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On 17th April 2019, Bigtincan Holdings Limited (ASX:BTH) announced that it has signed expansion contract for a minimum $615,000 total contract value over 12 months, with usage-based extension options, from Openreach - a division of BT Group plc (BT, formerly British Telecom), one of the worldâs leading telecommunications companies. The contract will enable Bigtincan Holdings to create an enablement solution for customer-facing teams processing orders and updates for the telecommunication infrastructure in the UK. Bigtincan software will be used by Openreach teams and hundreds of external contractors who work with Openreach supporting the fixed-line telecommunications system across the UK.
The companyâs Chief Executive Officer, David Keane stated that they are pleased to see Openreach expand on the use of their software to solve complex problems in the field, and they are excited to be working with such an innovative organisation as Openreach in the UK, together with the history of its parent BT globally.
With this development, the company now has a significant client base of five of the worldâs top telecommunications companies in delivering advanced sales enablement solutions. It also has been successful in protecting its intellectual property by getting its US Patent Application No. 14/899,940 awarded in the USA. The patent covers companyâs pioneering work in creating a new way to allow users on mobile devices to view, interact with and share multiple pieces of content in a single screen, and describes the ability for a user to have access to numerous pieces of content displayed in tabs (similar to how a web browser allows for viewing web content) on a mobile device, where the content can be viewable or editable content pieces.
Mr. David Keane on this context stated that the awarding of these patents shows the benefit of being an early entrant to sales enablement. The management look at the ongoing innovation in the industry as critical for the future of sales enablement and recognition of that innovation through patent grants.
In a previous update, the company announced the following new issuance of securities under Original ESOP plan: 24,023 shares at $0.07; 133,453 shares at $0.12; 133,455 shares at $0.26; and 30,000 shares at $0.20 exercise price under New ESOP. The proceeds would be used for meeting working capital needs.
Further, Bigtincan is raising approximately $15.6 million through a fully underwritten accelerated non-renounceable entitlement offer. The proceeds will be used for expanding sales and marketing staff, primarily in USA and UK, drive continued innovation through technology and product development, M&A opportunities in line with acquisition criteria, and working capital and transaction costs.
On the stock information front, the stock of Bigtincan Holdings closed the trading day at $0.475 (as on April 17, 2019), up 3.261% with a market capitalisation of ~$102.34 million. Today, it touched dayâs high at $0.485 and dayâs low at $0.470, with a daily volume of 970,816. Its 52 weeks high price stands at $0.553 and 52 weeks low price at $0.237, with an average volume of 498,760. Its absolute return for one year, six months and one month are 28.26%, 39.58%, and 6.64%, respectively.
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