viewK2fly Ltd

K2fly signs 5-year land management software deal with Westgold Resources

K2fly’s InfoScope software provides a single, spatially integrated solution to manage information relating to land access and compliance.

K2fly Ltd - K2fly signs 5-year land management software deal with Westgold Resources
Westgold is an ASX listed top 10 Australian gold producer

K2fly Ltd (ASX:K2F) has signed a long term contract with Westgold Resources Ltd (ASX:WGX) to utilise K2fly’s land management software Infoscope.

Westgold will also partner with K2fly to develop additional enhancements of the software with a view to integrating Westgold’s tenement and titles’ management applications.

Additional overlays will include, royalties, contracts, permits, licensing, environmental and stakeholder management to provide a consolidated management tool.

Tool to manage a complex web of resources

Westgold operates three gold production hubs in the Murchison Region of WA.

Known as one of the largest regional consolidations within the gold sector, the group manages over 350 titles and a complex web of resources, road and infrastructure networks, licenses, permits, service contracts and stakeholder engagements.

Westgold executive chairman Peter Cook said: “We are delighted to partner with K2fly and contribute to further develop the Infoscope solution.

“We have long been looking for a land management system that expands beyond the traditional mining title area and enables us to integrate the multitude of layers associated and attached to our titles to an interactive and linked solution.

“Our industry needs a solution that enables us to operate faster and more efficiently in these areas.”

Significant increase in revenue

K2fly’s SaaS (Software as a Service) annual recurring revenue (ARR) has grown 29% so far this quarter to 1.453 million

The company’s SaaS total contract value (TCV) has risen sharply from $1.275 million in Q1 FY20 to $3.504 million in Q2 FY20 representing an increase of 174% in the quarter to date as contract terms extend.

This trend is expected to continue with further multi-year contracts and exciting new software developments in the pipeline.

Quick facts: K2fly Ltd

Price: 0.2 AUD

Market: ASX
Market Cap: $16.52 m

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