Knosys (ASX: KNO) has locked in a $6.1 million deal with Singapore Telecommunications (Singtel) and its Australian subsidiary Singtel Optus for the deployment of Knosys’ knowledge management platform, KnowledgeIQ.
KnowledgeIQ is an enterprise-grade digital platform that uses artificial intelligence to enable companies to find, manage and deliver personalised information to staff and customers to transform productivity and engagement.
According to Knosys, the technology enables the customer to drive extra revenue while saving time and expense, as well as allowing them to make more informed decisions.
The multi-year deal represents the largest ever single contract for the company, successfully expanding its footprint into the telecommunications sector and firmly within Singapore.
“Knosys was able to achieve this win against immense local and international competition in Singapore,” Knosys chief executive John Thompson said.
“This will be a significant reference site for the company in the critical Singapore and wider South East Asian market and Knosys will look to continue to expand its information and knowledge management business there,” he added.
The contract term will span five years and three years for Singtel and Singtel Optus, respectively.
Project activities are expected to start immediately, with a “Go Live” date scheduled for the first half of 2018, Knosys reported.
Thompson said the contract fitted in with the company’s strategy to focus on three verticals in the Australian and Singapore markets – government/legal, telecommunications and finance/banking.
“We continue to explore and prospect hard in these markets for similar and mid-sized opportunities to grow revenue and expand our user base numbers,” he said.
According to Thompson, Knosys is on target to achieve its double-digit user growth target for this current financial year.
Other KnowledgeIQ customers include major Australian financial institution ANZ Bank, as well as New Zealand’s SBS Bank which inked a three-year A$320,000 deal with Knosys in December.
Shares in Knosys rocketed on the news, sitting 127% higher at A$0.13 by afternoon trade.