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accesso signs deal with Australia's largest theme parks operator

"We look forward to streamlining our ticketing and eCommerce operations," said Adrian Karzon, head of Information Technology for Village Roadshow Theme Parks
Flume
The customer operates Wet'n'Wild water parks in Australia

It’s a good day – or possibly g’day – for ticketing and queue management specialist, accesso Technology Group PLC (LON:ACSO), which has signed a deal down under.

The company’s shares surged 7.4% to 1,901.5p on news that it had signed a five-year agreement with Village Roadshow Theme Parks, Australia’s largest theme Parks operator.

Village Roadshow intends to install the accesso Passport ticketing suite in key attractions across Australia.

The accesso Passport eCommerce solution will be going live from spring of next year at Warner Bros’ Movie World; Wet'n'Wild Sydney; Wet'n'Wild Gold Coast; Paradise Country; and Sea World (Australia).

The company highlighted that this contract represents a significant expansion of an existing relationship, following the installation of Qband, an accesso LoQueue virtual queuing solution, at Village Roadshow's Wet'n'Wild Sydney in 2016.

The Asia-Pacific region is a key growth area for the group, and this win is a reflection of the progress accesso is making in establishing a foothold there, accesso said.

READ: accesso going global with best-in-class technology

"This agreement illustrates Village Roadshow Theme Park's continued confidence in our suite of solutions and their commitment to crafting a truly unforgettable experience for their guests," said Steve Brown, chief executive of accesso.

Deal expands existing relationship

Numis Securities, one of accesso’s brokers, added that the contract win means accesso has displaced the incumbent operator, Omniticket.

“This represents a significant upsell; Village Roadshow was previously a customer for two Qband installations (Wet'n'Wilds Sydney and Las Vegas) so ticketing adds considerably to that relationship. We see further potential for accesso to benefit from Village Roadshow's international expansion, although this initial contract is for the Australian venues,” the broker said.

“Our previous research has indicated that Village Roadshow was potentially set to be a reference customer for a revamped ticketing platform from its incumbent supplier, Omniticket. For ACSO to displace this suggests to us a significant competitive advantage, and adds to the track record of Merlin, a long-term Six Flags renewal, and a major Prism implementation at a new (unnamed) US venue. As a major upsell, this also demonstrates the synergy within ACSO's broad product stack and, longer term, potentially bodes well for other upsell of existing and recently-acquired products,” the broker added.

Despite the effusion, the broker does not foresee much effect on accesso’s financials this year, as Australia’s summer season will just be getting underway when the year ends.

A quick calculation by Numis suggests accesso could enjoy roughly $1-2mln of annual ticketing revenue from the arrangement, which helps underpin the broker’s overall growth expectations.

Numis has an “add” recommendation for accesso and a price target of 1,960p.

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