Norwood Systems (ASX: NOR) has secured US investment bank JMP Securities as a client for its first full service contract which includes Norwood’s latest World Phone and World Message apps that were launched at the beginning of December.
Phase one of the contract will generate about A$35,000 in recurring annual revenue and involve Norwood rolling out a mixture of its services to 50 JMP staff.
Once phase one of the contract has been implemented, there is potential for the contract to be scaled up and rolled out to additional JMP staff, which would then boost recurring annual revenue.
“This contract with JMP represents a landmark deal for Norwood, establishing a number of significant ‘firsts’ for the company,” Norwood managing director, chief executive officer and founder Paul Ostergaard said.
“It is the first US-based client deal for Norwood for both its Corona Compliance and Corona CRM offerings, and will represent a key reference site for Norwood in the US market as we progress other opportunities in the region,” Mr Ostergaard said.
He added it was the company’s first banking deal and its maiden corporate paid pilot for its cyber-security platform World Secure which is due to be launched soon.
According to Mr Ostergaard, World Secure plugs the security hole caused by employees accessing insecure public WIFI networks while away from the office.
In addition to Norwood’s World Secure platform, other services in the contract include Norwood’s World Phone 3.0 and World Message apps, as well as its content relationship management (CRM) platforms, and Global Relay archival integration, which captures voice and SMS content for ensure industry compliance.
Norwood’s services will enable JMP to adhere to financial services regulations relating to the need for retaining business communications including smartphone voice calls and text messages.
At the beginning of December, Norwood launched its World Phone 3.0 app into Apple’s iOS store.
The app offers high quality and voice calling using enterprise-grade encryption, voice compression and decompression features, which according to Norwood, deliver “near bullet proof” security across all networks.
World Phone 3.0 works in conjunction with Norwood’s World Message app and its Corona virtual mobile service platform.
Using a combination of the technologies, employee communications can be recorded and logged in the CRMs and enable this to carried out using a single handset which keeps work-related calls and messages separate from personal ones.
Norwood’s share price had lifted almost 10% to A$0.023 by early afternoon trade.