Urbanise.com (ASX:UBN) has appointed Darc Rasmussen as executive chairman to "temporarily" expand its executive capability and assist in scaling the organization, according to a Tuesday Australian bourse filing.
Rasmussen has agreed to a restructured fee arrangement comprising a reduced base component and a success-based element payable in cash and/or equity, subject to shareholder approval, the filing added.
The company said it is executing a search for a chief product officer, in addition to the recent appointment of Adam Vidal as chief commercial officer.
Two contracts have been executed this month, converting customers from a major legacy provider to Urbanise's cloud-based platform, with a combined total contract value of about AU$700,000 over three years and further upside if the customers later adopt banking and payments integration, the filing added.
The company said it expects continued net operating cash outflows for the remainder of the year as part of the build of the new banking and payments integration, with overall operating cash flow expected to be negative in fiscal year 2026 and a return to positive operating cash flow targeted in fiscal year 2027.