Started a deep dive on KYP ahead of next week's meeting. I found doing this deep dive ahead of a SM meeting extremely helpful with RTH. Pre-meeting, I was clear what I needed to see/hear before I decisively entered (as was the case with RTH) or I pull the pin and move on. I also found doing this deep dive in logical chunks, over a few days, very helpful, to gradually build understanding of the story which in turns builds (or kills) conviction.

I used inputs from my buddy, Chat, but have asked the questions in multiple ways to see if I get the same answers. I then synthesised and summarised the inputs. Questions that I had, I have/will add to the KYP Slido.

Further context is that in my past life, I had to work out how to deal with the issue of managing Reg Tech compliance within a SAP SuccessFactors/SAP HR back end, so I do have some appreciation of the technical integration challenges of bolting on something like KYP to an existing ERP. This is key to point out as most of my doubts/commentary centre around the robustness of the KYP product and how ready/capable/scalable it truly is, outside of ANZ.

With that context, here is Part 1: KYP's Products.

1. KINATICO COMPLIANCE (SaaS)

This is the core SaaS workforce-compliance / credential-management platform. Key features:

• Real-time dashboard of workforce compliance status and visibility across people, roles and tasks
• End-to-end lifecycle: hiring → onboarding → ongoing compliance tracking → off-boarding
• Mobile app access for workers: upload documents/photos, complete forms, receive alerts
• HRIS / HCM / ATS integrations: supports a wide list of systems (Workday, SAP SuccessFactors, BambooHR etc) for sync of user/role data
• Verifications & checks included as part of plans (and add-ons available): e.g., working rights, police checks, driver’s licence, qualification verification, AML screening, etc
• Configurability: organisations can create custom workflows, digital forms, assign activities by role/location, set up alerts/renewals
• Data security / compliance credentials: e.g., ISO 27001 certification, accreditation for national police checks, document verification service
• Tiered pricing: Starter (free up to 5 users), Core (~US$15/user/month), Premium (~US$24/user/month) with more features/verification inclusions

So in short: a platform to manage workforce credentialing, compliance, verification, ongoing monitoring, with dashboards, mobile app and integrations.

2. COMPLIANCEX

Although less fully detailed, this is described as the “new platform” version / upgraded workflow engine for Kinatico. Key notes:

• Launched during 2025
• Designed to simplify people-management workflows by synchronising disparate screening, validation, compliance and procedural systems into one real-time, secure, self-serve solution
• Positioned as an evolution of their compliance platform — likely the next-gen version/underlying tech of Kinatico Compliance.
• According to a broker note: “the company’s new compliance SaaS solution … underlying real-time workforce compliance management”

Here’s a timeline-style table summarising what Kinatico Ltd (ASX: KYP) has publicly disclosed about the development and rollout of their “ComplianceX” platform — what features they plan, when they said they’ll deliver them, and how that maps to what we know so far. Some dates are exact, others are inferred from announcements.

• Development for ComplianceX appears to have been ongoing through 2023 and into 2024, with roadmap features clearly defined by Sept 2024.
• Various news articles in April 2025 describe the “launch” of the ComplianceX workflow platform. For example, one: “the latest version of Kinatico’s platform … ComplianceX … synchronises disparate screening, validation, compliance and procedural systems.” 
• In their FY25 full year results announcement they said they “invested in excess of $3.5m of operating cash flow into new compliance technology” while focusing on building their new solution
• The formal launch of the platform was scheduled for 6 March 2025.
• The product is already in market (Q3 FY25 ended March 2025) with revenue impact. Q3 FY25 (quarter ended March 2025) results show SaaS revenue of US $4 m (or AU$4 m) for that quarter, up 60% YoY, with mention that “while simultaneously focusing on the launch of its new platform
• They stated that the platform was built with international markets in mind: one source notes “Compliance X was developed with international markets in mind. The company aims to achieve international revenue within the next calendar year, potentially through partnerships or acquisitions in other jurisdictions
• The roadmap features (self-service config, predictive tasks, geolocation triggers) are still being delivered — implying a phased feature rollout over 2025 and beyond.
• The company also mentions international rollout ambitions as part of the ComplianceX strategy.

Deployment Plans

• 2025 (Calendar Year): Full commercial availability of core ComplianceX platform in ANZ; customer onboarding; feature enhancements and module rollouts (predictive tasks, geo-triggers, dynamic dashboards).
• 2026 and beyond: Expansion into international markets using ComplianceX as the core platform, possibly via partnerships/acquisitions, localised integrations and new modules for global compliance. (Inferred from roadmap & strategy commentary)

3. CVCHECK SCREENING & Verification Services

This is the legacy / foundational business of Kinatico. Highlights:

• Pre-employment screening, background checks, verification of credentials, references, police checks, etc
• Understood to serve many thousands of clients in Australia & NZ across enterprise and SMB
• It remains part of the group and provides the “screening & verification” layer which complements the compliance/credential-management SaaS.
• The re-branding from CVCheck Ltd to Kinatico took effect October 2022, reflecting an expanded product offering including broader RegTech / compliance workflows.

4. Additional modules / vertical-specific offerings

• While less fully detailed in public documentation, some other product/solution names and modules are indicated:
• Cited – referenced as part of their suite (pre-existing product under the group) which provides compliance management
• OnCite – mentioned in context of mobile application enabling workers to manage daily compliance and credentials
• Industry/vertical-specific modules: though not always branded with unique names, Kinatico notes they serve sectors like aged care, mining, healthcare, government, education and have configurable workflows for regulated industries. (From “Who We Serve” pages)

Notes/Caveats

• While the “Kinatico Compliance” and “ComplianceX” names are quite prominent, the exact modular breakdown (e.g., “contractor-management”, “visitor-credentialing”, “asset-based compliance”) is not always separately itemised in the public site.
• Some older products (e.g., Cited, OnCite) seem to be being folded into the broader “Kinatico Compliance / ComplianceX” stack — so there may be overlap or rebranding underway.
• Pricing and feature-inclusion vary by plan; some verification checks are add-ons
• The company is in a transition phase (from more transactional screening business to recurring SaaS) which means product road-map and packaging may evolve rapidly

TARGET INDUSTRIES

As mentioned above, Kinatico clearly targets multiple industry verticals and offers tailored compliance workflows for them. Based on “Who We Serve” on their website:

• Aged Care – organisations dealing with mounting regulation and credential verification burdens
• Education – staff vetting, credentialing of teaching/support roles, cyber-incident tracking etc
• Financial Services – high trust/credential regimes, data security, regulatory compliance
• Disability Care – compliance paperwork, verification, streamlined workflows
• Energy & Resources – contractor management, site compliance, credential tracking across locations
• Critical Infrastructure – regulatory obligations (e.g., SOCI Act), credential oversight across roles and supply chain.
• Utilities – workforce of contractors, internal employees, supply chain – manage credentials and compliance across roles/locations.
• Healthcare – staff credentialing, audits, compliance-heavy environment.

USE CASES

• Mining & Resources / Mobile Workforces: Validate + Logistics modules are explicitly designed for asset-owners, multiple sites, mobile workforce, travel/accommodation management
• Regulated Sectors (Health, Aged Care, Education, Financial Services): Modules tailor workflows for credential/licence tracking, working-with-children, AML, cyber policy acknowledgement etc. (via core Compliance product)
• Small/Mid-Sized Organisations: Starter plan for up to 5 users; self-service model emphasised to capture smaller organisations. Kinatico+1

KEY TAKEAWAYS

1. Think KYP has evolved from the old CVCheck company which existed years ago
2. Kinatico Compliance appears to have morphed into “ComplianceX”, positioned as the “next generation” of Kinatico Compliance - this will likely encompass “everything” into a single, seamless platform
3. ComplianceX was launched on 6 March 2025, and as at Q3FY25, appears to be revenue generating
4. There are intentions on international rollout as part of the ComplianceX strategy - 2026 and beyond: Expansion into international markets using ComplianceX as the core platform, possibly via partnerships/acquisitions, localised integrations and new modules for global compliance. (Inferred from roadmap & strategy commentary)

AREAS TO FOCUS ON/QUESTIONS AT THIS POINT

Q1. International expansion - what is KYP’s capability to achieve this and plans thereof? Ambition is one thing, capability is quite another, especially when there are existing RegTech providers overseas (subject of next deep dive part).

The commentary says ComplianceX was built with international expansion in mind - this may be nothing more than ensuring that there is country code field to enable the adding of diferent countries to either a module or an industry vertical sub-module, or both. I think of how XRO has struggled to gain significant traction outside of ANZ.

Q2. What edge does KYP bring that other RegTech in foreign jurisdictions not have for customers to switchover to KYP such that KYP can "rule the RegTech" world? I ask this thinking about my other holdings: RTH in horse racing data, SDR in small hotels/revenue management AIM in enterprise captioning/translating, C79 in PhotonAssay, EOS in kinetic anti-drone - these are all companies with a product that is global. I do not include XRO in this list because, like KYP, XRO needs very specific tailoring of its product for each jurisdiction that it enters.

Q3. Does KYP have the financial ability to undertake foreign M&A, balance sheet-wise? Have not looked at the financials yet, but there was commentary about $10m cash, no debt - that does not feel like much of a war chest for any M&A without an associated capital raising, which given how far the price has come, looks like a distinct possibility. Given RegTech complexities, rather than focused on the revenue opportunity an M&A presents, I would be more focused on investment requirements, why and how customers will transition over to a KYP bolt-on.

Q4. Spend of $3.5m to develop ComplianceX (number needs to be validated), feels very, very light for a "strategic asset" - raises questions on the extent of this product - was it a platform rebuild (ala CAT, which revamped its platform for scale) or was it a quick cosmetic integration/makeover of the hodge podge of solutions, to make it look seamless. Goes back to the "what is the moat" question as well.