK:AFFU) has announced the execution of a funding term sheet for a joint venture with a major European Investment Fund, securing up to $40 million for infrastructure and software projects in Asia. CEO James E. Honan emphasized that this funding will not dilute shareholder equity. The funding is expected to close in early Q4 2021, with revenue generation anticipated from the projects within the same year. This initiative aims to position Affluence as a leader in Smart City Solutions, IoT, and 5G technologies across Asia.
Affluence Corporation (AFFU) has announced the deployment of its OneMind platform in the Smart Showrooms of Orange Business Services and Dell Technologies. The OneMind solution facilitates a comprehensive smart city infrastructure, enabling real-time data integration and operational efficiency across sectors like airports and construction. This collaboration underscores the reliability of OneMind Technologies in the competitive smart city market. CEO Stephane Eyme highlighted these deployments as opportunities for feedback and improvements on their platform.
Affluence Corporation (OTC PINK:AFFU) provided a business update highlighting progress in key initiatives. The company is nearing the conclusion of a memorandum of understanding with a major Asian telecom to build last-mile fiber infrastructure. Additionally, they are negotiating acquisitions of two technology firms to enhance their service offerings. Affluence's subsidiary, OneMind Technologies, is set to support a significant Smart City project, with an announcement expected in July 2021. The company is focused on innovative IoT and 5G technologies.
Affluence Corporation (OTC PINK:AFFU) announced that its subsidiary, OneMind Technologies, will participate in a webinar on June 9, 2021, titled "Integrated Operations Centers (IOC) - what is next?" CEO Stéphane Eyme will join industry leaders to discuss trends in integrated command centers. The webinar, which starts at 2:00 PM Gulf Standard Time, focuses on enhancing city operations and minimizing risks. OneMind Technologies specializes in IoT solutions for smart cities, showcasing partnerships with major companies like Dell Technologies.
Affluence Corporation (OTC PINK: AFFU) announced a strategic initiative to expand its operations in Asia and Africa, following its acquisition of ISLP Technologies. The plan includes acquiring and partnering with tech companies to enhance its offerings. CEO James E. Honan highlighted ongoing negotiations with a major telecom firm in Asia to develop fiber technology infrastructure. Additionally, a Global Services Delivery Centre is being established in India to boost project delivery capabilities.
Affluence Corporation (OTC PINK:AFFU) has signed a definitive agreement to acquire ISLP Technologies in India, targeting the rapidly expanding 5G and telecom market. ISLP, with roots in IIT Delhi, brings significant contracts that will leverage Affluence's product suite. CEO James E. Honan, Jr. emphasized that this acquisition aligns with their goal of establishing a global presence. A major project with a leading Indian telecom will showcase Affluence’s technologies. ISLP is expected to unlock further growth opportunities in digitalization and IoT within the region.
Affluence Corporation (OTC PINK: AFFU) announced a strategic partnership for its OneMind subsidiary with a Fortune 50 technology company and a leading European TMT services integrator. This collaboration aims to deliver a significant smart city project, generating over $ million in revenue for 2021 with further growth anticipated in the following years. OneMind's platform has been recognized as a top solution among competitors. The company highlighted a growing pipeline of sales opportunities in the smart city sector, driven by increasing demand for situational awareness and real-time insights.
Affluence Corporation (AFFU) has established a new legal entity in Singapore to cater to increasing demand in Africa, India, and the Asia Pacific markets. CEO James E. Honan highlighted that the new headquarters will support numerous opportunities in the sales pipeline, including several technology acquisitions aimed at enhancing their offerings in Edge Cloud and Smart City solutions. The company anticipates significant purchase orders before Q2 ends, driven by ongoing engagements with government and multinational corporations.
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