IODM (ASX:IOD) Ltd has expanded its services to a second university in the United Kingdom through a contract with Western Union Business Solutions (WUBS).
The university has more than 5,500 International students, which provides IODM with an opportunity to earn $465,000-$780,000 revenue, depending on various factors.
IODM has modelled revenue using WUBS’s historical revenue numbers, which includes historical platform usage numbers, while factoring in risks around COVID-19 and how that may affect international student numbers in the United Kingdom.
The final revenue numbers will be dependent on the number of students that pay their tuition fees and accommodation through the payments platform.
“Buoyed by the continual support of WUBS”
IODM CEO Mark Reilly said: “This announcement further justifies the time taken to ensure that the target market for our product was defined in a manner in which we could use all available distribution channels to accelerate the business.
“We are buoyed by the continual support of WUBS and the adoption of our product in the education sector.
“While we incur no cost on the acquisition of these clients, we will invest further cashflow into the region as it comes to hand.”