Swift Networks secures lucrative 5-year revenue deal

Swift Networks ASX SW1 DXC Technology

Telecommunications and content solutions provider Swift Networks (ASX: SW1) has bagged its largest revenue deal since listing on the ASX.

Courtesy of commercial partner DXC Technology, Swift has secured a 5-year contract to provide services to between 2,500 and 4,600 rooms annually in onshore and offshore locations through Australia’s northwest.

Swift currently serves a range of clients by providing premium multi-lingual content from around the world via its proprietary cloud-based platform.

Its prime services include free-to-air and paid television, telecommunications, Internet services and wireless networks — streamed via video on demand including content from some of Hollywood’s largest studios.

Swift’s curated content will be deployed for the benefit of oil and gas industry personnel which is expected to deliver over $1.5 million in project revenue, in addition to ongoing monthly service fees attached to the thousands of rooms that will be kitted out with Swift’s technology and content provision services.

Serving up Swift

Swift’s fully integrated platform is used by companies, hotels and accommodation providers in more than 310 sites and 65,000 rooms across the mining, oil, gas, aged care, retirement village and hospitality sectors.

Recent contract wins have included multi-year deals with Pilbara Minerals, Talison Lithium and Altura Mining to provide services and entertainment content to lithium mine camps in Western Australia.

In the latest deal secured via DXC, Swift will provide a broad range of services including entertainment, infrastructure refresh, messaging and alerts, health, welfare and training material, free to air television and pay TV integration in addition to round-the-clock support over the whole term.

This deal not only represents new locations for Swift but includes a 60-month renewal of certain services provided to 2 sites where the contract term was coming to an end. Swift says that 80% of its total revenue is recurring.

The deal constitutes as one of Swift’s largest, and the largest revenue earner since becoming a public company, which will “contribute to material growth in Swift’s annual contracted revenue” according to Swift.

“We are pleased to provide this update on our partnership with DXC which was only announced late last year and are delighted that the first deal with DXC is such a landmark win. Our reseller relationships, which also include Telstra, AST and Tripleplay, are producing pleasing results demonstrating that our strategy is being delivered as planned and we look forward to continued growth in conjunction with our partners,” said Mr Xavier Kris, CEO of Swift Network Group.

Filip has written in both Australia and abroad during his career, covering everything from the global economy, politics and geopolitical issues to commodities and small cap stocks on the ASX.