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K2fly wins Nexa Resources and its 12 sites as software customer, SaaS revenue up 29% since June

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 wins Nexa Resources and its 12 sites as software customer
Nexa Resources is a South American mining and smelting company focused on zinc and copper

K2fly Ltd (ASX:K2F) has signed Nexa Resources (NYSE:NEXA) as a customer for its RCubed software, which is used for mineral resource governance.

The annual agreement will see Nexa implement RCubed across 12 sites.

The initial purchase order is for around A$170,000 including annual software subscription for the first year and implementation fees.

RCubed will help Nexa fulfil upcoming regulatory demands and changes from the SEC.

At the end of September 2019, K2fly’s two software products, RCubed and Infoscope, have been deployed or are being deployed in more than 40 countries and across more than 200 sites.

Nexa is first Brazilian customer

K2fly’s chief commercial officer Nic Pollock said: “We are delighted to welcome Nexa Resources to the growing list of resource companies who will use RCubed to distinguish themselves in their market by the quality of their mineral resource governance and reporting to their shareholders and regulators.

“Nexa Resources is our first Brazilian based customer and adds to the growing list of customers, countries, commodities, codes and exchanges we support.

“We are now seeing the US SEC Regulation changes driving increased demand for the RCubed solution.”

Follows recent win with Newcrest

K2fly is a technology company focused on building a high margin SaaS business based in Perth and Johannesburg.

The company generates revenue through SaaS contracts with customers for its two software solutions, RCubed and Infoscope.

K2fly also generates revenue by reselling third party’s software and providing consulting services to its clients.

Other recently signed contracts include a 3-year SaaS-based software contract with leading gold producer Newcrest Mining Limited (ASX:NCM).

Revenue up 29% since end of June quarter

The company noted that the Nexa contract further increases the strong annual recurring revenue (ARR) growth that K2fly is experiencing.

K2fly's SaaS business ARR is up 29% from the June quarter resulting in a compound annual growth rate (CAGR) of 140% over the last four quarters.

Proactive caught up with K2fly in September for an update.

Quick facts: K2fly Ltd

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ASX:K2F
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Market Cap: $17.15 m
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