Cleartronic, Inc. (OTC: CLRI)

Cleartronic, Inc. provides web based planning and communications solutions designed for operational management and emergency response. The company’s core offerings include the ReadyOp platform which supports general operations, incident management, resource tracking and situational awareness through tools such as diagrams, charts, maps and secure document storage. The ReadyMed platform is a secure communications system tailored for the healthcare sector that enables patient tracking, medication monitoring and care coordination for hospitals, clinics, doctor’s offices, health insurers and workers compensation carriers. The AudioMate line consists of Internet Protocol gateways that provide radio interoperability allowing disparate communication systems to work together. All of these products are delivered through the company’s wholly owned subsidiary ReadyOp Communications, Inc.

Cleartronic generates revenue principally from subscription fees for its ReadyOp and ReadyMed software as a service offerings. Customers typically sign annual contracts with an increasing number opting for multi year agreements that provide continued access to software updates and technical support. In addition to recurring subscription income, the company sells AudioMate 360 IP gateway hardware directly to end users and through a network of value added resellers. Licensing arrangements, including the agreement with the University of South Florida Research Foundation, generate royalty payments and occasional license issue fees. The company also may derive income from professional services such as system configuration, training and consulting related to its platforms.

Cleartronic occupies a specialized position in the unified communications market by combining operational planning, secure messaging and radio interoperability within a single offering. The company states there are no direct competitors that provide the same combination of capabilities, although products such as WebEOC and Everbridge are sometimes referenced as similar solutions. Cleartronic differentiates itself by pricing its solutions lower than those alternatives and by emphasizing ease of deployment that requires no new on site hardware or programming by clients. Intellectual property forms a foundation of the business, exemplified by the granted United States Patent Number 8,135,001 B1 covering aspects of the AudioMate gateway and the ongoing pursuit of additional patent protections. The company is also pursuing a FedRAMP authorization for its cloud service offering which, once obtained, will allow broader acceptance across federal government agencies seeking a standardized security framework for cloud products.

The company serves a diverse customer base that includes local, state and federal government agencies, corporations, school districts, utilities, hospitals, clinics, doctor’s offices, health insurance companies, and workers compensation carriers. Federal users range from emergency management offices to defense related agencies that utilize the platform for continuity of operations and incident response. State and local entities employ ReadyOp for daily operational planning, event management and disaster preparedness. In the healthcare segment, hospitals and clinics use ReadyMed for patient tracking, medication monitoring and care coordination across acute and post acute settings. Educational institutions and utility companies apply the software for resource allocation and incident reporting. No specific customer names are disclosed in the filing.