ELMO Software Ltd (ASX: ELO) shares will be in focus today after the company announced it has launched another new product. At Friday's close, the ELMO share price finished the week at $5.70.
Let's take a closer look at what the cloud-based human resources and software solution provider announced.
New module launch
ELMO shares could be on the move today as investors digest the company's latest new release.
In a statement to the ASX, ELMO advised it has launched its 'Predictive People Analytics' module.
Developed in collaboration with the University of Technology Sydney, the module uses artificial intelligence to predict employee behaviour. This includes identifying such things as a high-performing employee who might represent a 'flight risk'.
In addition, the platform also provides visualisation tools and insights to aid management in decision making. ELMO explained that the module allows a company to achieve the best outcomes by driving employee engagement, insights, and retention.
ELMO noted that the launch will bolster its competitive offering in the marketplace and provide new revenue streams.
What did management say?
ELMO CEO and co-founder Danny Lessem further explained the new module, saying:
Predictive People Analytics provides organisations with powerful insights into employee behaviour. These insights give HR teams and management opportunities to identify, and act on, situations that require action, as well as providing valuable insights across the entire workforce.
Mr Lessem also touched on the applications for its newest product, adding:
The introduction of this new module further broadens and strengthens ELMO's competitive offering and will have relevance for both new customers as well as ELMO's existing customer base.
About the ELMO share price
The ELMO share price has lost almost 20% over the past year and is down more than 10% year to date. The company's shares hit a 52-week high of $8.06 last May, before going on a rollercoaster ride.
On valuation metrics, ELMO presides a market capitalisation of about $508 million, with approximately 89.2 million shares on issue.
