1. What’s the big idea behind ITT?
We invest in, own and partner with companies using innovative technology that provide elegant solutions to industrial and everyday challenges. Making everyday businesses smarter.
In the age of big data there are three prevalent technologies that have emerged to help turn raw data into actionable intelligence:
- Artificial Intelligence (AI)
- Blockchain Technologies (BCT)
- Internet of Things (IOT)
Delivering value through synergy by leveraging our portfolio companies’ expertise.
2. What is ITT’s business model?
We are a software and solutions provider, focused on acquiring and implementing strategic disruptive solutions targeting the industrial IoT markets including: manufacturing, blockchain, energy management, transportation, cybersecurity and fintech.
- ITT Inc. enters into joint venture partnerships and global licensing and distribution deals when an accretive opportunity presents itself.
- Establishes wholly-owned subsidiaries, such as Digital Blockware, which develops and provides customized, scalable blockchain solutions.
- Makes strategic investments into new technology applications.
3. Who is New Hope Group and what is their relationship to ITT?
On May 30, 2017, ITT signed a strategic partnership with New Hope Data Technology Co (NHG) to form a joint venture (JV). Under the terms of the JV, ITT holds a 51% interest and is responsible for providing industrial IoT technologies to NHG’s network of 600+ factories and businesses, and other customers across China. NHG is responsible for sales and marketing, the big data platform and day-to-day operations. New Hope will also invest initially $2 Million as an operating and working capital loan into the JV.
NHG is one of China’s largest privately-owned entities, with more than 600 subsidiaries, nearly 70,000 employees and $15.5 Billion in revenue. New Hope is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance and insurance.
The New Hope Data ”Intelligent Plant’, is a big data platform operational service provider, focusing on data monitoring and analytics by means of professional consulting and manufacturing process optimization. The company creates value for customers by identifying and solving the pain points which maximizes efficiencies and transforms the manufacturing process to a more advanced, scientific operation.
4. How does the IoT work?
The Internet of Things is not separate from the Internet, but rather, a huge extension and expansion of it. The “things” that form the basis of the IoT are objects. They could be virtually anything— lightbulbs, thermostats, fitness trackers, factory equipment, automobiles, or even plants. What makes an object part of the IoT is to embed components that give the object both a unique identifier and internet connectivity. Those devices must then communicate through a networked connection to send or receive information. The information is then be analyzed and acted upon accordingly, in real-time, to implement efficiencies and transform previously independent processes into integrated systems.
5. What impacts will the IoT have?
The IoT may significantly affect many aspects of the economy and society, although the full extent and nature of its eventual impacts remains uncertain. Many observers predict that the growth of the IoT will bring positive benefits through enhanced integration, efficiency, and productivity across many sectors of the Canadian and global economies. Among those commonly mentioned are agriculture, energy, health care, manufacturing, and transportation.
6. What issues might affect development and implementation of the IoT?
The Internet of Things is often praised for its potentially revolutionary applications. Indeed, IoT devices are today being implemented in many different sectors for a vast array of purposes. However, it is still unclear how the Internet of Things will progress due to challenges associated with both technical and policy issues, including security and privacy issues, which might inhibit the growth and impact of IoT innovations.
7. Why are there such poor security practices in IoT products?
In short, lack of understanding and devotion to good security protocols.
Engineers and developers are typically more interested in making sure the product works and is launched on schedule, rather than making sure these devices are secure.
To be competitive in the market, many products are designed with an emphasis on keeping the cost as low as possible. Stronger security implementation isn’t prioritized properly, because it typically doesn’t reduce the cost of producing a product.
Thus, there is a disconnect with those concerned with keeping communications between devices more secure and those making sure the devices operate.
8. How do we best address the technical challenges impacting security for the IoT?
It starts with recognizing the problems and then providing better education about the solutions.
In most cases, the technology is available and just needs to be implemented. There are protocols which provide strong and scalable encryption at the scale that the IoT demands (for example, managed PKI systems).
The biggest hurdle comes from a lack of education – the industry needs to help vendors understand the risks associate with poor IoT security. Organizations need to be made aware of the potential ramifications: lowered sales, diminished trust in their brand, or even health and safety risks when healthcare devices and critical infrastructure are included in the conversation.
9. Who are ITT’s customers?
We serve customers from many different industry segments. While needs vary from industry to industry, customers generally expect IoT technology to streamline production, increase output and reduce waste.
For example, auto executives hope IoT technology can deliver better dashboard interaction and user experiences, while also introducing features that prevent collisions and support the move to autonomous driving. Healthcare providers and Licensed Producers, meanwhile, want IoT solutions that can help prevent fraud and ensure seed-to-sale regulatory compliance.
Above all, most IoT customers want products and services that are secure, easy to integrate with existing technology and operations systems, and capable of delivering a clear return on the investments required to set them up.
10. What are ITT’s services?
Being successful in the IoT requires the application you are developing to be ‘smart’, that your product should solve a specific problem better than anyone else can.
We work with clients to find their niche by identifying problems and needs of small markets, specialized industrial customers as well as groups of people with a specific interest.
in a nutshell, ITT works with businesses by identifying how they’ll derive value from:
- Combining Artificial Intelligence, blockchain technologies and Internet of Things enabled devices
- Data being generated to make real-time, informed business decisions
- Operationalizing the data and using it in a real application to solve a business need or improve the customer experience
- Establishing a digital touchpoint with the customers themselves to enhance customer experience and to improve value and engagement
- Creating a customized platform that enables applications to be holistic and inclusive of all data, real-time and legacy, seamlessly and securely
- Prioritizing data security, privacy and protection, while striking a balance between ease of use and security
11. Where is ITT located?
Our corporate head office is located in Toronto, Ontario, Canada.
12. On what exchange does ITT trade and what is its ticker symbol?
Internet of Things Inc. is listed on three exchanges:
- TSX-V: ITT
- OTC: INOFT
- FWB: 71T
13. When does ITT’s fiscal-year financial end?
Our fiscal year ends on January 31st. Our quarters end on April 30th, July 31st, October 31st and January 31st.
14. How can I receive ITT’s annual report and other corporate filings?
Most of ITT’s financial documents are available for viewing and download under the Financial Reports section on the Investor page. If you would like a hard copy of our investor kit or any of these documents, you can e-mail firstname.lastname@example.org or fill out the request form on our Contact Us page.
15. When and where is the ITT Annual General Meeting (AGM)?
We generally hold our Annual General Meeting of shareholders in the month of January. When it gets closer, we will update this information.
Our last AGM was held on January 9, 2018 at 10:00am at the offices of Fogler, Rubinoff LLP, Suite 3000, 77 King Street West, Toronto, Ontario.
16. How do I contact Investor Relations?
17. Do you have another question that hasn’t been answered?
18. What's next for ITT?
Management continues to pursue strategic initiatives in Internet of Things, Artificial Intelligence and blockchain technology applications.
19. Will ITT acquire other businesses?
While we are constantly exploring merger & acquisitions opportunities. To date, ITT has not acquired a majority stake in another business. That said, the company continues to make strategic investments as opportunities arise.
20. How will you weigh the tradeoff between returning capital to shareholders and reinvestment in your business?
Since we have an asset light business model, our major investment would be R&D, engineering resources and our management team. We do not expect any material capital investment requirements in the foreseeable future.