Skyfii Limited (ASX:SKF) has signed a new multi-year contract with a major shopping centre group operating across Europe and North America.
The company’s “IO” subscription based software as a service (SaaS) platform for analytics services (IO Connect and IO Insight) is expected to be initially deployed across 22 shopping centres.
In July 2017, Skyfii acquired Wicoms Wireless, a provider of guest WiFi services and user analytics to the retail sector.
As part of that transaction, Skyfii acquired contracts to deliver services to Wicoms’ portfolio of customers including the major shopping centre group.
The new service agreements delivering additional value to the shopping centre group represents a significant multiple on the value of the acquisition of Wicoms by Skyfii.
Importantly, the signed contract value is greater than three times the value of the original Wicoms acquisition, which was paid using $247,000 worth of Skyfii shares.
Skyfii’s recurring revenue growth in the current quarter (Q2 FY2018) is trending positively, and is up 35% on Q1 FY2018.
The company’s total registered user-base is up 18% compared to the previous quarter, reaching 11.7 million unique users.
Skyfii’s share price has increased circa 16% in the past one month, closing at $0.065 on Wednesday.