- Objective Corporation has landed a $38 million Enterprise Content Management (ECM) contract with the City of Gold Coast
- Objective will provide a cloud-hosted ECM-as-a-service (ECMaaS) solution to help the city government manage records, automate business processes, and collaborate on projects
- In an annual report released yesterday, Objective highlighted a profit after tax of $9.1 million over the 2019 financial year, which is a 23 per cent increase on 2018
- Shares in Objective are currently worth $3.64 apiece — up 13.4 per cent on Tuesday’s close of $3.21
Software and tech developer Objective Corporation has landed a $38 million Enterprise Content Management (ECM) contract with the City of Gold Coast.
Through the contract, Objective will provide a cloud-hosted ECM-as-a-service (ECMaaS) solution to help the local government advance the city’s digital transformation. Essentially, Objective’s products help big organisations digitally manage their processes, store and access information digitally and on any device, streamline processes and even easily publish content.
More specifically, the services provided under this new contract will help the city government manage records, automate business processes, and collaborate on projects.
The contract extends a subscription software solution already in place which helped form a core component of the city’s Local Government Platform (LGP) from 1100 LGP users to a full rollout across 4000 users.
Objective CEO Tony Walls said the new contract will help provide benefits to the whole Gold Coast community.
“The city will be leveraging the powerful portfolio of Objective solutions and our unified user experience framework, Objective iQ, in a fully featured ECMaaS solution,” Tony said.
“The city will also benefit from the scalability and flexibility of an actively managed solution, hosted within the highly secure Microsoft Azure platform,” he said.
The news of today’s contract comes just a day after a healthy annual report from the company. Yesterday, Objective highlighted a profit after tax of $9.1 million over the 2019 financial year, which is a 23 per cent increase in 2018.
Objective’s group revenue came in slightly lower than the previous financial year, finishing 2019 at $62 million compared to $63.1 million in 2018. The company explained, however, that 2018’s revenue came from a large consulting project that ended before the 2019 financial year begun.
As such, the company said, 2019’s revenue still reflects higher margin software revenue and improved profitability.
And the market seems to have responded well to yesterday’s report and today’s major contract.
Shares in Objective are currently worth $3.64 apiece — up 13.4 per cent on Tuesday’s close of $3.21. Objective has a $338.08 market cap.