SINGAPORE - Orangekloud Technology Inc. (NASDAQ:ORKT), a provider of no-code mobile application development platforms, has entered into a partnership with the Electronics Industries Training Centre (ELITC) in Singapore. Under the agreement, ELITC will become the preferred training partner for Orangekloud's eMOBIQ No-code platform, focusing on equipping trainees with skills to create mobile apps without coding knowledge.
The collaboration aims to enhance the digital competencies of the workforce and aid in the digital transformation of local businesses. ELITC's extensive network is expected to facilitate broader adoption of the eMOBIQ solutions, particularly among enterprises in the electronics industry and beyond. These entities will be empowered to develop applications that can improve their operational efficiency in areas such as sales and warehousing.
Orangekloud's eMOBIQ platform is tailored for Small and Medium Enterprises (SMEs) and corporations, offering a suite of applications designed to digitalize and streamline business processes. The company's clientele spans various industries, including food manufacturing, precision engineering, construction, retail, energy, and warehouse management.
ELITC, a well-known institute in Singapore, offers a wide range of training and educational programs, supporting the government's SkillsFuture initiatives. It caters to workforce upskilling and reskilling, as well as individuals entering the workforce for the first time.
This partnership underscores a strategic move by Orangekloud to leverage ELITC's training capabilities and network to promote its no-code platform. While the press release includes forward-looking statements regarding the partnership's potential, it is important to note that these are based on current expectations and are subject to market conditions and other factors.
The information reported here is based on a press release statement from Orangekloud Technology Inc. and does not include any speculative or promotional content. The focus remains on the factual aspects of the partnership agreement and its intended role in advancing digital skills within the Singaporean workforce.
"In other recent news, Orangekloud Technology Inc. announced a strategic investment in Singapore-based cybersecurity firm Evvo Labs, aiming to boost its digital transformation solutions. This investment will support Evvo Labs' product enhancement and market expansion efforts. Additionally, Orangekloud has disclosed its unaudited financial results for the first half of 2024, maintaining compliance with U.S. securities laws.
In a bid to revolutionize app development, Orangekloud has also partnered with AI Singapore (AISG) to streamline the app creation process using advanced AI. This collaboration is part of AISG's 100 Experiments program and aims to eliminate the need for coding knowledge in app development.
These recent developments reflect Orangekloud's commitment to driving innovation and maintaining transparency. The company has submitted a standard Form 6-K filing to the U.S. Securities and Exchange Commission (SEC), providing current corporate information as per regulatory requirements. Orangekloud has also indicated its intention to continue filing annual reports under Form 20-F, providing a statement of its financial performance."
InvestingPro Insights
As Orangekloud Technology Inc. (NASDAQ:ORKT) embarks on this strategic partnership with ELITC, investors may find value in examining the company's current financial position and market performance. According to InvestingPro data, Orangekloud has a market capitalization of $174.27 million, reflecting its position as a smaller player in the technology sector.
The company's recent stock performance has been noteworthy, with InvestingPro reporting a significant 53.82% price return over the past month. This surge has brought the stock to trade near its 52-week high, with the current price at 96.96% of that peak. Such momentum could be indicative of market optimism surrounding Orangekloud's recent initiatives, including the ELITC partnership.
However, investors should approach with caution. An InvestingPro Tip highlights that the stock's RSI suggests it may be in overbought territory, which could signal a potential pullback. Additionally, another tip notes that Orangekloud operates with a moderate level of debt, a factor that may impact its financial flexibility as it seeks to expand its eMOBIQ platform's reach through partnerships like the one with ELITC.
It's worth noting that Orangekloud is currently not profitable over the last twelve months, as pointed out by another InvestingPro Tip. This aligns with the company's focus on growth and market expansion, as evidenced by the strategic move to partner with ELITC for broader adoption of its no-code solutions.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Orangekloud, providing a deeper dive into the company's financial health and market position.
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