No queues with NoQ from Hub IT

Peter Dinham
Wednesday, 15 June 2011 03:57

Business IT - Technology

Australian-owned IT company, Hub IT, is raising $1 million in investment funding to deliver what it says is its 'breakthrough' NoQ iPhone-based ordering system to food service and coffee/beverage retailers nationally.

 

According to Hub IT chairman and prominent South Australian businessman, Raymond Spencer, the company has already raised its original $750,000 investment target and is now raising an additional $250,000, which it expects to conclude before next month's launch of the NoQ ordering system.

Spencer says the system allows customers to order and pay in advance for their coffee or food orders to avoid queues at the counter when they reach the store, by using their iPhones. He said the extra capital raising follows what has been 'strong investor interest' in the online ordering system, which uses the iPhone to 'help retailers improve business sales and and customers to avoid standing in queues.'

Investors in Hub IT include Raymond Spencer, who is also chairman of South Australia's Economic Development Board; Alan Young on behalf of himself and Baker Young Stockbrokers investors; PKF partner John Sutton; Adelaide businessman Gavan Fox and John Heard, chairman of Bank SA.

Adelaide-born Spencer returned to Adelaide in 2009 after a 35-year career in international business, management planning, technology and finance in the United States, India and Europe.

Spencer said NoQ has an 'innovative business model that has wide appeal across multiple industries beyond the initial food and beverage sectors.

'NoQ benefits both retailers and consumers by connecting them through their smartphones.  Customers are freed up from standing in queues and retailers can reach customers when they want to purchase, a win/win for both groups which is quite unique.  The competitive opportunity for Hub IT is to realise these benefits and expand the business model to change the way people purchase goods and services in their daily lives.'

Hub IT CEO, Nigel Standish, said the investment backing would enable the company to rapidly establish NoQ as a national online ordering platform during the second half of this year. 'We are delighted that the level of investment interest in NoQ exceeded our expectations.'

According to Standish, NoQ has attracted a high level of interest since it was unveiled in April this year, and each week, Hub IT is receiving inquiries and orders for the system, which is currently undergoing final trials. 

Using a simple online ordering screen on an iPhone, NoQ lets customers place orders before visiting a cafe or store. The retailer issues an online receipt and confirms a time to collect the order, and payment occurs automatically via credit card using a secure third party payment gateway.

Standish said Hub IT was already engaging with retailers throughout Australia to ensure the NoQ system was designed to meet business needs. 'Business owners recognise NoQ lets them better serve the iPhone generation without the high cost of developing a dedicated iPhone app.'

Standish claims NoQ is unique in the Australian marketplace, with consumers able to use a single, easy-to-use app to order products from multiple retailers 'rather than having one app dedicated to each brand.'

'A major advantage of the NoQ iPhone-based ordering system is that retailers avoid large upfront development costs by paying for it from their increased cashflow. By leveraging the system's cost over multiple retailers, Hub IT is aiming to make NoQ a 'category killer' product.'