Proactive Investors - Run By Investors For Investors

8common Ltd onboards Federal Treasury to travel and expense management platform

8common Ltd onboards Federal Treasury to travel and expense management platform

Software technology group 8common Ltd (ASX:8CO) has received the final sign off from long term existing customer the Federal Department of Treasury to migrate to the Expense8 integrated management platform.

Expense8 is an expense and travel management platform that streamlines the accounting, reporting, tax compliance and governance of employee generated expenses and corporate travel bookings.

8common is continuing to build momentum with a 60.2% increase in monthly recurring revenues on a year-on-year basis for the March 2016 quarter. Cash flow receipts for the nine months to March 31 2016 were $2.7 million.

Significantly, Expense8 won total contract value of over $1.7 million with average contract length of 2.8 years, during the first 9 months of FY2016.

The new three year contract with the Federal Department of Treasury will provide a positive impact to 8common’s revenue for the next financial year and beyond.

In addition, the agreement provides a platform for the treasury and 8common to collaborate and onboard more Federal Government agencies onto expense8 under the Federal Government’s shared services initiative.

Expense8’s existing government customers include Federal Department of Finance, NSW Department of Education, NSW Police, and the whole of Northern Territory Government.

8common had a cash balance of $405,000 as on 31 March 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

View full 8CO profile View Profile

8common Timeline

Newswire
July 04 2017

Related Articles

security
April 15 2019
Corero Network Security PLC specialises in cyber-security software
1543399827_shutterstock_130609865.jpg
November 07 2018
it aims to become one of the leading firms within the health benefits industry in Canada and to launch in the US and globally
lock
October 18 2018
Managed services revenue jumped 52% in the first half of 2018 with the order book standing at £2.4mln.

© Proactive Investors 2019

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