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- 8common (8CO) receives its third significant contract under the Federal government’s GovERP program, taking the total value of signed contracts to over $2 million
- The contract covers the development of the GovERP travel and expense management template which is designed by the company specifically for the program to provide greater functionality for Federal government agencies
- So far, the first seven agencies are live utilising the technology which incorporates over 3000 users
- CEO Andrew Bond says the program represents a significant driver of current and future revenue for 8CO with the potential for over 100,000 new users to utilise the solution
- Shares in 8common are up 1.01 per cent, trading at 10 cents at market close
Fintech company 8common (8CO) has received its third significant contract under the Federal government’s GovERP program, taking the total value of signed contracts to over $2 million.
The contract covers the development of the GovERP travel and expense management system (TEMS) whole of Australia government (WoAG) template which will include up to 150,000 employees across 90 mandated and 68 opt-in government entities.
The template is a technology solution designed by the company specifically for the program to provide greater functionality for Federal government agencies and will be deployed for all agencies that transition under the program.
So far, the first seven agencies have gone live utilising the technology which incorporates over 3000 users.
CEO Andrew Bond said the program represents a significant driver of current and future revenue for the company with the potential for over 100,000 new users to utilise their solution that delivers an average revenue per user of $47.
“The future work package to develop the Whole of Australian Government Template for Travel and Expense Management will provide a seamless solution to rapidly onboard entities to our travel and expense management solution,” he said.
“The revenue from the GovERP contracts coupled with our base operations and growing rollout of our CardHero product will deliver a step change increase in our revenue profile in FY23 and beyond.”
Shares in 8common were up 1.01 per cent, trading at 10 cents at market close.
