Vault will provide added risk and safety assurance to Compass via its cloud-based solutions for the risk, environment, health and safety (EHS) sectors.
An integral part of the new agreement will see Vault collaborating with Compass’s health and food safety specialists to develop an online food safety module.
New enterprise software launch
Vault recently launched the third edition of its successful enterprise platform, Vault 3.
Vault 3 allows for enablement of artificial intelligence (AI), blockchain and other emerging technology.
Importantly, the company is anticipating greater sales penetration and upselling to existing customers with the launch of Vault 3.
Sales momentum continuing to grow
In spite of the late launch of Vault 3, the company continued its sales momentum and has achieved an annualised recurring revenue (ARR) of $327,000 for the December 2017 quarter.
Vault remains on target to deliver the forecasted ARR for the 2018 financial year, set at $1.6 million to 2 million of contracted ARR.
The company is also well funded following a $4.5 million capital raise during the December 2017 quarter.