RocketBoots extends bank software partnership, eyes global retail expansion

Artificial intelligence software specialist RocketBoots (ASX: ROC) has extended its six-year partnership with a major Australian retail bank for the provision of its ROC software across its branch network.

The $214,000 two-year extension represents a contract increase of $52,000 for a prepaid total contract value of $432,000.

The company did not disclose the counterparty’s identity, on the basis that such information was immaterial.

Optimised workforce

Since the contract commenced, RocketBoots has established opportunities to optimise the bank’s workforce, improve customer service and provide operational transparency across all levels of management and staff.

It has also continued to demonstrate a sustainable return on investment, which underpins its business model.

The company is now building momentum and scaling the business to secure a share of the billion-dollar global retail, grocery and banking markets.

Long-term value

RocketBoots chief executive officer Joel Rappolt said the company was focused on ensuring its software delivered long-term value for the client in key customer markets and accounts.

“This client is continuing to focus on scaling its business internationally and its advanced pipeline now has multiple opportunities that have completed trials and are evaluating longer-term, larger-scale deployment of RocketBoots software,” he said.

“It also has over 25 early opportunities that it continues to push towards trials.”

Loss prevention software

Earlier this month, RocketBoots completed a trial of its loss prevention software for an unnamed multinational retailer with stores across the US and UK.

The company believes this trial achieved the customer’s objectives and generated a positive return on investment.

RocketBoots also met the customer’s strict data security requirements with respect to the General Data Protection Regulation, a critical condition required as part of securing a contract.

Material consideration

While RocketBoots did not initially consider the value of the trial to be material, it has since become so due to ongoing extensions and variations, with the customer having paid fees equal to approximately 8% of  the company’s 2024 revenue.

The company believes this engagement demonstrates the strong market demand from retailers for secure and robust loss prevention solutions.

RocketBoots is now working with the customer on its requirements for a global roll-out of the software.