Knosys Limited (ASX: KNO) is pleased to announce that ANZ has signed a three (3) year contract extension for the continued use of Knosys’ knowledge management platform, KnowledgeIQ.
ANZ also has the option to extend the contract further via two one-year extensions. The potential value of the contract over the entire 5-year life is expected to exceed $6.5million.
ANZ Upgrades To The Latest Release Of KnowledgeIQ
In addition to extending the Knosys contract, ANZ will upgrade its system to the latest release of KnowledgeIQ moving forward to benefit from its new features.
Knosys Chief Executive Officer, John Thompson, said, “This contract once again reflects the confidence that ANZ has in our company’s capacity to deliver a superior knowledge management platform.”
“We are starting to see a trend in many industries where companies are transforming to become more agile and customer focused. They aim to create a more knowledge-based workforce capable of promptly dealing with change. Solutions such as ours support these initiatives by enabling staff to find relevant information more quickly, deploying new processes faster and to assist in multiskilling. This simplifies the sharing of information across business units and teams and eliminates silos.”
Knosys In A Strong Position
This contract combined with other recently announced wins with Optus and Singtel positions the company well, entering the next financial year with a strong recurring revenue profile.
Mr Thompson further said that, “the business is now definitely in a growth phase and has moved well beyond its start-up operations of 18 months ago. We now have good solid customers onboard, a great software solution, strong recurring revenues, and the opportunity to grow domestically and internationally.”
With this stable recurring revenue base, Knosys is now looking to invest in several initiatives to drive further sales in FY19 and beyond including increasing its direct sales force, investing in additional marketing and digital media resources, offering a multitenant (Cloud) version of its leading KnowledgeIQ software and opening a sales office in Singapore to prospect deeper into Asia.