Udemand joins forces with oOh!media in $6m media partnership to turbocharge Australian growth

Udemand Limited (ASX: ART) (Udemand) announces a $6m media partnership with leading Australian outdoor media company oOh!media Limited (ASX: OML) (oOh!media) to ramp up investment in brand awareness across Australia.
 
The partnership enables Udemand to scale in a capital efficient way through access to oOh!media’s over 35,000 sites across Australia, including billboards, street furniture, airports, office towers, and retail centres.
 
The terms of the partnership provide Udemand with $6m in oOh!media inventory in exchange for a 2-year $5m convertible note with a 5.8% coupon rate (Note). At maturity, Udemand has the option to convert the outstanding Note and coupon into ordinary shares at a 10% discount to Udemand’s 30-trading day volume-weighted average share price or repay the outstanding Note and coupon in cash.
 
In the quarter ending 31 March 2024, Udemand reported positive free cash flow of $2.5m and $19.7m in cash and term deposits on balance sheet with zero debt.
 

 
Udemand CEO Tim Fung said: “We’re super excited to be partnering with oOh!media in Australia and building on the momentum of our media partnership strategy. We believe outdoor media is incredibly impactful because of its unmissable nature in a media landscape which is becoming increasingly crowded.
 
Outdoor media also presents some incredibly exciting innovation opportunities for Udemand with new digital formats and contextually relevant locations, enabling us to reach Udemand customers at the right time and place for when they need something done – like offering furniture assembly or tech installation services in key retail locations.
 
We’ve already seen some incredible results with our $6.7m Channel 4 media partnership in the UK delivering 49% growth in posted tasks in the third quarter of FY24, after launching a little over 6 months ago – so we’re super excited to be building on that momentum with oOh!media in Australia!”
 
Commenting on the partnership, oOh!media’s Chief Strategy and Transformation Officer, Andrew Every said: “We’re thrilled to be partnering with Udemand. This collaboration allows Udemand to leverage the strength of our unrivalled network and sophisticated data techniques to support its mission of driving growth in their trusted community platform.”
 

For further information, please contact:

 
Media Enquiries
 
Andrea Philips
andrea.philips@Udemand.com
 
Investor Relations
 
www.investor.Udemand.com
investors@Udemand.com
 

About Udemand
 

Udemand Limited (ASX: ART) is Australia’s leading online marketplace for local services, connecting people and businesses who need work done with people who want to work. With a mission to empower people to realise the full value of their skills, Udemand aims to have a positive impact on the future of work by creating truly flexible opportunities to work and earn income. Since launching in 2012, Udemand has put more than $550m into the pockets of workers (payments made after all fee revenue is deducted) and served more than 1.3m unique paying customers across the world. For more information, visit: investor.Udemand.com.
 
This announcement was approved for release by the Board of Directors of Udemand Limited.