ASX-listed mining software provider K2fly has strengthened its ties with Imerys Group after inking a three year contract for use of its Land Access solution. The three year deal has a total contract value of $860,000 and an annual recurring revenue of $123,000 in exchange for a system that manages land access, studies, approvals, stakeholder engagement, operations and land use.
ASX-listed mining software provider K2fly has strengthened its ties with Imerys Group after inking a three-year contract for use of its Land Access solution. The group is a world-leading specialist in the production and processing of industrial minerals with operations in over 40 countries and has signed up for K2fly’s solution across 15 of its 200 sites.
The three-year deal has a total contract value of $860,000 and an annual recurring revenue of $123,000 in exchange for a system that manages land access, studies, approvals, stakeholder engagement, operations and land use. Notably, the new arrangement builds upon Imerys existing contract with K2fly for its Resource Reporting solution that captures raw resource and reserve data and helps the company remain compliant whilst reporting to multiple stock exchanges.
K2fly Chief Executive Officer, Nic Pollock said: “We are delighted to expand our relationship with global sector leader Imerys from Mineral Resource Governance to now include Natural Resource Governance. Imerys share our commitment to key principles of good land management including meaningful engagement in and around the over 200 sites that they operate globally.”
K2fly is a leading provider of mining software that specialises in resource governance solutions for a ‘net positive impact’ in environmental, social and governance compliance, disclosure and technical assurance. The company focuses on the operations of mining and asset-intensive industries through its platform-based ‘Software-as-a-Service’, or ‘SaaS’ cloud solutions.
A SaaS business model delivers solutions over the internet on a subscription basis and its success is gauged by total contract values and annual recurring revenues. Impressively at the end of the financial year 2022, K2fly posted a 76 per cent increase in its annual recurring revenues and an 80 per cent increase in the total value of its contracts for the year.
At the time, the company also posted its first cashflow-positive quarter since the September quarter of 2020, paving the way for further positive results as it targets growth through new contract deals.
The major boost to the company’s financial figures comes after major contract wins with BHP, Rio Tinto and Asarco — one of the world’s major copper producers. Arguably, BHP is now the crown jewel on K2fly’s long roster of rolled-gold clients, including Fortescue Metals Group, South32, Rio Tinto, Roy Hill Holdings, Mineral Resources, Newmont Corporation, Newcrest Mining, AngloGold Ashanti, Goldfields, Westgold Resources and Glencore.
The latest contract signing with Imerys Group follows another $1.2m-contract-win with Fortescue on Wednesday that could heat up anticipation over the upcoming release of K2fly’s quarterly performance.
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