- Norwood signs a partnership agreement with global technology and services supply company Infosys
- The first project focuses on delivering a subscription-based communications solution to an Infosys client in Germany
- The partnership will last for at least 12 months and is expected to receive about $170,000 in revenue with the opportunity to hold discussions for a longer-term contract
- Norwood is set to deliver its first project in early March 2022
- Market opens with shares trading at 1.1 cents per share.
Shares have skyrocketed in Norwood (NOR) as it announced it has signed a partnership agreement with global technology and services supply company Infosys.
The partnership first outlines that Norwood will be delivering a subscription-based communications solution to a Germany-based client of Infosys which will last for 12 months.
Norwood expects to receive about $170,000 in revenue with the opportunity to hold discussions for a longer-term contract, which Norwood has indicated it is progressing very positively.
Under this project, Norwood has the potential to generate ongoing recurring revenue in the long-term and if there would be any additional contract extensions agreed upon.
The solution that Norwood is delivering takes advantage of the company’s elastically-scalable, high-availability cloud-native platform that it has developed for its core communications platforms Aïda and World Voicemail.
“We are delighted to establish a strong, global, commercially meaningful relationship with Infosys, a major vendor and recognised global brand leader, generally and specifically in the global telecommunications sector,” says Norwood CEO and Founder Paul Ostergaard.
“This relationship has the potential to lead to substantial long-term growth for Norwood.
“The initial contract we have entered into, under the relationship with Infosys, is transformational for Norwood because it marks a tangible proof point in the value of Norwood partnering with Infosys on a global scale.”
Norwood is set to deliver its first project in early March 2022.
Currently, Norwood is currently finalising a second project, separate from the first, targeting a new end-client and application focus.
“This new revenue stream with Infosys is on top of, and highly complementary to, our pre-existing major recurring revenue streams,” Mr Ostergaard said.
Shares in NOR were trading up 45.5 per cent to 1.6 cents at 10:50 am AEDT.