The total contract value, including initial implementation costs, is $1.45 million. Implementation will commence immediately.
The RCubed solution will replace an inhouse system and will assist Rio Tinto in providing mineral resources and ore reserves reporting and governance for its shareholders and regulators.
Significant growth in annual recurring revenue
K2fly chief commercial officer Nic Pollock said: “Rio Tinto’s signing represents a significant milestone for K2fly and is further recognition from a Tier 1 miner that our RCubed solution represents the most compelling offering in Resource Governance solutions.
“We are extremely proud to be working with such an industry leader.”
Importantly, the Rio Tinto contract further increases the strong annual recurring revenue (ARR) growth that K2fly’s software as a service (SaaS) business is experiencing of 150% CAGR over the last 4 quarters in which Q1 was up by 27% from Q4 FY19.
Shares surged on the news, up to 30% higher for an intra-day high of 24 cents, a new 12-month high.