Aussie tech company Infomedia (ASX: IFM) is lining up international clients in readiness for the rollout of their Next Gen electronic parts catalogue for the automotive industry, securing Ford Europe as a cornerstone client.
The 5-year enterprise agreement will give Ford access across all of Europe to the Next Gen ‘Microcat’ platform which is an electronic parts catalogue (EPC) that has been built to connect and streamline automotive industry participants for instant valuations on car parts.
“Over the last four years, we have been investing in our global platform to ensure our systems, architecture and resources would support global growth,” said Infomedia CEO, Jonathan Rubinsztein.
“The delivery of the Next Gen platform is the final stage of that strategy. The win with Ford Europe demonstrates how Infomedia will continue to take advantage of significant change impacting the global automotive industry with innovative technology solutions.”
“This is an exciting win for Infomedia and heralds in a new era for our Next Gen EPC platform, as the innovation and functionality of the platform differentiates Infomedia from its peers by taking an essential but siloed reference tool and turning it into an integrated parts selling platform.”
Traditionally a very rigid process for car dealers that need to ring around, Infomedia expects the Next Gen platform will be critical software for the after-sales market which enables dealers to identify precise parts and accurate pricing of each part on an automaker’s car park.
The platform has been in development since 2016 and is scheduled to be rolled out from the beginning of 2021, at which point revenues will commence from this Ford Europe contract valued at $14 million.
While Microcat is tipped to be a transformative EPC platform that will eventually extend globally, Infomedia has maintained strong software sales for their automotive industry analytics while Next Gen has been developed.
For FY20, Infomedia reported a 12% increase in revenue to $94.6 million and a 15% increase in NPAT to $18.6 million.
Through COVID-19, there has been a distinct decline in new car sales, heightening the value in used car sales and service at a time when populations seeking better value from their automobiles while the work-from-home phenomenon has boomed.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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