Invigor Group secures $775,000 in new work for its workforce management solution
Invigor Group Limited (ASX:IVO) this morning confirmed that its mobile workforce management solutions division has secured new contracts and signed work orders for Skyware of €485,000 (~A$775,000) over the last three months.
Skyware, soon to be rebranded as Tillerstack, is a unique cloud-based platform assists ecommerce companies in managing mobile workforce deployments to streamline delivery and mobile order management. It includes automated GPS-assisted field force dispatching as well as mobile order management functionality, which can deliver cost savings and greater productivity.
The new contracts include significant recurring revenue from Unity Media Group, which is Skyware’s longest standing customer, together with leading European renewable energy production group, Enertrag, as well as Edeka, which is one of Europe’s largest food retailers.
Skyware’s growing order pipeline for 2018, in conjunction with the addition of the new contracts and work tenders, means IVO is confident that Skyware is well on track to meet the revenue target of $2 million for 2018, and with substantial opportunity for growth in ensuing years.
IVO has also confirmed that it banked $500,000 from the Sophisticated Investor, which provides the Investor with the option to convert to a 5% cornerstone shareholding in Tillerstack, which will house Skyware following the sale of Condat.
The Investor group has agreed to exercise its option to invest a further A$500,000 with the option to convert into Tillerstack on the same valuation metrics, resulting in a total A$1 million investment for 10% of IVO. IVO will assess opportunities to unlock the value of TillerStack for all shareholders.
It should be noted, however, that this is an early stage tech company and success is no guarantee. Investors should seek professional financial advice before making an investment.
Invigor CEO, Gary Cohen said: “These new contracts and work orders again confirm the outstanding growth potential of Skyware, and it further strengthens the sales and revenue pipeline for this very high growth division of Invigor’s.
“This potential is also reaffirmed through the $1 million investment we have secured for a potential 10% stake in Tillerstack, which will enable the Company to accelerate its plans to unlock the value of this fast growing business.
“Overall, we are very pleased with the progress being made with the Skyware division. More updates are pending.”