Good morning. Welcome to the ActiveOps plc Results Investor Presentation. Throughout the recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right corner of your screen. Simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. The company can review all the questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Richard Jeffery, CEO. Good morning to you, sir.
Good morning, and good morning, everyone. Thank Thank you for making the time to speak with us or listen to us this morning. We've got quite a bit to get through, and we're gonna try and whistle through what I hope is a reasonable summary of what, for ActiveOps, has been a really great year, and the financial results have been strong as well. I want to sort of take us through a few things and also conscious that many of you may not have heard Emma or I talk before. Then, we'll start with a bit of a context for the company and about what we do.
Particularly I'm focusing on that because I think it also will give you some idea about why we're so excited at the moment about some of the things that are going on in the world that makes our product particularly relevant. In summary, ActiveOps, we are a software company. We're a SaaS software company, which means we get very strong recurrent revenues. We get good visibility of the money we're going to get in the course of any given year, because our contracts are long-term with very blue-chip companies. Alongside that SaaS revenue, we also have a certain amount of what we call, training and implementation revenues, that can vary quite a bit, but that, again, is very, very revenue generative.
It's highly profitable, but it depends a bit on the projects we do from one year to the next and how much our companies take on ourselves. That revenue varies a bit, which means our total revenues, top line, can vary from year to year, but the underlying strength of the business is very much to do with that SaaS revenue. In this current year, as you'll see on the screen there, we're looking at about GBP 25 million of SaaS revenue, and that's broadly spread across our region. We have an excellent customer base in Australia, which we've had for many years, where we are really the dominant player in most of the banks there.
We have excellent penetration now in North America, particularly Canada. Canada is 1 of the strengths of the year, where we are now pretty much as predominant in use of our software by the Canadian banks as we are in Australia. EMEA. EMEA is the largest part of the group, where we are again, used across a wide range of banks, insurers, and indeed, outsourcers. You can see some of the logos on the screen there. In terms of what we do, the industry has a challenge. Essentially, it's defined by one word, which is complexity. If you're a major financial institution, you have so many things your people are doing, and they're doing them in so many different places.
If you think about it from the point of view of operating the, you know, managing that cost-quality triangle, you have a huge issue with the right number of people at the right places, and you have teams. Within each of those teams, they have a different and a very variable amount of work. From the point of view of optimization, managing the productivity, and productivity is a very current word for a lot of organizations right now. That's really quite a challenge because, as we all know, in any given sphere of life, work expands to fill the available time. ActiveOps provides the tooling that enables them to manage the sort of the complexity of that word.
You can see on the screen there some of the challenges, the way that our customers describe their, you know, the problems. How many people do I need? Is the simplest way of doing it, but who can do what? Will I meet my service levels? My overtime bills are too great. These are the kind of world of managing ops that is such a challenging one. The interesting piece, and this is why we're particularly mobilizing a certain direction of the business, is those challenges are getting harder than ever. If you can imagine, we hear a lot about, for example, financial crime and the regulatory oversight to making sure banks are checking the right people are being paid, or indeed, the wrong people aren't being paid, and so on.
We hear a lot about operational risk, but the impact of COVID is still echoing through the industry in terms of big events that suddenly create these seismic changes, which means organizations don't have to just be better in control. They have to show people that they're in control. There's an awful lot of stakeholders. We all know, as consumers, the consequences on a very practical level, if our credit cards don't work or our, the ATM don't work. All of those things are creating a context where the world of work is becoming harder to manage. Working from home is the really interesting one, because a lot of organizations, through the challenges of moving back from COVID, are realizing they have to know things now.
They have to know things about how productive are their teams, not only just in the office, but when they're working from home. Can they allow people to work from home? Are they better, or do we need to have the discussion about bringing people back in the office? These are very current issues that are probably more in people's mind than they've ever been. ActiveOps provides a structure around which managing that, and there's a picture on the screen here which shows it, but in very simple terms, what we do is we enable our organizations, our customers, to consolidate that single point of view, so that all those different types of work across all their products, they have a single point of view that says: This is how much work we've got. This is the time we have.
Immediately unlocks the potential to better manage their capacity between teams and ultimately reduce their costs, or also improve the service levels because they can move people between teams more easily. Again, without over dwelling on it right now, the challenge to do that is just getting harder, the ActiveOps intelligence software to support people making those decisions, the need for that is just getting better. ActiveOps is a standard across many banks, and that makes a huge value to them because we can provide them from benchmarking context and the like. We can show them how good their suppliers. If you have an outsourcer providing services, how good is that outsourcer at managing your work relative to how good you are internally? How much work do you want to do internally or outsource?
Can you prove to an external regulator how good you are in control? So on and so on. This is what ActiveOps brings to our customers, and probably with a poignancy and sharpness, those kind of issues are probably more in their mind at a C-suite level than they've probably ever been before. Our products really boil down to software, as I said, in terms of three areas. We have the desktop analytics pack program, which essentially has visibility of the use of applications, what people are doing on their desktops, which is particularly valuable, for example, when you're rolling out new technologies.
They're putting in place robots and new means of processing, and they need to be able to see if their staff are taking up or what applications they're using, which bits of the functionality they're not using very well, which is hugely impactful. Wellbeing, being able to show that they are people are not working extended hours back to the working from home. It just provides that Decision Intelligence to make better visibility, better use of time and work. The other products there, which we've expanded the scope of ActiveOps' reach in terms of bringing that level of visibility and control. Caseworki Q is the latest addition. It massively extends the application of ActiveOps to more complex work. With the automation agenda, it's taking away a lot of the simple work.
More and more staff are employed to resolve an inconsistencies or exceptions. That's work that takes time. It may need different lengths of time. Our Caseworki Q, one of our customers and I got it, where across 3,000 people doing financial crime remediation work, you know, that's a huge addition to their control over the work that's doing. The core product of Controli Q, which is really the engine room of ActiveOps. It's the one that provides the actual real detail of how to manage and support our customers optimize the use of their capacity. Now, what's really sort of building now is then the application of machine learning in particular. Our software's always provided structure. It helps you and I, as operational leaders, make better decisions.
What's so extraordinary now is with the power of machine learning, and we make big use of Azure and some of the Microsoft environments, you can now bring the fact that we have our own proprietary data, and we've been at this game now for over 15 years on the cloud, and we've got that data. We have the standard ActiveOps methodology, which shows structure around how things work, which means now the application of that machine learning is now able to not only predict, but be prescriptive about what we can do. For example, things that I might have had to do manually, like do a plan for next week, our software does that for you. It does it for everybody, and we all therefore can trust the numbers better. Guess what?
We make better decisions because I'm therefore less likely to be sandbagging my plan and all the other kind of things that goes on. Our technology is both automating what managers need to do, but also predictively and prescriptively helping them make the right decision. Just to give you a little anecdote, a customer of ours recently introduced the Smart Planning, and they hadn't picked up in operations a change to the environment and the work they were processing.
The Smart Planning tool identified the fact that work was no longer coming in, flagged it up, had reduced the plan. Ultimately, it gave the business hugely greater visibility over the benefits other projects were bringing in, which for them, was a really great example of how ActiveOps Decision Intelligence not only helped them manage that result better, gave them confidence about other things they were doing. Another little example, we did a proof of, we're doing a proof of value down in South Africa for a customer. They recently, because they didn't have the data, required they cut their staff to come back into the office. Not popular, lots of minibuses, lots of work in Johannesburg, not the greatest environment, you know, consequence, low morale.
They introduced ActiveOps' data. Within four weeks, not only did they have the visibility over how people were working, but they also were then able to say, "Actually, people are better at home." It gave the control, they could make choices about what and when, and more important... As a consequence, the productivity of the unit went up, the customer experience went up, the manager's blood pressure probably dropped, and overall morale has been through the roof. That was just four weeks, but it beautifully illustrated the limitations of the data they had before and the value of the ActiveOps data. That's before they start bringing in all the value of being able to use that data to better planning. Just a really simple example. All of which couples with lots of outcomes for customers.
You use that time to reduce cost, maybe, but it's more often used for better use of that time. On the screen there, again, you've got some good examples of what the outcomes of that is. As I sort of look forward to the sort of the competitive environment, ActiveOps has always had a very clear position about giving control. Whilst there's lots of other things people can do in the contact centers or in the sort of spreadsheets equivalent to this, but more and more, we have that sort of compelling differentiation of, if you like, we put the work into the time, you know, we can really match and align that work to give our customers the Decision Intelligence to make better choices. What does that mean then, in terms of our year?
Really, as I sort of... You can tell from my tone, really, I think there's just so much to talk about and so much specific progress. You've got that market context, which I talked about, but in response to that, the R&D team, part of ActiveOps, has been pushing examples. I've given you a couple there, of this machine learning and AI into our technology to reduce the effort, improves the efficacy, and ultimately make our products much more effective, easier to assimilate and scalable. Our software addresses more types of work.
It's easier to use, the UI is better, the aggregation across the cloud is hugely better, then with our sort of benchmarking, you know, there's a huge amount of opportunity to consolidate ourselves with, for example, one of the various ERP resource planning tools out there, like Workday or SAP or perhaps Pega as a processing engine. It's our ability to synthesize that data, which is just going off the scale. One of the things the company, because we've been going since 2005 on the cloud, has been also taking our customers with us as a broad on our technologies. We've been migrating our customers from the old sort of Workware product onto Control IQ. Again, as a seminal year, we've done that.
We've now got a situation where all our big customers, in fact, pretty much all our customers now are on this new technology. As Emma will show you in a minute, the impact of that is to unlock huge amounts of revenue growth opportunity. We've been working hard on our marketing. If any of you are really interested in what we do, please do go to our website. What you'll find, hopefully, there is some really great videos by customers talking at different, in the different levels of their organization about the impact ActiveOps has had on their work, their ability to deliver their strategy, but also at the operational level, feel good about the organization they work with, which matches a great deal to us.
On behind that, firstly, the product revolution, the marketing investment, my next agenda is moving to sales, because this organization, while we have an amazing track record of incremental growth because people use us and expand, the land and expand is our signature, the truth is we need now to really accelerate our new logos. Logo acquisition is always a challenging one for us because essentially, you're selling to very big organizations with all the protocols and associated complexities. With a combination of the curb appeal, the really clever stuff, we do some things that frankly are pretty unique now. Secondly, the market context, where people are more sensitive to some of the problems we fix, we really have a golden opportunity.
You will have seen maybe in the press, we've appointed a new group managing director, and James Barr, he's the tip of the spear in terms of this new sales effort. All regions are showing a lot of opportunity. We'll be placing in the coming year, sales resources in a variety of places. An awful lot of both potential platform, market, and capability really coming to bear. All of that obviously has to translate into some numbers. I think, in fairness, I'll hand over to Emma to talk a little about the finances of the year.
Perfect. Thank you, Richard. I'm pleased to share a solid set of numbers for year end 2024, with total revenues of GBP 26.8 million, giving a year-on-year growth rate of 9% on a constant currency basis. The group have achieved a really exciting milestone this year with profit before tax of GBP 1 million, which is a robust performance against the prior year, which was a GBP 200K loss. We expect this to continue as the group benefits from the operational leverage within the business model. The group remains well capitalized, with GBP 17.6 million in the bank. As mentioned earlier, the operational cash generation of GBP 4.2 million is supported by the annual in advance cash cycle, which typically means we receive cash up front.
The adjusted EBITDA of GBP 2.4 million gives us an EBITDA margin of 9%, which at the half year point was 6%, and in March 2023 was 3%. We can really start to see that momentum build within the operational leverage of the business. Looking at the P&L in a little bit more detail, there are a couple of numbers which are worth pulling out. As Richard mentioned at the start, we have seen a slight change in the revenue mix this year. It is worth pointing out that the P&L revenue does vary year-on-year. It is very much driven behind the mix between new logo and existing logo rollout. In terms of the margin, we've seen an increase in the margin from 82% to 84%.
It is worth pointing out that underlying, we've seen an improvement in the SaaS margin from 85% to 87%, which was supported by the restructuring of the hosting environment, which delivered an underlying cost saving to the group. The other number that, which is worth pulling out on here as well, is the operational expense, which you'll see year- on- year has remained the same at GBP 20 million. In year end 2023, we benefited from an FX favorable movement of GBP 700K, which as a comparison to year end 2024, was less than GBP 50K. We've also capitalized more in FY 2024, with capitalizing GBP 1.3 million versus the prior year of GBP 900K. What does that mean?
If we strip both of those adjustments out of that number, underlying year-over-year, we see a reduction in the OpEx by about 1.5%. Breaking that down into a little more detail, the main thing really to pull out here is year-over-year, that cost saving has come from a change in the sales and marketing spend. Towards the back end of year end 2023, we rightsized the North America sales and marketing capacity. Shortly, we are going to talk around planned investment in year end 2025 in sales, which is more focused on global and enterprise sales resources, as opposed to a concentration in the North American market. One of the things that we talk a lot about is our land and expand success.
What we are trying to do here is to show what does that mean to us as the business. Our annual recurring revenue has increased year- on- year by 14% on a constant currency basis. This is supported by net revenue retention of 110%, which we have consistently maintained for the last few years. What I'd like to do here is draw your attention to the chart in the middle. Of the customers that we retained last year, 82% of those customers either increased or maintained ARR. What's more impressive is of the customers we retained, 27% actually increased their ARR by 20% or more. As you can see from the chart, we are building momentum in that land and expand.
On the right-hand side, you'll see a breakdown of our customers and the makeup with our ARR. You'll notice that our biggest customer is 14% of our ARR, with the top two customers both being over 10%. It is worth pointing out that both of these customers have been with us for over eight years, and both continue to deliver strong growth year-on-year. The other thing I'd like to pull out here is the customer number. We have consistently reported for the last few years a customer count number of 81. This year, that has dropped down to 74, and as Richard mentioned, we have introduced three new logos during the year, which gives an underlying lost logo number of 10, which may seem high.
When you look at what that equates to in terms of ARR, those 10 customers were equated to less than 3% of our brought forward ARR. While the customer number may seem high in terms of a loss, actually the impact to us as a group is fairly immaterial. One particular statistic is one of those customers who've been with us for quite some time, their annual contract was worth GBP 6,000. Actually, this was an opportunity to trim off some of those smaller accounts so we can ensure that we're focusing on the larger enterprise accounts, where there's a lot of opportunity to land and expand. Just keeping on the theme around land and expand.
Here what we have is an example of one of our UK tier-one banking customers, and what this chart is showing you is the growth in ARR over the last eight years. We originally onboarded this customer back in FY 2017, where we went into one particular department in one particular country, and very quickly, we grew the ARR five times over the first three years as we expanded across geographies and departments. What's really impressive is what we've been able to do as well in the last few years. Between FY 2022 and FY 2023, we were able to successfully cross-sell Caseworki Q, which grew the ARR again by over 50%. More recently, we've actually been able to upsell Series three, and we've seen a 25% increase in ARR. This story doesn't stop here.
With the rollout of Series 4.0, which is expected by the end of this financial year, that will give us another opportunity to continue further upselling within this account. We are not at full penetration with this particular customer, so there is still the opportunity to continue to expand in terms of licenses. What's really exciting here is this model can be easily replicated across a number of our existing 70-plus customers. The majority of our customers are more to the left-hand side of this chart, so this gives us a huge opportunity to really exploit the total addressable market within our existing customers, which we currently value to around GBP 90 million in terms of ARR growth. Just to finish off on the financials. Just to summarize, we as a business, we've got a healthy balance sheet.
We've got net assets of just below GBP 9 million. In the prior year, that was just below GBP 8 million. We've got no debt in the business. We've got high levels of cash. Our total revenue, 89% of that is recurring revenue. We're strongly cash generative, and We are also now delivering sustainable profits, which puts us in a really good position to help support and invest back into the business to support growth in the coming years. Thank you.
Very good. Thank you, Emma. Yes. In the next, phase, what I thought we'd do is just look at sort of more of the outlook around where we're, where we're heading in terms of the strategy and opportunity. As I've touched on already, I think the key thing here is really putting the reality into the need for AI to support this. That this is one of those areas where we hear a lot in the press about the impact of, artificial intelligence and the like. Working just straight down that slide on the left there, you can see how AI will actually automate an awful lot of activities that, if you like, processes, people, and various technology that in the service industries we operate.
What that does then mean is, as a consequence of that the precision and data that leaders need to have to support their own control of that is going up by that order of magnitude. They're going to need that smart, accurate, and highly prescriptive and predictive information to control better. ActiveOps has put itself in a great place for that. We are established as a provider of systems of control, and now our technology, as Emma saw, it showed you in that kind of uplift in the right-hand side there, is really translating into value. For example, anybody using our planning, if we implement planning, introduce Smart Planning, it is worth about 7% improvement in productivity, a directly quantifiable benefit.
For our sales teams and our relationship managers, that's a very clear articulation of value based on something where we're already a trusted provider. That's just one example of the type of activity we're doing. In terms of the different elements of that, just again, to give you a flavor of it, one of the big challenges for organizations is being reliable. We all know the impact of unreliability in our suppliers. Service level co- prediction, knowing that your teams are going to deliver what they promise in some areas which are highly variable, like we don't know when the solicitor is going to reply on some of the inquiries for that mortgage.
In a portfolio of 10 or 20,000 activities at any one time, having confidence in what level of outcomes you're going to achieve as an organization, has a huge effect, not only on the customer experience, but also how your teams feel about it. Service indicators, using AI and our transaction flows to predict that, has just transformed the visibility of some organizations about what they're going to do, not just how bad was yesterday, last week or whatever. Moving from, you know, retrospective to predictive forward, has a huge effect on their confidence and their capability. Skills. This again, is a huge issue for so many organizations.
One of the reasons you have to have local management who really know the team, know the work, is because they are the ones who carry that information in their heads about what the capabilities and skills of their team members are. That's fine and useful, but it's very difficult to aggregate that. ActiveOps' latest generation of Smart Skills means that across the activities that you or I are doing, which are in the ActiveOps software already, our AI will now effectively determine and be able to work out the normal learning curves, and therefore, where I or Emma or anybody else is actually on that curve, on that journey. Interestingly, when if I don't do a certain task for a length of time, how quickly are my skills in that will degrade?
means, again, that information can be pushed to a leader or to other, you know, the HR department to really actively manage that skills base. We've gone from a kind of very inherent skills capability in people's heads, to a systemic source of data on which to base that Decision Intelligence. It really will be transformational to the world of sort of orchestration and management, because the unstructured data turns into a readily accessible aggregatable data. The next stage, which we're now releasing in the, in the, to the first turn of the wheel here, is essentially this Copilot, this activity, where through Teams rather than through the software, senior leaders, different roles will get notified of things that matter or even they'll be able to inquire.
Using equivalent of a large language model like ChatGPT, literally, you might say, "What do I need to worry about today?" Or, "What's the areas of greatest stress on my business?" ask Copilot will return the fact that, you know, Team X has had three people off sick, and Team Y can help, and they may not necessarily have known that. That whole sort of, again, pushing the decision-making into the technology and helping leaders make the right choices, the impact on their efficient use of time and the outcomes they achieve is really quite exciting. These are features which are not just sort of theory. Our Series three is already released, and that's generated that uplift you saw in terms of the Smart Planning and other features.
New features we're gonna be releasing in the course of this year includes the Virtual Coach. A massive step forward in our product proposition across the range. I touched earlier, but importantly as well, is our marketing. Again, if any of you have been tracking our website, you will see a change of note around the whole Decision Intelligence, but behind that, a much clearer way through to what does it actually do and the voice of the customer. What that does mean, and what we're seeing now, is a real change of gear in terms of our inbound. The inbound leads have increased, so you can see on the screen there, 19% increase year-over-year. What's really interesting is the quality of them.
We all know how much research we do now in any you know, in any context, before we contact a potential sort of customer or a supplier. For people who do an awful lot more research on the website, customer, which means that when they actually contact us, they've got a much clearer sense of what they want from us. Rather than our sales cycle being elongated by education, there's much more focus on, "You have a solution I think I might need, show me." That has a huge effect on the velocity of the sales pipeline. Still talking about big enterprises, entering with a sense of need is really important. Translating that into an overall improvement in our lead generation, as it so shows there, through our all sources, has gone up by 27%.
Of course, that then filters through to that 1 important pipeline of real opportunities as we look ahead. As I say, 1 of the key measures for me is taking that new logo acquisition. Emma's mentioned our net revenue retention of 110%. Just to be completely clear about that, what that tells you is for every GBP of revenue last year we got from our customer base, consistently, we get GBP 1.10 next year. There's that underlying growth driver. If we can then add in the opportunities to expand from that graph, because most of our customers are at the left-hand side of Emma's picture earlier on about the need to take control of the more advanced features, that's a revenue kick.
You overlay that with moving from 3 to 5 to 12 to bigger numbers of new logos, which of course, doesn't kick in the current year, but will accumulate as we go through the next year, you start to see the opportunity for that compounding revenue increase. Really good stuff. In terms of the change of our sort of capital allocation this year, there's a question relating to that, I'll come back to this. Essentially, what we are doing is within the general fiscal rules of keeping our EBITDA and our PBT comfortably the right side of the wire, which we're pleased about this year, we're now going to be expanding that sales team. It's not a...
It's of the order of 5 enterprise sales across the regions, South Africa, Australia, North America, particularly U.S. now and the U.K., and all of whom are gearing towards that kind of the type of enterprise customers we're talking about there. That in the current terms of the timeliness, the way it works will mean that that won't necessarily affect the revenues this year, but we're confident about the impact as we go into the next year, full year, starting 2025, 2026, of that increased capacity to service the pipeline, which has been building. Now, that is something which, based on the evidence, obviously, if we really get the bait take up, we have the cash to actually expand that more rapidly. That's the, that's a very nice situation we're in.
Similarly, around product, we have the capacity, the cash in the bank to focus around certain aspects of our product roadmap, if we get a certain traction with either certain integrations, with one or two platforms or other areas. This is a business which is just well capitalized to the level of trading we're doing. Lots of interesting stuff going on there. Overall, what that means is we're confident that we can continue to both farm our and develop our relationships with our existing customer base, but really get into that bigger and wider, GBP 900 million ARR that's out there. Again, the crucial bit for me, as much as our capability, is the market sensitivity.
I mean, we all know, 'cause we read the papers, the sort of headlines around CEOs demanding their people back in the office and all that. You know, that's when the sharpness of the or rather, the lack of precision about their data on things like capacity and work, really come into focus, which is a great place for us to play off. Looking forward, as we look at the sort of current trading, we're obviously a quarter into our year. Essentially, in the way of these things, I can confirm we are comfortably, we are in, you know, in line with board expectations.
Whilst, you know, all the figures will come out at the half year, the current update is we've had good levels of expansion, including one new client, a particular one earlier this quarter. The roadmap releases are on track, I've alluded to. I think that just gives a level of confidence in, not just around the board table, but actually in the business, actually. That's the key thing about how people feel around the world. ActiveOps is a very diversified business with people around in Australia, you know, the US, India, and the UK. And the mood music, because of the type of stuff we've been talking about, is really very positive. Lots of reasons to be cheerful.
I think at that point, I'll stop talking and perhaps take a few questions.
Perfect. Rich and Emma, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. Just while the company take a few moments to view some of the questions that have been submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides on the published Q&A, can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. If I could just hand back to you just to read out the questions and give responses to it, if appropriate, to do so. I'll pick up from you both at the end.
Thank you. From James, "With a substantial cash position, how do you see the utilization of capital between organic growth through the expanding sales team and acquisitions?" Good question. The context come out the other way around. I think you've heard me say about sales, that's a good lever to be pressing. We do have the means. I think the interesting one is acquisitions. One of the benefit of being on public markets is obviously the ability to raise capital for acquisitions, with the recent state of the market, that hasn't effectively been possible. Public market valuations versus private seem to have had a big delta.
I think that's changing, and ActiveOps' general position, we have done 3 acquisitions over our history, you know, to good success, particularly notable the last one. I think that is something which we continue to look at. We are primarily an organic growth company. We have the means of growth, however, within our own hands, that I've already spoken to. I think having that sort of, that capability will become increasingly important. We might make, we might be looking for acquisitions for reasons of product enhancements, something adjacent. It also. As in the past, as a way of essentially accessing new markets.
When you look at our acquisition of OpenConnect back in 2016, 2017, that was really gave us hugely enhanced position with the US healthcare market, and that's been a fantastic source of growth and opportunity for us. I think the balance is there, but I think we should, you know, again, stick to our primary drop core source of growth, which is through our own means and organic growth. Which geographies are you most excited about? Interesting question. You saw we made a management appointment to a new regional general manager in Australia. Australia has been a huge strength to this business, but it's actually been quite static for perhaps the last 4 or 5 years. I think there's been a total change of gear there.
They're an important part of that technology refresh. All the big Australian banks are now on our latest platform, and through that process, have really engaged with the new functionality. I'm very excited about the growth in Australia, both in terms of expansion and new program. Canada, I touched on that at the beginning. Canada has been the real success story of 2023, 2024, with now a fairly strong position, if not dominant, in the Canadian banking market. That's, however, at the early stage of the growth cycle. In other words, we're placed in there with lots of opportunity for expansion. I'm very excited about the Canadian market. In EMEA terms, which includes, because we organize around time zones, South Africa. South Africa is also a real point of growth.
We were, last week, down in SA, presenting in the context of a very large enterprise about a much more all expansive use of our software across their enterprise, including not just the sort of service operations, but the contact center and the branches, so to provide that kind of clean, consistent data across the whole of their enterprise. That, as a solution, is broadly applicable to a lot of our organizations. There's a lot, you know, in a sense... The lovely thing about the geographic split, it gives us currency hedging, but it also gives us a lot of different response to different markets. Reflecting where we are at the moment, I think the consequence and the applicability of our technology is actually pretty universal.
Can you expand on the Microsoft Azure partnership? I was under the impression some level employee productivity monitoring came as standard with Microsoft Teams. That's interesting. I mean, we enjoy a really strong relationship with Microsoft. They have been the sort of point of endorsement on a number of big pursuits. We had some success with RFPs this year, where our product was. They unusually, 3 companies came out with substantial requests for proposals in our space very clearly, and we won all 3. We won all 3 because of our roadmap and our technology. Obviously, as part of that, you need the endorsement of, let's say, other people to say, "Yes, they're a big player. This is the right software," in the context of an organization like ourselves.
Microsoft provided that role, so that's hugely helpful. Addressing specifically the question around Teams. Teams, and the sort of Microsoft environment are providing this Viva. They specifically and deliberately avoid, if you like, anything associated with managing output. They will give visibility over meetings and your screen time and the like, but there's a very conscious and deliberate policy that supports that. And that's quite a clear policy. Although sometimes, and this makes the point, productivity can be misused as a label, in sense, if people really want the sort of information that we provide, they won't get that from the Viva product anytime soon.
equally, it's very complementary to that. "How does your platform work sit against enterprise-owned ERP systems, Microsoft Dynamics or other data? How often does it refresh itself from those disparate data sources? How work intensive is it to keep the platform updated from those other sources of truth?" Again, great question. Really, if you think about the, well, we would call them ERP systems, they are systems of record for your staff. A good example, and it's a bit of a trite line, is again, Workday or SAP, but sticking with Workday. Workday, however, rather conversely, we put the work into Workday because Workday doesn't measure work, it measures time. There's a really nice fit with ERP systems.
The value we have now, if you take one of our big customers, they take their skills, they take their information on staffing from Workday, they feed it up into ActiveOps as part of our planning, our planning process, which is much more about run, is used then to plan and manage the team. Importantly, our data goes back into Workday better and cleaner because it's more precise and accurate pertaining to what's actually happening. There's a really nice piece of symbiosis there around sort of using that data. To the specific questions, what our new technology is ultimately in the vernacular, and then, you know, wholly API driven. What that means in practice is if there's a source of architectural technology inside a company related to staffing, for example, We can draw that in.
Just as much importantly, our data source, our consolidation of information from lots of sources, which then becomes valuable, is pushed out to Tableau or QlikView or whatever the, you know, the reporting engine might be. Again, it's all about finding a place in the ecosystem of a large enterprise's technology stack. Our secret source is that combination of work into something that can be consolidated in time, and that is, you know, pretty special. Are you seeing any customers pause spending as they're unsure or confused about the overlap and future for technologies such as GenAI or RPA? The short answer is no, because making the point, there's so much talk about the impact of that stuff, but what actually companies need to see is the reality of how it can help.
I hope, as I've brought to light some very practical examples, like the skilling and the planning, ActiveOps' technology is beautifully placed to show that. It's not about the concept of AI, it's about the reality of AI. Just like the manager interaction, these tools are interfaces, but behind that, you have to have something that does something useful, and then you can apply the power of technology. Specifically to us, no, not that. Generally, particularly in the U.S., enterprises are becoming more careful about how. You know, this was why you need to establish a real need. You know, the procurement processes are not getting shorter.
One of the reasons you know, Logo acquisition last year was lower than we historically have, is just because the procurement process is getting longer. Systemically, the problems of complexity are beginning to overwhelm a lot of companies, which means therefore, technologies like ours become a bit of a life vest in the stormy seas. Just taking a pause to see if there are any more questions. Anything there, Emma?
No, I think we've covered them all.
Perfect. Richard, I'd like to jump in, and thank you for answering those questions from investors. Of course, the company can review all the questions submitted today, and we'll publish those responses on the Investor Meet Company platform. But just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Richard, could I just ask you for a few closing comments?
Well, at the risk of repeating myself, I mean, what we've got here is a business that's really well positioned. We've got a really exciting product set. You know, the actual sort of customer base we support, we clearly have the credibility because we do work for the largest companies in the world, therefore, really the opportunity for us is to capitalize on that with new tech, better marketing, and a real sales focus. Yeah, an awful lot of good stuff in there.
Perfect, Richard, Emma, thank you once again for updating investors today. Can I please ask investors not to close the session, as you'll now be automatically redirected to provide your feedback so the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of ActiveOps plc, we'd like to thank you for attending today's presentation, and good morning to you all.