(ASX:NOR) Norwood Contract Update and Further Recognition

Company Name: Norwood Systems

Announcement Date: 19/04/2017
Announcement Category: Awards/recognition, Contract/Partnership
Announcement Content:

Highlights
• CommSys agreement for Corona® GTS services now live, and will begin ramping up to annual recurring revenue value of circa AUD$300,000 over the coming quarter
• Further recognition for Norwood, being chosen as one of Westpac’s 200 ‘Businesses of Tomorrow’, and selected as a finalist in the WAITTA Incite awards for the fourth year running.

‘Sharing Economy’ telecommunications pioneer Norwood Systems Ltd (Norwood or the Company) (ASX: NOR) is pleased to advise that the Corona GTS services to be delivered under the CommSys agreement announced on 3 April are now live, with billable operations having commenced. Over the coming quarter, revenue under the CommSys agreement is expected to ramp up to the projected recurring run-rate of AUD$300,000 p.a.

Under the sales agreement, Norwood will provide CommSys with communications services using the Corona Global Trunk Services (Corona GTS) platform, a service that enables Norwood’s clients to connect directly to its low-cost global federated telco network, in more than 70 countries around the world.

The CommSys agreement and continued recognition for Norwood as detailed further in this announcement conclude a strong two months for Norwood, with success in product and sales business divisions. Consumer market development is continuing with loyalty partner Affinion and other businesses in the sector, while its Enterprise Sales team continues to develop a healthy contract pipeline post signing CommSys.

Westpac 200 Businesses of Tomorrow Recognition

Norwood can also confirm it has been recognised nationally as one of 200 ‘Businesses of Tomorrow’. The award, sponsored by Westpac, recognises and supports Australian businesses with a “clear vision for tomorrow,” pledging to help selected businesses transition and grow in a changing economy.
The ‘Westpac Businesses of Tomorrow’ program had an incredible response from Australian businesses, receiving close to 2,000 applications. This demonstrates the overwhelmingly positive response from the business community.

Chosen from 2,000 applications, the 200 businesses were independently assessed by Deloitte and chosen by a high profile judging panel including representatives from Westpac, IAG, UNSW Business School, Australian Business Review, Microsoft and Reinventure Group.

Norwood Systems’ CEO & Co-Founder, Paul Ostergaard, commented:

“It is a great honour to be included as a ‘Westpac Businesses of Tomorrow’ award recipient for 2017. It provides recognition of all the hard work the team has put in to execute against our strategy of opening up new and valuable SaaS-based telecommunications service “Blue Ocean” opportunities that leverage our innovative and unique products and services.

“To be recognised alongside brands as diverse as Concrete Playground, Droneshield, Cubbi, and Yaru Water is a privilege. I was delighted to be able to attend the awards summit in Sydney to listen to the inspiring guest speakers and to network with the cream of Australian entrepreneurial talent.”

WAITTA Incite Award Nomination

Norwood is also pleased to advise its Corona Compliance Management service was nominated as a finalist for the 2017 Western Australian Information Technology and Telecommunication (WAITTA) Incite awards in the Most Effective eBusiness Solution category.

This is the fourth year in a row that a Norwood product or service has been nominated as a finalist in the WAIITA Incite Awards. Over the three previous years, Norwood has won four Incite Awards and one Merit Recognition.

In acknowledging the nomination, Steve Tot, GM Enterprise at Norwood Systems remarked:

“Corona Compliance Management is a ground-breaking service designed to enable organisations in the Financial Services, Healthcare, Legal and Government sectors to capture and archive business communications made using workers’ smartphones, helping such organisations to comply with relevant regulations and guidelines.

“Crucially for these firms, our Corona service now delivers seamless archiving of business SMS message traffic, a capability that is not offered today by competitor solutions. We are proud to be nominated as recognition of this unique and differentiated service.”

Announcement URL:
About Norwood Systems:

Norwood Systems provides voice, messaging and data services to consumers, enterprises and carriers globally, leveraging its’ federated telecommunications services network partnerships.

Our mission is to deliver disruptive end-user communications apps that streamline and simplify how users around the world can access affordable, high-quality telecommunications services – anywhere, anytime.

Norwood has product lines that service the B2B, B2C and B2B2C markets.

Business products are branded Corona and include on-premise and cloud versions of the platform aimed at delivering corporate connectivity to businesses in Australia and globally.

For Consumers, Norwood has launched World Phone for both iOS and Android to tremendous globally success and has announced and is testing two new apps - World Message and World WiFi.

The third market segment, B2B2C, is the part of Norwood’s business that deals with global telco carriers. Concerned by the impact of OTT apps and services on their business, they are increasingly looking for partners to provide these services to their customers in a consistent and coherent manner.

Norwood Systems listed on the ASX in June 2015 via a reverse listing process and trades with the stock ticker NOR.

Go to Company Profile for: Norwood Systems

Announcement Contact: [email protected]