Seeing Machines Limited (LON:SEE) told investors that strong momentum has continued for its Guardian SaaS fleet services unit.
The company said it has booked more new multi-year contracts, with further bookings of AUS$13mln taking the tally of total contract value to over AU$29mln at the end of the financial year (June 30).
At the end of the period, Seeing Machines had a total of 130 Guardian customers globally and the service has now been launched in the UK.
“The Guardian SaaS business transformation from hardware sales to long-term contracted, recurring monthly revenue streams for service provided, delivers high revenue visibility with average contract terms ranging between 36 and 60 months,” the company said in a statement.
“Beyond that Telematics industry experience would predict further rollover extensions to extend substantially, though that is not modelled into TCV.”
“We are focused on continuing to grow our direct customer base as we focus future growth initiatives on new distributor channel partners and new major Telematics partners such as Mix Telematics recently announced.”