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Consulting systems integrator, K2fly Limited (ASX: K2F), focussed on serving the asset intensive industries, announced on 24 January 2020, Gold Fields Australia (a subsidiary of Gold Fields Limited) signing a new 5-year SaaS contract for the implementation of RCubed software solution across its global operations and major projects. The contract will commence immediately.
The Total Contract Value (TCV) is initially in excess of AUD 580,000.
World's Largest Gold Mining Firm Onboards RCubed
Gold Fields Limited, headquartered in Johannesburg, South Africa is one of the world's largest gold mining firms with a primary listing on the Johannesburg Stock Exchange and a secondary listing on the New York Stock Exchange (NYSE).
Gold Fields has nine operating mines in Australia, Chile, Ghana, Peru and South Africa, with total attributable annual gold-equivalent production of approximately 2.2 million ounces.
K2fly has been receiving a high level of interest from NYSE-listed companies as US Securities and Exchange Commission’s (SEC) regulation changes concerning the disclosure requirements for mining company issuers, come into effect in 2021.
Good Read: Understanding the Ground-Breaking Technology SaaS: K2fly Seizing the Market Opportunity
K2fly onboarded some of the finest resources industry players in the last couple of months, for the implementation of its SaaS based solutions across their operations. These include Westgold Resources Limited , Canada-based Teck Resources, leading global mining group Rio Tinto, Nexa Resources listed on NYSE as well as Toronto Stock Exchange and Glencore Canada Corporation.
With the onset of new year, the company released its Operation Update on 7 January 2020, reporting ~ $ 1.67 million invoices raised in the second quarter of the financial year 2020 (Q2 FY20), depicting a milestone and an improvement of 102% over $ 0.83 million recorded in the prior comparable period in FY19 as well as the largest quarterly figure for invoicing ever attained by K2F.
Also, in Q2FY20, the current Annual Recurring Revenue (ARR) grew by 40% to over $ 1.4 million and the current Total Contract Value (TCV) grew by 188% in excess of $ 3.5 million. The company closed the quarter with $ 1.1 million cash at hand and ~ $ 1.05 million in receivables.
K2fly now has a wide international client base from asset intensive industries such as Oil & Gas, Mining, Facilities Management, Rail, Water, Electricity, and Gas. Besides, the company also has strategic alliances with top global IT companies including Esri (USA), GE (USA) and SAP (Germany). K2fly primarily operates through three business segments.
K2fly’s Business Segments
Stock Performance: K2fly has a market capitalisation of ~ AUD 20.65 million with approximately 82.59 million shares outstanding. On 24 January 2020, the K2F stock settled the day’s trade at AUD 0.27, zooming up 8% with 277,980 shares traded.
K2F has delivered impressive positive returns of 47.06% in the last 3 months.
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