Good afternoon. There's quite a few people already on but I am a bit early, so we'll wait just a minute or so. Bear with me everyone. I'll give it the three minutes and we'll start promptly on 4:00 P.M. I'm sure you all have places to go and things to do. Just so people are aware, I'm recording the call and I will place it up on the Investor Hub for those who want to view it later or go through data.
Bear with me, we'll just wait for a minute or two. There's a few more just coming in through the queue now. Bear with me. Okay, just coming right up on time. There's still quite a few coming in. One of our larger calls, obviously there's recent and positive news to talk about. As I mentioned before, Trent Lund is my name. I'm the CEO of WRKR.
For those who are new to these calls, I recognize many of the names, so good to see the usual crowd also turning up for the call. I have put record on, so this will be made available on the WRKR Investor Hub. If you have follow up questions afterwards, please feel free to load those questions. I have had a couple of questions this week and I haven't answered them directly because I felt today would be an easier and clearer way to answer those questions for all.
What I would ask is if you have a question while I'm going through, this is very much an informal Q&A. If you have questions as we go through, just put it in the Q&A tab and I will ensure that we pick those questions up straight away. Again, thanks for attending. This is certainly one of our larger calls.
I thought it easiest to cover off with everyone today on three recent announcements and some context on where we're going on the business. I won't go into financials because we are just concluding the year end and preparing our accounts and 4C statements coming up at the end of the month. I'll leave that for when Karen's in attendance with me. What I thought I'd focus on is the announcements themselves, the context, and that background.
With that, why don't we jump in. I think it's probably best to do them in order and I just want to share a little bit of the background. Firstly, it's a very, very exciting time for WRKR and the team. It's very difficult being in the software space, dealing on very long protracted sales cycles. Our team are deeply passionate about the products we build and the clients we're building it for.
Of course, we have to honor confidentiality and we have to go through due process. It is exciting for us because now we can talk about some of the more exciting elements. I'll start with the first, which is just an update on REST and give some context for where that project is. I want to step us back in time so everybody understands the rationale and why REST was first and so important.
We started the work with REST for two reasons. One, they are a user of Link's, or now MUFG's, own PLATFORM for clearinghouse, which is SCH Online, and that is the first and core PLATFORM that the WRKR PLATFORM is set to replace. It was important to work through with REST and ensure that any features that have been developed over the years were also brought into our solution.
Not necessarily the same way, but ensuring that it was a real forward leap for them as an organization, and also to co-work on the development of their go-to-market transition. For them to be able to very confidently go to their customers and know exactly what the cost, effort, type of comms would be required to take to market. In parallel, we obviously worked through their commercials, which are based on our commercial master service agreement with MUFG.
MUFG have a range of other services that are also included, so they are the prime contractor. Our solution, the WRKR PLATFORM, is a core tenet to the provision of that contract. That was the background. What happened and why is it exciting? It is to both ensure the comfortable replacement of SCH Online, but more than that, ensure that it accommodated the strategies of an industry fund.
Thinking about Payday Super and the complexities of Payday Super, an added challenge for us over the last 12 months is Payday Super. While government is very enthusiastic to bring it into fruition and we believe the dates as at today still stand, the development of the specifications, exactly what the rules and legislation would be, have been moving over that period of time. Where did we get to?
We were able to deliver on a pilot that we went out and had key clients with a different variety of sizes, but quite a few in the large employer size, actually onboard and process their contributions. Two things of note: one, they're still on the PLATFORM today. We're still processing those contributions, albeit a meager amount compared to the total.
We got the opportunity for third party user experience people to sit in the room with those employers and actually record their experience and compare that from the benchmark of what they're using today and also assessments they'd made of other competitor products in the market. We were delighted by the outcome. Our experience was top quartile across the board.
There was actually one dip in experience and that was we have a very rigorous process and it identified more errors than some of those clients felt we would have found. That was seen as quite the positive. They were rectified back at the payroll and the clients ran their next month's processes through and all of those errors were removed out of their data. It had actually improved the net data of the system. That's first of all where we had gotten to.
The team were very cognizant of the fact that it had been in the market with clients, there'd been third party reviews, there'd been very positive feedback. We felt it was appropriate to share that content and give the notification to the market that that pilot had concluded. There is still some two steps remaining. One step is the final commercials between MUFG and REST.
Those commercials, as I said before, go beyond our commercial. We're comfortable with what we've provided and we believe that will be concluded over the next couple of weeks. More importantly, they have been working through and with third party assistance to build a transition that includes the detailed communications and sequencing of their employers to come onto the PLATFORM. Great news for us because it is really taking our original playbook and improving on that playbook.
I think as questions come in in a minute, I'll jump into them, but to pause there, we expect that core solution is what is called internally the Industry Fund solution. It is the core same PLATFORM now provided and offered to clients by MUFG. It is the same PLATFORM that we used as the basis to offer to AustralianSuper. The good news is that really speeds things up. It is really now a configuration of certain changes that AustralianSuper may require. In parallel with that pilot, elements of that pilot became assets that were shared and information with AustralianSuper throughout their RFP process, which kicked off at the end of last year, around September. It was a very detailed RFP. What is unique is AustralianSuper was not on SCH Online, but are on QuickSuper, which is the Westpac product.
I think I'll say it because let's enjoy it for a moment. We're excited because AustralianSuper is by any measure the largest superannuation fund in the market. For us, adding them to our stable of clients, but also the opportunity to really be pushed on our service and ensure our PLATFORM is robust, that's incredibly exciting for us. We went through a detailed RFP. I've been in the game software a long time. I would say it's one of the most detailed RFPs I've been involved in responding.
They were looking both to what their customers received today, what their expectations were for their customers, but also a real challenge for us to articulate where we felt there were greater benefits for the ecosystem that we could achieve together.
We achieved that and the great outcome is we were able to announce last week that we were successful and the teams are now moving directly into the implementation phase. We have been planning and had a level of awareness that we were shortlisted, but of course the commercials needed to be finalized between MUFG and AustralianSuper. That has been done and that's what allowed us to make that announcement. Both of those two clients happening at the same time in terms of negotiation and working with them. We did allude to a while ago that we had hired on more talent because we felt incredibly confident with where the outcome was headed.
Without giving away names, obviously, AustralianSuper, being as large as they are and as iconic, they have a larger group of experts in their business and so they really have challenged us on additional assets and additional ways of going to market together, which we are excited. We are very aligned around the one stop shop construct. That really takes us to where are we with AustralianSuper.
I'll just give you the sequencing and then I'll answer some of those questions. Team starts immediately. We are in configuration rather than build because we're using the same core infrastructure that was designed, tested and run, that was first piloted by REST. It will take, though, that configuration and additional requirements will be built between now and November for AustralianSuper. At that date, we are expecting to start early uptake of users.
However, there is a significant data migration for this project, and the data comes from multiple sources, both their own internal systems and also from QuickSuper or Westpac. Whereas SCH Online was owned by MUFG, it was much easier to have a clear plan for migration. We have taken that data migration, WRKR is being paid an additional fee for that data migration, and we are just working now with those third parties to ensure that data can be accessed in the right time and manner.
Assuming we can achieve that, we will be live in what's called PTP, or PLATFORM testing, which is a month period through February. March, April, May, and June is the onboarding of all AustralianSuper customers, so employers, which takes us between both of those two clients.
Obviously, we would expect to have 100% of their base plus new employers live and on the PLATFORM from a transaction fee, all implementation fees concluded, and the start of our full licensing by the end of June 26th, so June of next year. We are excited by that. There will be some ups and downs in terms of timing. Obviously, when you bring, for REST, a couple, a handful of their key clients or employers represent a huge amount of transactions. If they're upfront, that's great for us, but in reality, it's a long-term 10-year play.
That's the background between those two. I thought, why don't I pause and just take on some of the questions that you might have, and I'll work through those. If it's okay with everyone, I'll read them out to you and then we'll continue moving.
The first is, who is the incumbent service provider, if any, to AustralianSuper that WRKR and MUFG won the project from? Does the company have sufficient R&D team for that project, or do you need to invest substantially for it to front-end loading before OpEx setup? Three elements. Firstly, this is the first of Westpac's base, the largest portion or single customer of Westpac's base that we will transition across with AustralianSuper, and their core administration PLATFORM is MUFG.
The second element to that is we have enough funding to deliver to them and REST, as well as our ongoing internal work. As a business we're comfortable with that and we expect some of the transaction revenues to come on board. I will say broadly as a business, and we'll talk to that in the financials coming up.
We hired talent early to make sure we be in a healthy position. In short, certainty of winning. The transaction flow itself, we would have liked these deals to be done one and done about six to eight months ago. From my personal perspective we're probably running about six months behind on transaction flow, which is, you know, we want that, we want that income into the business, we want that generating value for shareholders.
There are challenges in expediting, so I would rather have the client than race ourself to those transactions. Yes, we're in really good shape and we did the right work on REST so that what we're extending from REST, to give you a sort of example, of around about circa 300 very detailed requirements, we're dealing with about 25 new requirements that hadn't already been well documented and assessed, so in great shape.
Second one, if I can, once financials are completed, how long do you expect all the REST members to be onboarded? I think I'd probably hit that. I think REST, we would expect at this stage October and going through the Christmas period. REST is heavy retail, so we may see that staggered a bit depending on which retailers are ready. Myself, I'm targeting we'll move with comfort rather than speed.
We would like the transactions, I want to be really clear on that, but a perfect implementation is more important. Let me just touch on why that is for REST and AustralianSuper. REST, as an example, will go out to around about all up a little over 40,000 businesses that they will engage with.
Give them a level of high touch service to bring them onto the PLATFORM, ensure the training is right, ensure they're comfortable using it, they can navigate the change, that they've set up their correct payment methods, that they've set up their correct approvals for financial and payment approval, that they've set up director authorities and consents, for example. That sounds like a lot. When you multiply it by circa 40,000 businesses, it is a lot. That's great for us long term because you don't do that again next year. This is why these PLATFORMs are sticky. It's why we're in the, we're not enormous transaction fees, but we're very, very sticky over the long term.
The contracts are the rolling three years plus, however there's CPI indexing with that and the ability as we bring on more features to add additional services, but for the most part it's a high touch for this onboarding period. I would expect all of REST on circa February as we're moving into bringing in all of AustralianSuper.
Wow. A lot of questions and I apologize. I'll try not to ramble too long. Okay, Paul, how different is our contractual arrangement with ART and REST as far as ARPU with ART and how many members will we be serving? ART, we are behind the scenes, we provide our software under license, but they don't use our gateway license or our financial services license. It's their own cloud infrastructure, their own security teams.
It's actually a really, it's core IP that we've developed and we continue to add to it every year for them, but the risk around it is actually borne by them. It's a different model. As a model, it's worth about one customer there would be worth around about 30% max, close to 25% of a user in this full SaaS PLATFORM model that we've provided for REST and AustralianSuper.
Very different models, you know, circa one is about three to three and a half times the value. We prefer that because we can manage that cost to serve, or we think more efficiently than say a superannuation fund can, because our core business is software. The contractual arrangements though are very common. They're three plus three with CPI indexing.
The SaaS contract though for us is better in my view because it's transactions and license and it allows us, because we have direct access to the client, we can upsell additional services which we cannot do inside the ART agreement. I'd love them to come and join this PLATFORM model. We'll work towards that with them if that's an opportunity. I would say it's too soon to even speculate on that side. Marco, can you confirm this takes the potential target number base of super funds to 10.5 from 7? I wish those that are linked with MUFG.
No, we're still, this is very much, we're on target for the seven because if I take AustralianSuper, they're 3.5 million accounts that are in accumulation phase and we've got about 2 million in accumulation phase with REST, but we don't receive, not each of those we would consider a full member. So a full user. For us, a user is someone that we bring their money into the SuperStream system and then reconcile it into the fund and then notify the ATO on behalf of the fund. That's the end value chain with the onboarding. For us, those that would experience that, the 7 million will be achieved in total. We will only achieve 7 million if we win AustralianSuper, REST. There's two ticks, our half a million direct.
If we add Cbus and Hostplus, we would do it, but we could also add Xero and MYOB and one other in small business clearinghouse and we would achieve it. That's what I'm trying to get out there is we're well on our path, you know, in the four plus four to five. The last mile is going to depend on who we can sign next. Hope I answered that, but yes, it won't be as clean as a straight 10.5 times the 7, and Michael, again, does Aussie Super pay any implementation setup fees to help with the initial investment. Yes, yes they do. We should be clear they pay MUFG and we have contracts with MUFG, but it is, we trigger the license very quickly upon setting up their tenant.
We have an implementation fee that is larger than the initial fee with REST because of the combined pilot and we have the data migration, which we've been asked to manage that process through as opposed to a third party provider, which is a substantive project. It actually means we kind of have the cash movement in this first phase. I don't want to underestimate, there's a lot of work to do.
They're a big organization and we want to make it perfect and I think I might have just lost a question there. Apologies. Tristan, what proportion of members does WRKR see as serviceable within REST and AustralianSuper funds once you cut out those members? Yep. We would say around, you've hit it pretty well on the numbers. I'd say a little over 3.3 million is what we're expecting in that net plus our current half a million.
It'll take us to between, with our existing, it'll take us to between three and four. There's not much gap to close and that's before their growth. They are both seeking to use our PLATFORM to grow their base, which is really, really exciting and sorry, once you cut out those members of clearinghouses. A lot, you mentioned clearinghouses like Xero using SuperChoice. It's a great point, Tristan.
Those, we will get 100% of the inbound for the funds and we'll get 100% of who they provide services for. If Xero or SuperChoice is managing the payment into the SuperStream network, we'll still be the receiving agent on behalf of the fund. In those examples, we get 50%, and in examples where Aussie or REST are paying and it's going to Aware, we'll get half and pass on half.
It's a little complex, but there's a huge volume game, and our net of that probably leads into the next question from Cam on ARPU, which is, can you clarify if the ARPU of 7 - 8 includes Payday Super reform? Let me be really clear for people: our ARPU of 8 on our existing and our target ARPU with MUFG, based on the various licenses and conditions of around about 7, do not include Payday Super, but we have definitely a Payday Super.
Although we see the system tripling in transactions, I'd remind everyone that the transactions are only the last circa $2 of our ARPU. Even if it tripled, you'd be only adding $4 to the 7. At a best-case scenario, we have provided discount tiers so that the funds are really comfortable growing and scaling underneath Payday Super without the price being a linear price.
7 is our safety number. We do expect it to grow above with Payday Super, but to be honest, achieving that, the complexity, it's not about the complexity of the services, it's about how quickly we can get all of their users on board for a full year of average revenue. Yes, Payday Super is really helpful for us on our PLATFORM.
Caveat that we built a lot of unique features specifically for Payday Super, which is what's helping us win in the market. Could you give color of how ARPU is shaping up in these preliminary deals and compare it with your original expectations? Yeah, look, so far the ARPU is shaping up well. We only carry a small portion of float income in the way we've architected our license and product, so we're less affected.
I would say some industries are very strong on using the three-day clearance of direct debit, and some are using direct credit, which is only one day, but they have higher volume. The net amount, we see it so far coming in to expectation. Obviously, you need to get the numbers rolled onto your PLATFORM and see the mechanics. What's healthy about our business is because we only provide level three technology support, we don't have the variation of support unknowns.
Our revenue is somewhat cemented in, but it just requires the volume to come on into the system. At this stage we feel really comfortable that we're on the right target set. Two things though with our portion of our ARPU is very much geared on the mobile experience.
We have two options for clients to use that, either a fixed fee for all of their users or a success-based fee, which is much higher. We've modeled both out and they come to the same outcome, but one has more upside. I personally don't mind if people take the higher risk side and take it on a per transaction. If they take none of those, that does hit and it hits our ARPU by about $2 at the moment.
Our PLATFORM and the discussions, that seems to be well tested and shaken out. That is a unique feature of WRKR and well worth the investment. There we go. A lot of questions. I thought I'd be cutting this short, but we're going through. You described deployment to downstream partners REST, AustralianSuper as closer to configuration, UX iteration versus build, which is fantastic.
Any key milestones in the next 12 months with upstream partners requiring significant build or R&D? Or would you describe it as configuration? I think in terms of the upstream partners, we would see that as an example. For the funds, most of what they want is really well documented, so we're comfortable. There's a little bit of work to add and we have a product council, which means as we add, we share and defray the costs, turn it into a license mechanism, and share it across all funds using the PLATFORM.
I think that's healthy. I kind of think between 7 and 9 is the cap out for what a fund can really afford to be subsidizing in their market and we should be pursuing our further revenues from employers, so the additional service fees. There are a couple of areas we are looking at in the upstream.
One is obviously the continued integration to payrolls. The more we integrate the payrolls, the stickier we become. That's what I'm all about, where lock us in for the next 10 years and this business will serve itself and we'll then be just adding value to the employer as the next step. For us, the upstream R&D is probably going to be more around feature high value moments and we've assessed a couple of real opportunities in the market to either accelerate that, whether we look to work towards merger and acquisition or whether we build ourselves as a team. We've identified some really healthy areas that are a solid adjacency to both the data we'll have and the customers that we'll be connected to. That's the R& D play for us. The core PLATFORM is very much configuration led now.
Mark, can you talk to the opportunity with the businesses who use REST, for instance? You know REST, what is healthy about why do we love this sector of the industry? Funds that, while they don't represent high funds under management for the individual, we don't make our money that way. We make our money servicing the transaction. I always say this: make the same $0.10 piece for someone working at Woolworths in a junior brand first job as a CEO.
For us, volume is good, frequency is great, and that's the market that really the industry funds represent. Retail's a good example. Looks like I'm muted. Somebody just said does anyone else want to add in case. I think I'm still going. Yep, the microphone's still working. Sorry, anonymous attendee, please yell out anyone else if you can't hear me. Yep. Thanks, Michael.
Just on that, retail as a sector is interesting to me, working with REST, because Coles, Woolworths, Harris Farm Markets, etc., these are big entities that, when you're already integrated into their systems, connected to their payroll, you're meeting all of their security standards, in fact, and then some. We're dealing with data that they don't want to hold. Tax file numbers through to the detailed superannuation contributions they want to pass through and not store that data. That's our role. That puts us in a really unique position, for it's only about a 10% - 15% data addition for us to be adding things like Visa checks. It's about a 5% addition of data up front for us to help them think about are people paid correctly. That's the way we look at it. That just keeps opening up doors and we can tackle it vertical by vertical.
AustralianSuper is a bit harder because they service everybody. I don't think we'll have the time of being just one vertical for very long. I hope that answers your question. Mark, will interest income be earned under the current commercial agreement with AustralianSuper? Yes, we always earn that just by default of the process. What we do is we share that back with the super fund where they're paying for the employee and that employee's super is going into their account. We think it makes logical sense to share that back and it helps towards subsidizing the PLATFORM. There's a back four that works at about a 50% share arrangement. When you net it off, for some, we make 70%, for some around 50%. So 50/50 is about right.
To answer that, Michael, are there other major funds on QuickSuper that are likely now to consider making—yeah, it's interesting. We had one come in through our website today, but no names, so we'll start that process. They're not with MUFG actually, but interestingly for us, we are the next key ones. There are six funds using SCH Online and that system will be sunset, so they need a home. There are two major players on Westpac that are with MUFG being Cbus and Hostplus. We're working with all of those organizations through MUFG. We would hope to bring them on. Those players are big enough to make their own decisions, so we will avoid arrogance.
We think we're doing well, we think we're being recognized by some of the leaders in this game, but we want to know exactly what they need and tailor their configuration to them as well. That's worked for us to date and we'll keep taking that approach. The market is still—we're halfway is the way to think about us at the moment. Ben, what is the approximate yearly fee for each full member in accumulation phase? Great question. We typically, if you add all the fees and licenses together and average out the additional inbound and outbound transactions for non-members but accumulate average that across, our target is around the $7. For some customers and some low frequency, it'll be lower, it'll be closer to the $5. Others are already pushing through the right frequency, they'll be higher.
The perverse thing is with Payday Super, the ones paying quarterly typically are the ones most likely to go to weekly, so they'll have the biggest step change. By when the fine regime comes in in 2027, we expect that to have level set itself out well and truly. Our target ARPU is $7 and so that's the key approach for us. Anonymous, the big T word being thrown around still is the big T word. I don't know what the big T word is. Anonymous, help me out. Drop another one in. I'm going to come back to you, so Ben, I hope that answered your question. I'm going to do Tristan while I wait for you to come back. What is the industry view and your view of the risk of July 26th on Payday Super being delayed?
Yeah, so my view on this, and we've had quite a few conversations with—I also sit on the board for the GNGB, who stay very close to this. When we look at the market, the ATO is going—what we know, the advice we gave is this. We scored a little bit of press the other day. I don't know if you got to see our appalling acting level between myself and Greg Tonner on the ABC News business news, but we were interviewed on really what our thoughts were, and we think that is how the industry holds, which is this: if we push it down the road two years, what happens? I'll tell you, nothing. Nothing will happen. The businesses will be doing the same thing, the payrolls will be in the same position, the system will be in the same state.
It will definitely, in our view, go now. If you sequence it, the funds must be ready first because if any one customer is ready for Payday Super, the funds have to be. The gateways have to be. The infrastructure players and the funds—we're working tightly to get Payday Super ready, and we're committed on the basis that it is definitely going live. What we think will happen, though, is the fine regime might be delayed by 12 months or might be a soft start on the fines that they give.
That's good because for us it means it happens and happens immediately. How many fines and how much pressure to get everybody to move? If the system is doing payday, it's easier for them to move, to be honest. The small business market is going to have a capital problem because their working capital comes out of staff super.
For many really small organizations, it's a pretty risky business to be in. We don't believe they'll delay anything other than the final look. If they do, we'll wipe the sweat off our brow on implementation, but then we'll be slower on transactions and fees. I say bring it on, we're ready, and I'm just going to jump to—okay, Monty. Hi, Trent. Could you please take us through the rare—take us through how REST would take this to their—yeah, to their, say, 40,000 businesses? It kind of breaks down like this: cohort, Group one are the biggest, and you white glove, meaning there's. They have account managers, we have a triage team as does MUFG, and we ensure that they are comfortable. Everything's being tested, monitored. We watch as they go through.
There is a mid group that is high value that they do slightly lighter touch, less account management, but same triage. The last two groups, they have a lighter touch and a final group which is self-serve, and there is a switching date and push. That's the logical way to do it. Otherwise, like in my experience, people sit and do nothing, and they can't afford to be operating in dual systems.
They can't afford to have two service systems operating at the same time. This is a free service provided by the fund for the employers so that they're very well motivated to make the move. The funds like to dot every I, cross every T, which is smart. Yeah, practically they have to move somewhere, and they have to move to a player that's Payday Super ready. Either way, they're going to have a change.
Paul, when do you expect any revenue from Hong Kong market overseas? We have some revenue already coming through on the live PLATFORM for Hong Kong. Not substantive because the volumes just aren't large yet going through HSBC. I'm a bit torn, Paul. I wish we didn't go there yet to overseas because there is so much market here in Australia, and that's where our attention should be. You take these windows when you can, and having that pension capability allows us to, at least as we get to breathe some air, we have a market we can be pursuing that is not as big as what I think Australia is in the near term, but over the longer term will be much larger. We definitely want to go, we'll go after it. I must admit I'm stalling anything overseas because we are really, we're stretched. Paul: Yep, done.
Ian, does your conversation indicate that Hostplus will join Aussie REST using WRKR? No, I just want to be really clear. Hostplus is a large organization, and they'll go through their own procurement exercise as will CBAs. There are really clear benefits though. One, two major funds achieve a certain level of scale, it would be hard to achieve the same discount for total services that has been achieved by this MUFG block. We certainly would never provide these prices to a singular fund.
Number two, there's millions of dollars of effort have gone into the admin PLATFORM integration between our PLATFORM and Aspire, and that comes with this package. To not have that means whatever you choose, if you choose a different WRKR, really to get the value, you're going to need to pay for that integration separately.
I don't believe MUFG really want to do many, many of these at all. I think there's great reason to come with us, but I want them to make their own decision. Certainly, we wouldn't want them to think that the choice had been made for them would be my view. They're bigger organizations than me and I have an ego, so I respect others might too. Hope that answers your question, Cameron. Is there more appetite for your solutions via MUFG? The great thing is MUFG see us as a strategic partner and I'm excited for that. It's been long and arduous to get there and we're still youthful and even forget my gray hair, but we're working, we want to work globally with them, with the broader MUFG. We have aspirations to do something very big here off the back of some great hard work done by many.
It's early days but we definitely have an eye for that market. I'm just not sure I have the wallet or the energy just today, Don, in my wildest dreams I didn't expect you to pick up AustralianSuper. Congratulations, Don. Don, I really appreciate you saying that. As someone who's been involved in the business for a long time, I think you probably know better than most the complexity of building software while selling, while getting it out there.
I've got to say the team from the ClickSuper days or IP1 that are with us today, as we say we stand on the shoulders of giants. That's the best way and they've done. They're outstanding people. I really appreciate you making that comment. John, if Hostplus or Cbus were to make a decision going forward with MUFG, how soon would they need to make that decision?
I hope they're making it. If you look at it, the timetable for Aussie gets Aussie ready with all of their customers on by the month before June of next year when Payday Super starts. If Payday Super matters to you, you need to be making a decision now because it takes us at least three months to bring on additional talent and splice our teams to be able to do more funds. The system is running a bit late to be honest. There's work to be done but they need to make it soon is the short answer. Do you think we are a takeover target? I think so, obviously. I think it depends on how you look at us. I'll be honest, as CEO of the company where our share price sits, does the share price look like fair value to last year's revenue? No.
If you look at it to what we now know is baked into the business, yeah, of course I think we've got a long way to grow, but we are clearly the front end and are starting to forge a great reputation with super funds, and that makes us an appealing company. Between you and me, us, just us 83 people, I have no interest in that right now because we are nowhere near where we can get to.
For me, we love it. It's good for our ego, but we're not done. We're just going to keep plowing and let that sort itself. We're certainly not actively looking, but I can see there is some logic over time. We're dealing with patient companies and, frankly, as we grow more away from Super, I think there's a lot more to come. Sorry, I'm conscious with all of you online.
I'm taking us into people's afternoons, so I'll try and go through. I've only got two more questions live, maybe three. Thank you. Ian. AI to drive further efficiency and are both parties bipartisan on payday? I have to. Two questions I think you're asking: is there AI opportunity in this business? Oh, yeah. AI agents is where we see the value, and that is don't build millions of dollars of reporting.
Let people ask questions as a fund and interrogate. Let our user ask questions and interrogate about have they got their, you know, their super right, for example. There's a lot we can do in that space. Just don't mention it in front of our teams because they love the new stuff, and I'm cracking the whip on bread and butter right now for them. Yeah, yeah, definitely. Are both parties bipartisan on payday? I think, yeah.
AustralianSuper, the super funds get it. It's in the best interest of the industry, and we just cannot have employees not getting paid. You would be disgusted by the amount of young people, particularly more vulnerable workers, who missed out on their super. We've got to fix it at the cost of payday. Super is achieving that. It is a well worthwhile spend. The super funds are aligned, notwithstanding its effort and friction. We're aligned, we're a beneficiary, but there's a lot of work to do, and MUFG, they get it as well.
Yeah, I think it's bipartisan. I think there's going to be a lot of small business and maybe some of the lobby groups who just don't like it and we know why that is. Can you speak more about MYOB and Xero and how they might be thinking about partnering with WRKR? John?
I'm going to say no. I can't. We think we've got a great value prop and we're testing that. The reason I say no is I don't want to get myself in trouble. We are going to keep working with that part of the community. I think that we've got a really compelling shared value prop which could be really interesting around Small Business Clearinghouse as well. Last two, I promise. Ian, has WRKR received any revenue from the Workday SAP relationship yet?
I wish. I think it's cost me more so far, Ian, to be honest, than we've received. That said, we just received five clients to fill proposals in on SAP the other day off the back of our first client success and we have the starting of some kickoff and marketing and that's just through dealing with Zalaris, who's our chosen integration partner for SAP.
That's been a real thumbs up. We've got a key client in Melbourne that we're delivering to and they've, you know, it's a full stack requirement Workday. We have a key client and we're going through that build for them. We've deviated from KPMG Australia a bit just because they've gone a little quiet and they don't seem to service all the people in the market we wanted. We have taken on that space and we've picked up a client ourselves and we're going through the delivery with Workday.
Yes, some revenue, but not enough to pay itself back. They're a longer game for me. Last two, great work to the team. I will pass that on. Tristan, I appreciate it. The same comment from John. Well done, mate. Well done to the WRKR team. I'll pass on all of those. Also your comment, Donna. It's all very much appreciated.
We're excited. You will see. I did mention I'd cover off. No one asked a question about the other director joining us, Duncan Mclennan. Those of you who read the notice will have read that Duncan is my wife's brother-in-law. I've known Duncan for a long time. He was the Head of Audit for KPMG Australia, went over to South Africa to be their representative to clean up South Africa with KPMG, has worked in New York and London. He is someone well above what I would have expected us to bring in and probably the only thing I would say. For some of you who've talked to me a bit and know me, I don't think I'm going to get away with much with an experienced auditor and financial person who's very black and white. The only question the board asked is how uncomfortable would I be?
I said I'm going to be very uncomfortable because now I have to do all my homework. I just wanted to be declarative on that. I've known him for a long time, but he also makes me feel appropriately uncomfortable is the way it's at. That's it from WRKR. I am on leave for the next seven working days. I apologize. Any questions that come through, if I'm a little bit slow on the Q & A, apologies, but I've promised a trip away with my dad, my boys, and for a quick week. I'll be back at the helm and down with my, with AustralianSuper actually rolling the sleeves up. Thanks again to every one of you who have taken the time. As you'll hear it, there's pride in my voice and we're only just getting going, so thank you again for being investors and we hope to make you as proud as we are, so thank you.