Software company RocketBoots (ASX: ROC) has extended its multi-year contract with Suncorp Group Ltd (ASX: SUN) for an additional two years until 2025 after proving the success of their flagship software product Beehive.
The contract was initially lined up to last 12 months, starting on 16 March 2022, when Suncorp approached RocketBoots to deploy its software, Beehive, to branches around Australia.
The contract originally carried an incremental value where RocketBoots would receive annual revenue of $185K, but today’s update means the Company will now receive circa $275K annually.
The total term of the contract will now run for 36 months, after which both companies can decide whether they want to continue the relationship or cease if there are no material developments. Discontinuation of business is highly unlikely, as this contract extension demonstrated the initial success and long-term value of Beehive to the banking industry.
The Beehive software essentially uses advanced computing and analytics, combined with machine learning to collect real-world data through discrete sensors and cameras situated around bank branches to solve issues with workforce management, property management, and stem losses and fraud.
Suncorp will now begin installing additional software systems across many of its branches. The main objective is to identify points where customer service and experiences can be improved.
The software will also seek out staff redundancies where employee efforts are not being fully utilised. The software can improve this by implementing evidence-based schedule changes to staff routines and workflows.
In the half-year report dated 31 December 2021, RocketBoots reported a 11.3% revenue drop from $382K to $339K, following its listing on the ASX on 7 December 2021.
The RocketBoots IPO originally floated at an issue price of $0.20 but has since sold off heavily to $0.105 prior to today’s announcement. Following today’s news, shares rocketed higher nearly 15% to comfortably sit on $0.12 at the time of writing.
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