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archTIS CEO Daniel Lai participates in SPP with purchase of 36,364 shares

The company raised A$590,750 from its share purchase plan this month following a A$1.65 million placement completed in May.

archTIS Ltd - ArchTIS executive director and CEO participates in SPP with purchase of 36,364 shares
Funds raised will be used to continue to drive pipeline growth and execution of sales of archTIS’ Kojensi platform

archtTIS Ltd (ASX:AR9) executive director and chief executive officer Daniel Lai has participated in the company’s share purchase plan (SPP) with the acquisition of 36,364 shares.

On June 15 Lai acquired the shares, increasing the total number of fully paid ordinary shares held to 126,364 with another 7,284,252 shares escrowed until September 2020.

Shares today have been as much as 68% higher to 14 cents intra-day and are up from 5 cents on June 18 before a new contract was announced.

First commercial defence industry contract

The company secured its first Defence Industry commercial contract with Northrop Grumman Corporation (NYSE:NOC) on June 18 to purchase an initial 50 licences of AR9’s Kojensi cloud platform to securely share information for its business development teams.

This contract with the global US$53 billion Military System Integrator (MSI) has initial annual recurring revenue of $35,455 and demonstrates Kojensi’s diverse market sector application.

The Kojensi Platform will be used to prepare government and Defence tenders between Northrop Grumman business development teams in Australia, the US and their partners.

Lai said: “Following on from our win in the Education and Space sector with Curtin University, this agreement demonstrates the broad demand for Kojensi outside the Government sector and reinforces our recent efforts to pivot the platform to service a larger number of corporate customers.

Quick facts: archTIS Ltd

Price: 0.165 AUD

Market: ASX
Market Cap: $26.62 m

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archTIS signs first defence industry contract with major player Northrop Grumman

archTIS (ASX: AR9) CEO Daniel Lai joined Proactive’s Steve Darling to discuss the company signing their first contract in the defence industry with Northrop Grumman. Lai discusses the contract and what is does the company as a whole. Lai also told Proactive about a key reseller contract...

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