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K2fly signs on Glencore Canada as customer for its RCubed software

The company sells its own software (RCubed and Infoscope), resells third party’s software, and provides experienced consultants to clients using the software.

K2fly Ltd - K2fly signs on Glencore Canada as customer for its RCubed software
Glencore Canada adds to K2fly’s stable of top tier customers such as Fortescue Metals

K2fly Limited (ASX:K2F) has signed a contract with Glencore Canada to implement its RCubed resource governance software commencing immediately.

Under the agreement, RCubed will be rolled out across Glencore’s global zinc operations across 56 sites in 7 countries.

The contract is worth more than $250,000 and given it is on a software-as-a-service (SaaS) basis, this revenue will be renewable annually.

Glencore Canada adds to a growing list of mining houses implementing the RCubed software.

K2fly acquired RCubed two month ago

K2fly’s chief commercial officer Nic Pollock said: “Glencore plc is a top 5 global miner, and being able to implement a SaaS contract with Glencore Canada (one of its subsidiaries) is a testament to the suitability of the RCubed software solution for Resources and Reserve reporting at an enterprise scale.

“It comes just two months since we announced the acquisition of RCubed as well as the signing of Imerys SA, a French multinational company listed on the Paris Stock Exchange.

"The RCubed solution now supports global customers with over 200 operations in over 35 countries.”

Moving towards net positive cash flows

The contract win follows a strong June quarter, which saw K2fly raise invoices of around $1.49 million representing a 52% increase on the prior June quarter in FY18.

The total invoices raised for FY19 was around $4.18 million, an increase of more than 62% compared to the $2.57 million raised in FY18.

These results for the quarter reflect that K2F’s current operations are steadily moving towards achieving its objective, which is to grow revenue and move to net positive cash flows.

 

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