Future First Technologies’ (ASX:FFT) shares on the rise following a significant contract win

Summary

  • Australian tech player Future First Technologies has won a multi-year contract with Ventia.
  • This initial contract is for the supply of the Asset Vision platform in some of the road maintenance contracts of Ventia.
  • With this significant contract win, Asset Vision strengthens its footprint across Victoria, NSW, and Queensland.

ASX-listed technology player Future First Technologies Ltd (ASX:FFT) announced today that it had won a multi-year contract with Ventia, one of the biggest infrastructure service providers across Australia and New Zealand.

Following the significant win, FFT shares surged on the ASX and reached as high as AU$0.085 at noon. The shares closed at AU$0.072, up 1.408%.

ASX200 gained 0.56% today, reaching 7065.60. The top-performing stocks included Silver Lake Resources Limited (ASX:SLR), Ramelius Resources Limited (ASX:RMS), and Resolute Mining Limited (ASX:RSG), up 7.794%, 7.44%, and 7.37%, respectively.

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Let us delve deep and discuss FFT’s major win in detail-

Asset Vision obtains a significant multi-year contract for its SaaS Platform

Asset Vision Pty Ltd, a wholly owned subsidiary of Future First Technologies, is engaged in providing an industry-leading Intelligent Asset Management platform known as Asset Vision.

The initial contract with Ventia is for the supply of the Asset Vision platform across some of the road maintenance contracts of Ventia for a three + two-year term. The contracts can also be extended to other Ventia Road contracts. The Company anticipates licence revenue to start before 30 June 2021 with an initial total contract value of more than AU$2 million.

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Asset Vision’s Software as a Service (SaaS) platform plays a significant role in keeping roads and transport assets safe and more reliable for the community. Besides, it also connects Asset Owners, Maintainers and Contractors to offer an integrated view of the health of transport infrastructure.

The platform also offers a powerful mobile app for workforce management, enabling maintenance crews and inspectors to work safely and efficiently in the field.

New contract strengthens Asset Vision’s footprint

Ventia has selected Asset Vision to primarily supply the solution across a number of its Road contracts. With this significant contract win, Asset Vision strengthens its footprint across Victoria, NSW, and Queensland, where it is being used for the operation and upkeep of major roads.

As a leading essential service provider, Ventia focuses on the long-term operation, maintenance, and management of important public and private assets. The client base of Ventia expands across all major industries such as defence, education, energy & electricity, health, industrial, justice, local government, maritime, mining & minerals, oil & gas, property, rail, roads, and telecommunications.

Management Commentary

Commenting on the win, Keith Falconer, CEO of FFT, said-

Peter Borden, Ventia’s Group Executive- Transport, commented-

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