With remote work reigning supreme owing to Covid-19, Melbourne-based SaaS IT company Knosys (ASX: KNO) seems to be getting the better end of the deal as it signed a three-year contract worth over $5 million with ANZ bank. As part of the deal, the bank will receive continued access to Knosys’s KnowledgeIQ offering.
Moreover, ANZ Bank has committed to a series of upgrades to the latest release of KnowledgeIQ and will receive access to its new features.
Knosys is a global software-as-a-service (SaaS) information technology company that offers software solutions targeted at boosting productivity, collaboration and connectivity in the digital workplace. It aims to make the customer and employee journey online effortless.
Knosys Managing Director, John Thompson, commented, “This contract extension reflects the confidence that ANZ has in our capacity to deliver a superior Knowledge Management solution. We are seeing more clients in government agencies and financial services, becoming increasingly focused on employee and customer engagement.”
Of how the Company’s services work, Thompson detailed, “Our solutions support these initiatives by enabling employees and customers to find relevant information more quickly, either through call centres or through digital channels such as websites and chatbots. KnowledgeIQ enables organisations to deliver consistent and accurate information by being a single source of truth.”
Knosys has been gaining considerable popularity in the last two years. In FY22, it signed a two-year contract extension worth over $2 million with telecom company Optus, wherein Optus will use KnowledgeIQ.
Due to its growing adoption, sales revenue was up 94% to $8.9 million, while registering a loss of over $3 million as it increased its spend on employee benefits, customer support and sales and marketing. Its annual recurring revenue was up over 50%, tracking at an ARR of $9.4 million in July 2022. As per its annual report, this strong revenue growth was primarily driven by the full year contribution from the Green Orbit acquisition in March 2021 and the ten-month contribution from the Libero acquisition in August 2021. Its acquisitions were made more profitable with the key contract wins, such as the one with ANZ.
Founded in 2015, Knosys rose to fame in the past two years, taking advantage of remote and hybrid work and the increased digital reliance. In FY23, the Company expects to continue this top line growth, with a focus on disciplined cost control and increased operating leverage.
Knosys believes that companies have drawn their attention to customer engagement and employee support. That’s where its suite of products comes in handy. In keeping with that, the Company is also aiming to diversify its revenue streams in the coming year.
Alinda is a Business Reporter for The Sentiment
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