Invigor’s TillerStack scores over $820k in new contracts
Leading data and analytics solutions company, Invigor Group (ASX:IVO), has updated the market on the business operations of its 100% owned German subsidiary, TillerStack.
Pleasingly, TillerStack has locked in over $820,000 in new contracts. This includes an R&D project for a major industry association based in Germany, as well as renewal of an existing contract with UnityMedia, with revenue to be booked this calendar year.
TillerStack provides sophisticated field service software solutions for major enterprises across Europe. Field Service Management (FSM) software is integral to any business that delivers services as part of their normal operations.
Beyond digitising workflows for dispatchers and mobile workers out in the field, TillerStack’s FSM software reduces service operating costs, improves worker efficiency, and delivers an exceptional customer experience by improving critical service metrics such as ‘time to fix’ and ‘first time fix’ rates.
Gartner has estimated the value of FSM software and associated services at over $2.8 billion globally in 2017, up 21% from 2016.
As to the specifics of its contract wins, TillerStack has secured one new contract and one extension of a current contract, with the combined value of approximately $820,000 (€520,000). These form part of the $1.35 million of new contract wins forecasted and announced in late October.
The new contracts include:
- A 2.5 year, $649,000 (€410,000) R&D project for the development of field service solutions for Central Association for Sanitation, Heating and Climate eV in conjunction with The Society for Social Business Consulting. TillerStack was selected for its innovative and agile solutions that have been tried and tested across major enterprises. This project provides a major catalyst to further develop the current solution suite for small/medium-sized businesses.
- Expansion of an existing contract with leading telecommunications company, UnityMedia, valued at $174,000 (€110,000). TillerStack will enhance the current technology platform to provide a better user experience through improved reporting for dispatchers at headquarters and mobile technicians in the field.
TillerStack CEO, Leslie Cohen, said: “TillerStack was established as a separate entity in May 2018 and since this time, the team has significantly strengthened the customer base, expanded current contracts and substantially lowered the cost base.
“The business is also capitalising on growing demand for and increased adoption of field service solutions in the SME market that is being driven by more affordable and agile solutions such as ours.
“The R&D contract enables us to fast-track growth in this market and pursue a whole new revenue channel. We are excited to capitalise on the increasing growth rates in the field services market and will be focused on innovating and leveraging our position to do so,” added Cohen.
Cohen noted that the company is also progressing a number of other tenders and strategic partnerships to strengthen its presence in Europe.
“The tendering pipeline is healthy,” he said.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.