Raven Industries (RAVN - Analyst Report) has successfully executed the second Slingshot API within two months of its first implementation. The Slingshot API will be used by Software Solutions Integrated, LLC (“SSI”) within their “Agvance” suite of software products.
Slingshot API, where API stands for Application Programming Interface, is a software-to-software interface. It is invisible to the end-user and provides an easy way for communication within the software systems.
Slingshot API guarantees regular delivery of job data and does not require paper or USB drive to deliver job information to the field. Thus, it is cost effective and does not carry the risk of either getting lost or misplaced like paper or USB drives.
Agvance employs machine location data of Slingshot API for delivering the information to the nearest machine for the job. Customers will now be able to share information more efficiently.
Currently, customers will get Version 5.0 of Agvance Dispatch which is Slingshot API-enabled. It will let them plot Slingshot Field Hubs and also associated pending jobs on a map for a sender to manage and send VRA files to the field.
In addition to these, new features are being developed that will help the customers in the coming days. The combination of Agvance and Slingshot API, therefore, makes the process of delivering the essential information and files to the in-field computer at the right time.
Earlier, in March, Raven introduced a new software application called OnSite from AgIntegrated, Inc. that used Slingshot API. With a tap on the Slingshot API, the Onsite software, a cloud-based mobile and desktop application software, communicates directly with the Raven filed computers to transfer data and locate equipment in the field.
Recently, Raven announced the realignment of its business segments in line with its long-term growth strategy. It has decided to deploy the assets and the team members of the Electronic Systems segment to the Aerostar and Applied Technology segments for the purpose.
After completing the realignment process, Raven will operate through three of its business segments (the Aerostar, Applies Technology and Engineered Films) instead of four. Further, it has planned to incorporate nearly 75% of the sales of the Electronic System segment into the Aerostar segment.
It is expected that Slingshot API enabled Version 5.0 of Agvance Dispatch will have significant demand among the customers owing to its efficient operational facility. Moreover, the realignment taken on the part of the company will benefit it as the Aerostar segment usually turns out to be volatile due to the involvement of time consuming and large formalities required for government contracts and procurement budgets.
Currently, we have a long-term Outperform recommendation on Raven, which is in line with a short-term Zacks #2 Rank (Buy).