Yellow Holdings, the directories company created by creditors in return for relinquishing claims to $385 million of debt, is launching the first product developed by its YellowLabs unit: an app that helps keep track of home maintenance and compiles property information held by local authorities.
While Yellow attracts more than two million New Zealanders a week to its directory products, it opted to restructure ahead of debt coming due on August 31, putting its NZ Directories, Yellow Pages and Finda businesses into a new structure, resulting in a nimbler company with a more conservative debt level.
Freed from the constraints of too-high leverage, the company set up an "incubator" called YellowLabs staffed by designers, developers and data analysts briefed to look at new ways to leverage Yellow's assets, including its commercial customer base. Its first product, Yellow/home, is designed to help manage home maintenance and recommend local businesses that could assist with everything from repiling to painting and cleaning.
"We're very conscious as a business that we needed to change the focus," said chief executive Michael Boersen. "We've been advertiser-focused, not focused on the consumer. Property is a very strong asset for people - they invest a lot in it and spend a lot of time looking after it."
Boersen said the app has been in its beta phase for three months and Yellow plans to add functionality as it builds up maintenance-related data on New Zealand properties. The maintenance schedule on the app is being developed by a building scientist, he said.
