Mining software services provider K2fly has signed up Mineral Resources for two of its ESG solutions in a three-year contract worth a total of $1.75 million.
The contract will cover Mineral Resources’ iron ore and lithium operations.
The deal comes hard on the heels of K2fly’s expanding its work with another tier 1 miner, Rio Tinto.
K2fly’s software products focus on ESG, aiming to help clients in the resources and asset-intensive industries to reduce risk, improve compliance and maintain their social licence to operate. The Subiaco-based company says its products help ensure clients’ operation systems are ESG-ready for reporting and disclosure.
Mineral Resources has contracted for two of K2fly’s products that the provider calls “solutions” from its Resource Governance platform. The platform has a total of nine solutions that address such ESG areas as Land Access and Heritage Management through to Model Manager and Technical Assurance
One is the Model Manager solution, the other called Technical Assurance that aims to deliver better predictions and results.
K2fly CEO, Nic Pollock said: “We are excited to have MinRes as our third Mining Technical Assurance suite client. We are looking forward to working closely with MinRes to deliver strong block model management and resource governance as well as repeatable improved recoveries of their iron ore and lithium deposits.”
K2fly’s business model operates as a platform-based software-as-a-service, or “SaaS” cloud solutions.
Its new contract with Mineral Resources will generate an annual recurring revenue, or “ARR” of $475,000 and with variable implementation fees of about $350,000, bringing the total contract value, or “TCV” into the region of $1.75m.
Last year, the company’s ARR grew by a healthy 76 per cent and TCV by an even more impressive 80 per cent.
K2fly recently revamped its product line and believes that its new “cloud-first” way of operating its new Resource Governance platform has helped it enroll clients of one or two solutions into other ESG solutions more easily – for the benefit of both parties.
Continuing to sign up the likes of tier 1 miners like Mineral Resources and Rio Tinto to more of its products can only make K2fly’s all-important metrics soar even higher.
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