What's happened?
Veris Ltd (ASX: VRS, “Veris”) has announced that its wholly owned subsidiary, Aqura Technologies, has recently signed new multi-year service contracts with major blue-chip customers ATCO and BHP.
What are the key highlights?
- The new contract awards expand Aqura’s business model into new markets and evolve the business’ product offering towards a recurring OPEX “as a service” model to its diverse customer base.
- Whilst neither of these new customer engagements are individually material in value, the revenue from the new awards is expected to be circa $2.2 million over the term of the contracts and is considered material due to the recurring nature of these revenue streams, the quality of the clientele entering into these contracts with Aqura and the demonstration of the successful commercialisation of new product offerings which have been previously highlighted as subject to ongoing internal development programs.
- These new contracts continue to demonstrate the execution of Aqura’s strategy to broaden its customised solutions offering across a range of diverse sectors.
- In addition to sizeable capital project wins in the resources and defence sectors over recent months, Aqura has now secured new customers in utilities, in addition to ongoing engagements with a number of aged care providers who are looking to address business challenges and plan for the future with Aqura’s Content Access Network solution.
For further information, please refer to the announcement linked below.
