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9 Spokes expects to more than double annual revenue by end of March quarter 2018

The company builds dashboards for its clients to collect and analyse business data.
Royal Bank of Canada branch
Licence fees from the Royal Bank of Canada are driving revenue growth

9 Spokes International Ltd (ASX:9SP) expects to more than double annual revenue by the end of the first quarter of 2018.

Significantly, the company’s revised annualised recurring revenue (ARR) target is NZ$6 million to NZ$7 million, up from the previous target of NZ$3 million.

The 100%-130% increase has been primarily attributed to licence fees from major new client Royal Bank of Canada (RBC) (TSE:RY).

Dashboards gather client data

9 Spokes builds dashboards for its clients. It collects a business’s data so it is in one place, known as the dashboard, where it can be analysed.

The company receives implementation fees on top of recurring licence fees to each channel as it is deployed.

9 Spokes shares were up 12% in early trade to A$0.10.

READ: 9 Spokes goes live with platform for Royal Bank of Canada

This quarter it expects to receive approximately NZ$1.7 million, a combination of implementation and licence fees from RBC, and other ongoing licence fees.

The ARR target also includes a detailed assessment of current discussions with other channel partners in North America and Asia Pacific.

RBC went live on 1 November 2017 using a 9 Spokes white-label platform to offer its business clients access to a value-add dashboard tool under the bank’s branding.

READ: 9 Spokes ticks off another milestone as user acquisition accelerates

The 9 Spokes dashboard enables small to medium enterprises (SME) to connect their software to one interface, providing a clear overview of their business.

It allows management and advisors to access data and new metrics across key areas, from any device at any time.

Businesses can integrate their supported software into the dashboard as well as choose from a selection of recommended and accredited apps to suit their industry.

Strong September quarter

9 Spokes achieved significant progress in business development through the September quarter spearheaded by working agreements with RBC and one of New Zealand’s leading banks.

The company also signed a memorandum of understanding with OCBC, the second largest Singaporean bank, following a detailed and successful proof of concept.

View full 9SP profile View Profile

9 Spokes International Ltd Timeline

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