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Summary
- K2fly has signed a new SaaS contract with the global mining and metals company South 32. S32 will use K2fly's RCubed software solutions for the next five years.
- K2fly's Chief Commercial Officer said it is an honour to work with S32, and it adds to K2fly's growing list of diversified clients.
- On 12 June 2020, K2fly issued 1,912,500 unlisted options with an expiry date of 3 years and exercise price of AUD 0.30.
ASX listed technology company K2fly Limited (ASX: K2F) works with asset-intensive industries. The company supplies products, people and strategic alliances focused on solving clients’ problems.
On 15 June 2020, K2fly announced that it has inked a new contract with globally diversified mining and metals company, South32. As per the new agreement, S32 will use K2fly's Resource Governance solution RCubed for its mineral inventory reporting for the next five years. The full implementation of the agreement will begin quickly across 19 global operations, and the Total Contract Value (TCV) stands at more than AUD 880k.
K2F's TCV has increased by 45 per cent in this quarter, and now it stands at approximately AUD 6.9 million, an improvement of nearly AUD 2 million since the quarterly update on 29 April 2020. The Annual Recurring Revenue (ARR) has gained 22 per cent in this quarter which is more than AUD 2.2 million.
K2fly's Chief Commercial Officer, Nic Pollock said that it is an honour for K2F to work with South32 and this deal adds to the expanding list of diversified clients like Teck Resources, Rio Tinto, and Nexa Resources.
K2fly's SaaS agreements continue to expand robustly in Q4, and the average agreement term is now more than three years.
Options Issued
On 12 June 2020, K2F announced on ASX that a total of 1,912,500 unlisted options had been issued. All the options are issued with an exercise price of AUD 0.30 and expiry date of 3 years from the date of issue- 12 June 2020.
These options had been issued under the underwriting agreement with K S Capital Pty Limited, announced on 8 May 2020 and they were issued using K2F's existing 15 per cent placement capacity under ASX listing rule 7.1. and thus, shareholders' approval was not needed.
On 17 June 2020, K2F shares were trading at AUD 0.205, up by 5% (AEST: 12:27PM), with a market cap of AUD 17.85 million. The shares have appreciated by 18.18% in the past three months.
