8common Ltd (ASX:8CO) has migrated long-term customer Transport for NSW to its cloud-based expense management platform.
The three year contract will provide a positive impact to this financial year's revenues and beyond with a minimum annual recurring revenue increase of 23% for this contract.
Expense8 replaces the previous iCMS product that Transport for NSW, together with Sydney Trains, NSW Trains, and RMS, has been a customer of for 16 years.
Expense8 is a software solution for organisations, providing them with the tools needed for employees to plan and book business trips; and reconcile travel and corporate expenses.
It is worth noting that Expense8 has been adopted by government customers including Federal Treasury, Federal Department of Finance, NSW Department of Education, NSW Police and the Northern Territory Government.
8common generated $1.64 million revenue in 1H 2016, a 33% increase over $1.23 million for 1H 2015.
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