- Software developer Bigtincan (BTH) joins the Oracle PartnerNetwork (OPN) and announces to investors it is targeting a breakeven cash result for FY23
- The company says it plans to release products to target the industrial sector that work with the Oracle platform later this year
- Bigtincan says the partnership adds to a previously-announced partnership with Salesforce and allows it to address 24 per cent of the global customer relations market
- The company is anticipating its maiden positive EBITDA result for the 2022 financial year when adjusted for non-cash and acquisition-related costs
- Shares in Bigtincan are up 13.5 per cent to 59 cents
Software developer Bigtincan (BTH) has joined the Oracle PartnerNetwork (OPN) and announced to investors it expects to break even in cashflow over the 2023 financial year.
The network, run by international software giant Oracle, allows Bigtincan to create new tech that works on the Oracle Cloud and integrate its software with Oracle’s existing tech.
Further to this, Bigtincan will be able to allow sales reps to view its client information, create presentations, and send data to Oracle systems for updates.
The company said this added to its previously-announced partnership with Salesforce and meant BTH could address up to 24 per cent of the global customer relations market.
Further to the Oracle partnership, Bigtincan has also established an industrials vertical market unit to work with customers in the defence, construction, engineering, electrical equipment, and industrial machinery industries. The company said this would expand its market coverage and potentially lead to new vectors of growth.
All this means Bigtincan is anticipating its maiden positive earnings before interest, tax, depreciation and amortisation (EBITDA) result for the 2022 financial year when adjusted for non-cash and acquisition-related costs.
The company already tabled a positive adjusted EBITDA for the first half of the financial year and said following a strong March quarter, it expected to improve its operating position for the second half of the year.
“Building on the strong Q3 results, and with Bigtincan’s recurring revenue business continuing to grow in Q4, based on our multi-hub product strategy, and together with scale gained from the Brainshark acquisition, we are seeing ongoing benefits for the short and longer-term outlook,” CEO and Co-Founder David Keane said.
Based on its expected FY22 performance, Bigtincan said it had set a target of achieving a cashflow-breakeven point in the 2023 financial year.
Bigtincan had $45.5 in cash at the end of March.
Shares in Bigtincan were up 13.5 per cent to 59 cents at 1:27 pm AEST. The company has a $321 million market cap.