Data analytics company Invigor Group (ASX: IVO) has announced almost $1.35 million in new contracts this week, putting the company on track for sustained business growth.
The company today revealed its wholly-owned German subsidiary TillerStack has locked in one new contract and one extension of a current contract with a combined value of $820,000.
This announcement follows Invigor’s news on Monday that it had won $520,000 worth of new contracts in Australia – securing liquor company Carlton & United Breweries (CUB) as a new customer, and extending its Loyalty solution currently deployed at Manly Wharf.
According to Invigor, these deals form part of the $1.35 million of additional revenue the company expects to secure this quarter and will contribute to its annualised recurring revenue growing over $2 million.
TillerStack contract wins
Based in Germany, TillerStack provides field service software solutions for major enterprises across Europe. This subsidiary was established as a separate entity in May.
Its new contract wins include a 2.5 year research and development project to develop field service solutions for the Central Association for Sanitation, Heating and Climate eV in conjunction with The Society for Social Business Consulting. This project is worth $649,000.
The second deal, valued at $174,000, is the expansion of an existing contract with leading telecommunications company UnityMedia.
Under this contract, TillerStack is expected to enhance the current technology platform to provide a better user experience through improved reporting for dispatchers at headquarters and mobile technicians in the field.
TillerStack chief executive Leslie Cohen said the company was “excited to capitalise on the increasing growth rates in the field service market” and will focus on innovating and leveraging its position to do so.
“We are also progressing a number of other tenders and strategic partnerships to strengthen TillerStacks’ presence in Europe. The tendering pipeline is health,” Cohen said.
Announced on Monday, the 12-month contract with CUB will grant the liquor business access to Invigor’s existing historical pricing and promotional data, as well as real-time competitive pricing intelligence across the entire Australian liquor market.
This deal is a big win for Invigor, with CUB being a subsidiary of AbInBev, the world’s largest brewer with a market capitalisation of $135 billion. CUB’s brands include Corona, Budweiser, Stella Artois, Victoria Bitter and Carlton Draught.
Invigor chief executive Gary Cohen said the company’s ability to lock in contracts with large and recognised brands like CUB reflected the “dependability and appeal” of its solutions.
In addition, Invigor’s Loyalty solution including its visitor technology, which is currently deployed at Manly Wharf, is being extended to include more features as well as being deployed across more venues.
“Solid progress is being made in line with the business strategy across Australia and also in Asia, especially as a result of the partnership with Winning Group,” Cohen said.
Last month, the company’s partnership with China’s Winning Group Holdings had been upgraded to “unconditional” status, with both parties opting to waive an initial three-month pilot period and progress straight to the live deployment of WeChat Pay in South East Asia.
This week, Invigor reported “considerable traction” being made in the distribution of the platform.