K2fly Ltd (ASX:K2F) has signed a five-year resource inventory management software as a service (SaaS) contract with New York Stock Exchange-listed precious metals mining company Coeur Mining Inc (NYSE:CDE) (FRA:CDM1) to roll out to five of its sites.
This contract for RCubed means that K2fly’s SaaS total contract value has increased by 42% in the quarter to date to A$8.7 million.
Validates RCubed software solution
K2Fly chief commercial officer Nic Pollock said: “We are delighted to add another US-based, NYSE-listed company and yet another gold producer to the growing list of companies using our governance and reporting software.
“Additionally, it further validates that K2F’s RCubed software solution is the leading solution in the mining technical assurance space globally for resource and reserve governance and reporting in all commodities and especially gold, where we service five of the top 10 global gold miners by market capitalisation.”
Global demand
Annual recurring revenue (ARR) is A$115,000 over five years and the total contract value is A$718,000.
This multi-year contract from a new customer demonstrates the continued global demand for K2F’s software solutions, particularly in North America, where K2fly opened an office in Denver, Colorado in 2020.
Talks for further multi-year contracts
K2fly is in negotiations for further multi-year contracts for its software solutions.
While the company is confident that these negotiations will be successful, it should be noted that the discussions are in the negotiation phase and until complete, there are no guarantees.
The company will update the market in due course.
K2fly Ltd provides enterprise-level technical assurance and reporting solutions across all aspects of the environmental, social and governance functions, servicing the mining, oil & gas, utilities and agriculture sectors.
Underpinning K2fly’s SaaS offering are its proprietary technologies: RCubed, Infoscope and the SATEVA Suite.