ASX-listed mining technology company K2fly has signed a A$1.455 million contract extension with Australian iron ore major Fortescue Metals Group, which will widen the use of the supplier’s innovative land management software into Europe and South America.
Perth-headquartered K2fly says its Infoscope land management system has been used by FMG in Australia for nine years. Extension to at least 12 years shows the “stickiness” of the software-as-a-service, or “SaaS” solution.
K2fly has product and service alliances with four of the world’s top iron ore producers, including FMG, and half the world’s top-10 gold producers. It has mapped out a three-year plan to grow from A$8-10 million annual revenue to $20 million or more that has these types of tier one miners contributing 70 per cent of the targeted yearly sales.
Tier 2 and 3 miners are also expected to be significant factors in K2fly’s growth, while the company is targeting expansion in allied markets such as utilities, transport and energy.
K2fly recently raised $7.25 million via the issue of 29c stock to fund its growth.
CEO Brian Miller said: “The FMG approach is looking at this as an integrated solution across heritage, environment, tenements, land use permits and social investment rather than in silos is world’s best practice. We are excited about where we can take this with FMG and other customers.”
K2fly says it is seeing continuing growth in demand for land management solutions as investors in mining and other industries focus increasingly on environmental social and governance performance.
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