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Onfolio Holdings Inc. (ONFO) maintains this dedicated news hub as the definitive source for corporate updates and strategic developments. Our curated collection provides investors and industry observers with timely access to press releases, acquisition announcements, and operational milestones.
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Onfolio Holdings Inc. (Nasdaq: ONFO) has appointed Ravi Jayagopal as CEO of its subsidiary WPFolio, a WordPress plugin development company. Jayagopal brings over 25 years of experience in the online business industry and extensive WordPress expertise. This appointment follows Onfolio's strategic decision to decentralize management structure after experiencing triple-digit growth in Q4 2022.
Jayagopal, an accomplished software architect and author of eight books on technology platforms, will focus on serving WordPress creators and developers. WPFolio aims to develop and acquire WordPress plugins that help content creators protect and monetize their intellectual property. This aligns with WordPress's significant market presence, powering 43% of all websites globally, representing over 810 million websites.
Onfolio Holdings (NASDAQ: ONFO, ONFOW) reported robust financial results for Q4 and full year 2022, showing a remarkable revenue increase of 159% year-over-year (YOY) to $1.12M in Q4, while gross profit surged 340% to $0.75M. However, the company faced a net loss of $1.31M in Q4, widening compared to previous periods. For the full year, revenue climbed 23% to $2.22M, but total expenses rose 98% to $5.31M, resulting in a yearly net loss of $4.43M. The CEO highlighted a strategic shift to Onfolio 2.0, focusing on service businesses and e-commerce opportunities, aided by recent acquisitions including SEOButler Ltd. and Proofread Anywhere. With a cash reserve of $6.7M, Onfolio aims to pursue non-dilutive financing to support its growth strategy and move towards profitability.
Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) announced the completion of its asset purchase agreement with Contentellect Limited for $850,000. Contentellect, established in 2018, specializes in content writing services for SaaS companies and has supported over 875 businesses with its offerings. In 2022, Contentellect reported an adjusted EBITDA of $340,000. Onfolio aims to leverage this acquisition to enhance growth opportunities, particularly in a market increasingly influenced by AI technology. The acquisition details were filed with the SEC on February 6, 2023.
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