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- Industries technology company K2fly (K2F) has signed a five-year deal with global mining and metals company, South32 (S32)
- The contract is worth $880,000 and will allow South32 to use RCubed for its mineral inventory reporting
- Meanwhile, K2fly’s software-as-a-service contracts continue to grow strongly in the fourth quarter of FY20
- The company said its annual recurring revenue (ARR) has grown 22 per cent over this quarter
- K2Fly remains steady on the market this afternoon and is selling shares for 20.5 cents each, while South32 is down 3.33 per cent and is trading for $2.03 per share
Industries technology company K2fly (K2F) has signed a five-year deal with global mining and metals company, South32 (S32).
The contract is worth $880,000 and will allow South32 to use RCubed for its mineral inventory reporting.
RCubed is a cloud-based research and reporting solution that supports mining code such as JORC, SAMREC (South African Mineral Resource Committee), and NI43101 (Canadian measuring resource).
Chief Commercial Officer Nic Pollock said it is a great privilege to be working with South32.
“This adds to our growing list of diversified customers like Rio Tinto, Teck Resources and Nexa Resources,” he added.
K2fly’s software-as-a-service contracts continue to grow strongly in the fourth quarter of FY20. The company said its annual recurring revenue (ARR) has also grown 22 per cent over this quarter.
The company’s total contract value is now over $6.9 million, which is an increase of nearly $2 million, up 45 per cent from the April quarterly update.
This new contract has bought K2fly’s average contract term to more than three years.
K2Fly remains steady on the market this afternoon and is selling shares for 20.5 cents each, while South32 is down 3.33 per cent and is trading for $2.03 per share at 1:44 pm.
