- Procurement management platform operator Felix Group (FLX) expands into the high-value real estate sector by securing a three-year contract with GPT Group (GPT)
- GPT is one of Australia’s largest diversified property groups, managing over $25 billion in real estate assets
- Under the contract, Felix’s full suite of modules will be rolled out and the FLX platform will be integrated into GPT’s third-party risk and compliance systems.
- The contract is expected to generate an additional $300 thousand of annual recurring revenue (ARR) with further expansion opportunities underpinned by GPT’s multi-billion-dollar development pipeline
- Shares up 7.14 per cent at 30 cents
Procurement management platform operator Felix Group (FLX) has secured a three-year contract with one of Australia’s largest diversified property groups, GPT (GPT).
GPT is Felix’s first cornerstone customer in the high-value real estate sector, representing significant expansion for the company.
With a portfolio of $25.3 billion across 79 Australian office, logistics and retail assets, GPT has over $4.8 billion in pipeline developments underway or planned.
The contract is expected to generate Felix an additional $300,000 in annual recurring revenue (ARR), equivalent to approximately 7 per cent of total contracted ARR, with a total contract value of $900,000 over three years.
Under the contract, Felix’s full suite of modules will be rolled out and the FLX platform will be integrated into GPT’s third-party risk and compliance systems, deeply embedding the platform into the GPT procurement ecosystem.
The new integrations being developed for GPT will also further expand Felix’s suite of application programming interfaces for new and existing customers.
Felix said it has gained strong traction with its platform across its initial focus sectors of commercial construction and engineering, which it is continuing to leverage into new and adjacent industries as part of the company’s growth strategy.
Felix co-founder and CEO Mike Davis said the contract represents a strong start to the calendar year.
“We are excited for momentum to continue into H2 FY22,” he said.
Felix shares were up 7.14 per cent to 30 cents at 1.21pm AEDT.