Company Name: AssetOwl
Announcement Date: 02/03/2018
Announcement Category: Contract/Partnership
● AssetOwl signs software services agreement with established public and private sector IT services provider, AC3, to launch AssetOwl's management platform with a significant asset management agency of the New South Wales Government.
● Agreement represents a material proof point validating the AssetOwl management platform in a new vertical beyond retail, supporting the Company's expansion into the multibillion-dollar Government asset management sector. Entry into this sector complements the Company's recently-announced expansion to the real estate management sector through AssetOwl's alliance with Colliers International (WA) Pty Ltd.
● Milestone achievement to support AssetOwl's revenue growth in FY18, with potential for agreement to expand to cover hundreds of thousands of monetisable actions per year.
Enterprise property management platform provider AssetOwl Limited (ASX: AO1, AssetOwl or the Company) is pleased to announce that it has secured its first commercial contract with a new client in the government asset management sector.
AssetOwl has signed a software service agreement which will see the Australian Centre for Advanced Computing and Communication Pty Ltd (AC3) use AssetOwl's innovative management platform as part of AC3's existing managed service offering to a significant asset management agency of the NSW Government.
AssetOwl Chief Executive Officer, Guiseppe DiFranco, said:
"I am delighted to announce our partnership with AC3 to service this large NSW Government agency and look forward to working closely with both parties. This achievement is a further validation of our core product offering and provides a step into the Government sector.
"This is a significant opportunity for AssetOwl and provides the platform for a broader relationship for the Company with AC3 across the Government services sector. Moreover, this service offering dovetails nicely with our recent entry into the commercial real estate management sector through our alliance with Colliers."
Mutually beneficial partnership: AC3 is an award winning ICT managed services partner specialising in delivering solutions to both the public and private sectors. Since starting out more than 15 years ago, AC3 have forged an enviable reputation as a trusted technology partner, combining the best technology with the best people to deliver innovative managed service solutions to help their customers reach their goals.
This agreement positions AssetOwl to become key providerof property management solutions to AC3's large and diverse client base, with the parties' first deployment being into the large NSW Government agency covered by this software services agreement.
Launch with a significant asset manager: The NSW Government agency which AssetOwl will commence supporting owns and manages land, buildings and other assets comprising more than 125,000 properties valued at over $35 billion.
Contract scope: AC3 will deliver a service using AssetOwl's field tools for use by the agency's audit teams on a pay per action fee for use. The platform will help the agency to improve speed and accuracy of the audit process.
The parties anticipate a staged launch, the initial use case will see the agency use AssetOwl's software to support its regular inspections of properties across NSW. AssetOwl expects this initial phase to contribute to the Company's revenue growth in FY18.
A material proof point beyond retail: This contract marks AssetOwl's first commercial agreement to provide its management platform and field tools to a government asset manager. As such, this deal validates AssetOwl's aspirations to expand into multiple additional enterprise property management verticals beyond its initial beachhead in the retail sector.
The Company notes positive recent momentum in trials with potential customers in several market verticals and will update investors as these progress to agreements, implementation and revenue.
For further information, shareholders and media please contact:
Bruce McCracken Fleur Hudson
Executive Director Company Secretary
+61 8 9424 9320 +61 8 9424 9320
Investor and Media Enquiries
+61 468 420 846
Announcement URL: https://www.asx.com.au/asx/share-price-research/company/AO1
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Go to Company Profile for: AssetOwl
Announcement Contact: [email protected]