Invigor Group clinches data intelligence contract with NSW Government
Invigor Group (ASX: IVO) has clinched an initial A$100,000 data intelligence contract with the New South Wales Government’s Independent Pricing and Regulatory Tribunal (IPART).
Under the contract’s first stage, Invigor Group will provide IPART with its proprietary dataset on alcohol beverage pricing so IPART can analyse the impact of its container deposit scheme.
Invigor Group’s information includes several years of historical data which will also help with analysing other factors including the performance and conduct of suppliers, and other influences on consumers.
According to Invigor stage one of the agreement is immediately revenue-generating, with IPART mostly using the historical pricing data for its report due next month.
“Our steady growth of locking in new and larger revenue-generating data intelligence and analytics contracts with blue chip customers, recognised brands and government departments is continuing in 2018,” Invigor Group chief executive officer Gary Cohen said.
He added securing the contract with the NSW Government gave the company greater exposure to the public sector and positioned the company as a dependable technology provider.
IPART has stage two and three contracts up for grabs relating to ongoing monitoring of the beverage prices throughout the year.
Invigor Group claims it is “well-positioned” to secure both contracts, in addition to building its pipeline for other revenue-generating data intelligence contracts.
The company bagged a key contract with Microsoft late last year.
Under the contract, Microsoft will support Invigor Group by providing co-marketing funding, technical training and development resources.
This is to help facilitate product development and accelerate uptake of Invigor Group’s Shopper Insights and SpotLite products via Microsoft Azure.
2017 annual results
During 2017, Invigor Group achieved A$8.5 million in revenue, which was a 1.2% lift on the previous year.
However, the company posted a net loss of A$13.15 million.
As a result, the company undertook a strategic review of its subsidiaries and made the decision to unload Condat AG, which includes the company’s media arm for A$3.75 million. The company said it would use the proceeds to retire debt.
Between January and the end of February, Invigor Group secured A$850,000 worth of new contracts and this latest one with the NSW Government tops that figure to almost A$1 million.
Shares in Invigor Group were unchanged at A$0.007 by late afternoon trade.