Buddy Ohm is the company’s energy monitoring and verification solution currently sold in the Caribbean, U.S., Australia, Canada and soon in the UK.
Significantly, this deal would represent the largest reseller agreement by market size and forecast unit volume for Buddy to date.
Telstra is expected to become the preferred reseller of Buddy Ohm in Australia, and in turn Buddy will migrate most of its existing customer base to Telstra.
In doing so, Telstra is expected to gain access to a projected multimillion dollar pipeline of Buddy Ohm customers from the commencement of the deal.
In turn, Buddy will be able to streamline its operations to focus on supporting Telstra and its growing roster of global mobile operator resellers.
It is worth noting that Buddy will retain the majority of revenues generated from Telstra’s sale of Buddy Ohm.
Earlier this week, Buddy successfully raised $23 million via an oversubscribed placement of shares at $0.20 each to new and existing institutional investors.
The placement provides Buddy with the resources and institutional support to expand its successful channel sales strategy for Buddy Ohm.