A packed update: AI launch, new contracts, and leadership changes
Urbanise.com Limited (ASX: UBN) has delivered a multi-pronged strategic update covering board composition, a new AI product launch, and early commercial wins in its push to disrupt the legacy strata management market.
Key developments from the 26 May 2026 announcement include:
- Darc Rasmussen confirmed as Executive Chairman, with a restructured fee arrangement including a success-based component payable in cash and/or equity
- AI Assistant launched at the Strata Community Association (SCA) Australasia Conference on 21 April 2026, with availability to market expected by June 2026
- Two new contracts signed this month, converting customers from a major legacy provider, with a combined Total Contract Value (TCV) of approximately $700,000 over three years
- Non-Executive Director (NED) James Hourn stepping down once a replacement is appointed, with a search now underway
- A Chief Product Officer (CPO) search commenced alongside the recent appointment of Adam Vidal as Chief Commercial Officer (CCO)
Taken together, the update positions Urbanise as actively building scale capacity ahead of what the Company describes as a substantial legacy conversion opportunity.
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Inside the Urbanise AI platform — what it does and why it matters for strata
What is strata management software?
Strata management covers the communications, accounting, and compliance functions for apartment buildings, strata commercial towers, and large housing communities. Urbanise operates an enterprise-grade, cloud-based Software-as-a-Service (SaaS) model serving this sector across Australia and globally.
The AI Assistant — plain-language answers, faster decisions
The AI Assistant allows strata managers and their teams to ask plain-language questions and receive reliable answers in seconds, embedded directly into the Urbanise Strata platform. This is the first release in a broader AI roadmap, not a standalone product. Availability to market is expected by June 2026.
The Company expects these capabilities to support improved customer retention and higher competitive win rates. With more than 40% of the strata market still operating on legacy systems, the AI-driven platform represents a meaningful competitive differentiator in the contest for that addressable opportunity.
Two contract wins open the door to a 40% legacy market opportunity
The two contracts executed this month each convert a customer from a major legacy provider to Urbanise’s modern, enterprise-grade cloud-based solution. The Company describes these wins as early evidence that its building pipeline can be converted into paying customers.
| Metric | Detail |
|---|---|
| Combined TCV | ~$700,000 |
| Contract term | 3 years |
| Customer source | Converting from a major legacy provider |
| Materiality | Described as “meaningful, but not material” by the Company |
| Upside potential | Additional revenue if customers adopt banking and payments integration |
Building the pipeline — the legacy conversion playbook
The Company has stated these wins serve as proof that its pipeline conversion strategy is working. With over 40% of the strata market estimated to still be running on legacy systems, the addressable runway for Urbanise’s enterprise platform is substantial relative to its current scale.
The banking and payments integration, developed under the NAB partnership, represents a further upsell lever on both new and existing customers. The Company notes additional revenue is possible if the two newly signed customers later adopt this capability, reinforcing the multi-layered revenue potential of each conversion win.
Cash flow outlook and the road to FY2027 profitability
The Company has provided forward guidance on its cash flow trajectory, acknowledging continued near-term investment spending while anchoring on a concrete recovery target.
Key guidance points include:
- Net operating cash outflows are expected to continue through the remainder of FY2026
- Q1 FY2026 included one-off pre-contract costs; current burn rates are not expected to remain at those levels
- Initial payments from the NAB partnership were received in mid-Q4 FY2025, with the majority of build-and-delivery investment falling in FY2026
- A return to positive operating cash flow is targeted in FY2027, as timing effects unwind and the banking and payments offering gains traction
Urbanise Board
“As timing effects unwind, the new banking and payments integration offering go-to-market gains traction, and the core business continues to grow, a return to positive operating cash flow is targeted in FY2027.”
Investors should note that FY2026 cash outflows reflect investment-phase spending tied to the NAB partnership build rather than structural deterioration in the underlying business. The FY2027 target provides a concrete horizon against which progress can be measured.
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