K3 Business Technology Group (AIM:KBT) shares advanced more than 12% in Tuesday morning’s trade as the software firm announced its largest ever licence contract for its flagship fashion product, K3 fashion.
Whilst the identity of the customer was not disclosed, K3 described it as “a global luxury apparel group” which it said was secured as a customer in January via K3’s channel partner network.
It will be a three-year contract with a gross value of €1.6mln, building on last year’s order for €30,000 worth of licences for a 12-month pilot of the software.
The substantial expansion of the contract was triggered by the success of the pilot, which the AIM-quoted company said is typical of the sales process for K3 fashion.
“[K3 Fashion] is a comprehensive 'concept-to-consumer' solution that enables customers to manage more effectively all processes connected to product design, manufacturing, supply and returns,” the company said in a statement.
“Its modules also specifically address customers' Sustainability issues, including supply chain traceability and enable seamless engagement with end-customers across all sales channels, digital and physical.”
In London, K3 shares rose by 14p or 12.44% to change hands at 126.5p, which gives the software small-cap a market value of around £56.6mln.