Workplace software provider Vault Intelligence (ASX: VLT) came out of a trading halt this morning with the news that it had executed a multi-million dollar contract with SurePlan New Zealand for its SoloDrive solution.
The deal brings its total contract value generated in the past six months to over $26 million and adds yet another marquis customer to its books.
SurePlan has committed to using SoloDrive for a minimum of five years which means Vault will receive a total of $12.4 million over the term of the contract. Vault also confirmed that the newly signed agreement would deliver a minimum of $2.49 million in contracted annual recurring revenue (CARR).
Furthermore, the deal propels Vault to reaching $11 million in CARR for the current financial year, and importantly, to exceeding its previously-set market guidance of achieving a minimum of $10 million in CARR by the end of the current financial year.
Vault specialises in providing tech solutions for businesses comprised of two platforms – Vault Enterprise and Vault Solo.
Both are made possible and powered by mobility and Internet-of-Things (IoT) wearables to deliver benefits in workforce performance and protection. Vault says it currently delivers its enterprise-level software, mobility and wearable solutions to more than one million people across 30 industries globally.
Vault’s SoloDrive is a driver management solution focused on monitoring individual driving behaviour via a smartphone app, which provides critical data to both the individual and their employer to better manage their performance and mitigate a variety of risks.
Using advanced machine-learning algorithms, SoloDrive can monitor driving behaviour incidents for multiple users simultaneously and can identify means of reducing collision probability. Vault’s tech solution is particularly useful for companies that employ multiple drivers such as delivery companies and fleet operators where monitoring behaviour (and insurance premiums) can often be difficult to control.
According to Vault, SoloDrive has instant crash detection and alerting and can detect specific driving behaviours known to increase the risk of accident and costs for fleets. Some of the variables the app can monitor and log are mobile phone handling, exuberant driving and speeding.
The ultimate aim of the solution is to implement existing hardware to improve driver safety and response times through data analytics – while foregoing the need to install additional equipment.
“The SoloDrive solution is the perfect enhancement for our business as it provides the tools needed to lift the driving performance of fleet drivers, which is our primary strategic objective for all New Zealanders,” said SurePlan’s chief executive officer Gordon Brown.
“After a series of trials and great engagement with the broad and responsive Vault team, we know Vault is a great fit as a partner and look forward to us jointly delivering great value to our customers and our companies,” he said.
By having accurate real-time data of worker’s whereabouts and activity, individuals are able to improve their performance while delivering demonstrable benefits to the organisations within which they work.
“Driver safety is exceptionally important to Vault so by creating SoloDrive, we have built a smart, intuitive and engaging solution to deliver real protection for drivers and provide significant financial efficiencies for businesses,” said David Moylan, chief executive officer and managing director of Vault.
Today’s news propelled Vault shares higher by almost 13% up to $0.44 per share in morning trade.