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Vault Intelligence shares surge after meeting revenue guidance through significant customer signings

The company’s shares are trading about 28% higher intra-day, at 22 cents.

Vault Solo
Vault Solo is a unique safety technology product involving wearables

Vault Intelligence Ltd (ASX:VLT) has achieved its market guidance of $6 million contracted annualised recurring revenue (CARR) as at June 30 2019, through a number of significant customer signings.

The software as a service (SaaS) business delivering solutions in the risk and safety technology sector has signed a number of new and extended services agreements including StateCover Mutual, Precision Farming, Halls Group, Dynes Transport, Rheem, Visy, Booth Transport, Sell & Parker and Shire of Ashburton.

These wins represent significant brands across key verticals including agriculture, transport, manufacturing, local government, defence, ports and maritime.

READ: Vault Intelligence set to earn $2.1 million through five-year StateCover Mutual contract extension

PwC is currently auditing the FY19 CARR result, which will be released no later than the publication of the quarterly 4C.

Subject to confirmation from the PwC audit, this result represents a record net new CARR for a quarter of about $1.3 million in Q4, representing a growth of more than 2.4 times the previous quarter, which in itself was a record.

Importantly, the results demonstrate the growing momentum for both Vault Enterprise and Solo subscription services.

 

Vault CEO and managing director David Moylan said: “This is an exceptional result for Vault and is a validation of the hard work from the whole team.

“Three record quarters in a row is an extraordinary achievement and positions us for continued high growth in the new financial year. ”

READ: Vault Intelligence opens Singapore office to meet growing demand in Southeast Asia

Quick facts: Vault Intelligence Ltd

Price: 0.375 AUD

ASX:VLT
Market: ASX
Market Cap: $48 m
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