Sign up Australia
Proactive Investors - Run By Investors For Investors

accesso signs deal with Australia's largest theme parks operator

"We look forward to streamlining our ticketing and eCommerce operations," said Adrian Karzon, head of Information Technology for Village Roadshow Theme Parks
The customer operates Wet'n'Wild water parks in Australia

It’s a good day – or possibly g’day – for ticketing and queue management specialist, accesso Technology Group PLC (LON:ACSO), which has signed a deal down under.

The company’s shares surged 7.4% to 1,901.5p on news that it had signed a five-year agreement with Village Roadshow Theme Parks, Australia’s largest theme Parks operator.

Village Roadshow intends to install the accesso Passport ticketing suite in key attractions across Australia.

The accesso Passport eCommerce solution will be going live from spring of next year at Warner Bros’ Movie World; Wet'n'Wild Sydney; Wet'n'Wild Gold Coast; Paradise Country; and Sea World (Australia).

The company highlighted that this contract represents a significant expansion of an existing relationship, following the installation of Qband, an accesso LoQueue virtual queuing solution, at Village Roadshow's Wet'n'Wild Sydney in 2016.

The Asia-Pacific region is a key growth area for the group, and this win is a reflection of the progress accesso is making in establishing a foothold there, accesso said.

READ: accesso going global with best-in-class technology

"This agreement illustrates Village Roadshow Theme Park's continued confidence in our suite of solutions and their commitment to crafting a truly unforgettable experience for their guests," said Steve Brown, chief executive of accesso.

Deal expands existing relationship

Numis Securities, one of accesso’s brokers, added that the contract win means accesso has displaced the incumbent operator, Omniticket.

“This represents a significant upsell; Village Roadshow was previously a customer for two Qband installations (Wet'n'Wilds Sydney and Las Vegas) so ticketing adds considerably to that relationship. We see further potential for accesso to benefit from Village Roadshow's international expansion, although this initial contract is for the Australian venues,” the broker said.

“Our previous research has indicated that Village Roadshow was potentially set to be a reference customer for a revamped ticketing platform from its incumbent supplier, Omniticket. For ACSO to displace this suggests to us a significant competitive advantage, and adds to the track record of Merlin, a long-term Six Flags renewal, and a major Prism implementation at a new (unnamed) US venue. As a major upsell, this also demonstrates the synergy within ACSO's broad product stack and, longer term, potentially bodes well for other upsell of existing and recently-acquired products,” the broker added.

Despite the effusion, the broker does not foresee much effect on accesso’s financials this year, as Australia’s summer season will just be getting underway when the year ends.

A quick calculation by Numis suggests accesso could enjoy roughly $1-2mln of annual ticketing revenue from the arrangement, which helps underpin the broker’s overall growth expectations.

Numis has an “add” recommendation for accesso and a price target of 1,960p.

View full ACSO profile View Profile

Accesso Technology Group PLC Timeline

February 12 2018
February 01 2018
January 30 2018
January 25 2018
January 12 2018
January 09 2018
January 02 2018

Related Articles

China leisure resort
December 18 2017
The new management team has a history of turning companies around
Amusement park
Berenberg's analysts pointed out that accesso's end-to-end technology stack combined with its global footprint positions the group well in a market that is fragmented by product, geography and vertical
ZoomAway Travel Inc embracing blockchain, which is set to push out middle man in hospitality and act
January 12 2018
The firm plans to begin rolling out cryptocurrency payments into its white label and registration management system (RMS) clients

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use