ASX-listed mining technology company K2fly has laid out plans for an executive changing of the guard with Chief Commercial Officer and veteran industry leader Nic Pollock, to take the helm as Chief Executive Officer from the start of September this year. Current CEO, Brian Miller, remains committed to the company and will continue as Executive Director.
A new Chief Financial Officer will also be appointed following a period of rapid business growth for the company.
The move follows Mr Miller’s request for reduced working hours after sitting in the hot seat as K2fly’s CEO and Executive Chairman since January 2016. His new role will take in four days per week where he will focus on capital markets, acquisitions and the consulting arm of the business.
K2fly CEO Brian Miller said: “I am committed to this company and I am confident we are going to grow from strength to strength under Nic’s leadership. Our expanding portfolio of solutions in the ESG space makes for a very exciting future.”
Mr Pollock will now take the reins having been “integral” to the success of the company after nearly three years as COO. He brings to the table more than 25 years of experience in enterprise software business and professional services, including a number of executive leadership roles.
Mr Pollock’s senior leadership roles take in more than 20 years across the financial services, asset intensive and global supply chain industries in the Asia-Pacific region and globally.
K2fly has also launched a search for a company CFO, citing the need for more financial prudence on the back of rapid business growth.
During the 2020-21 financial year the company secured significant new contracts with large miners bringing its invoices for the period to $7.8 million. In the June quarter alone the company invoiced $2.54 million, up 34 per cent year-on-year.
K2fly’s “software as a service” business that creates annual recurring revenue streams, a key metric often used by software businesses, delivered $3.38 million of annual recurring revenue in the 2021 June quarter. The company exited FY21 with $9.9 million worth of contracts in hand. The numbers were up 50 per cent and 48 per cent, respectively, on FY20 fourth quarter levels.
K2fly says it is looking to grow its annual recurring revenues from $8-10 million to $20 million over the next 2-3 years through its “land and expand” strategy of extending customer use of its software-as-a-service or “SaaS” offering and proprietary software.
The company already boasts iron ore mining giants Rio Tinto, Fortescue Metals Group, Vale and Roy Hill Holdings as clients, whilst in the gold sector major miners such as Newcrest Mining, Newmont Corporation and AngloGold Ashanti feature in its client base.
K2fly is also targeting the energy, utility and agriculture markets for further growth and recently raised $7.25 million in equity funding to drive its expansion.
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By Matt Birney
