Norwood Systems (ASX:NOR) updates voicemail services agreement with Spark NZ

• Norwood Systems (NOR) updates its voicemail service agreement with long-term customer, Spark NZ 
• The scope of works under the new agreement covers Norwood’s premium Spark Visual Voicemail service offering, which has been extended for a further three years
• The amended deal sets out the fee structure for the voicemail service from January 1, 2023 to December 31, 2025, along with maintenance charges from July 1, 2023 to June 30, 2026 
• The company says the agreement underpins a robust, diverse and expanding revenue base
• Norwood Systems is steady on the market to trade at 1.7 cents at 3:01 pm AEDT

Norwood Systems (NOR) has varied its voicemail service agreement with long-term customer, Spark NZ.

The scope of works under the updated agreement covers Norwood’s premium Spark Visual Voicemail service offering, which has now been extended for a further three years.

The amended deal sets out the fee structure for the voicemail service from January 1, 2023 to December 31, 2025, along with maintenance charges from July 1, 2023 to June 30, 2026.

The parties also revised the maintenance charges for the three-year period, which now reflect New Zealand’s consumer price index (CPI) increases.

Since the end of last financial year, Spark NZ has supplied Norwood with new purchase orders totalling NZ$682,000 (A$610,900) for expected end user subscription services.

“Our partnership with Spark NZ continues to go from strength to strength as we demonstrate our industry leading ability to deliver commercial-grade visual voicemail solutions that a substantial telco operator can rely on,” Norwood CEO and Founder Paul Ostergaard said.  

“This latest agreement, in tandem with the contracts we have recently secured to date via our Infosys global technology relationship, which included key services provided to a Tier 1 Australian telco operator, underpins a robust, diverse and expanding revenue base.”

The CEO went on to say the company will remain focused on growing its revenue base through the development of advanced cognitive voice offerings that address the service provider market.

Norwood Systems was steady on the market to trade at 1.7 cents at 3:01 pm AEDT.