Spatial data services provider Veris (ASX: VRS) has successfully led a consortium to be appointed as a Digital Twin Victoria (DTV) Innovation Partner for the next three years. The 10-member consortium bested some top-tier global consulting firms to gain the top spot in a highly competitive field.
Digital Twin Victoria (DTV) is a Victorian government-funded agency mandated to create a digital representation of the State of Victoria. Per the agreement, the consortium will provide advice, solution design, and development of major new features, data transformations, integrations and capabilities to enhance the Digital Twin Victoria platform.
Through this agreement, Veris has become the first spatial data services provider to lead a partnership with a government agency on high-profile digital twin implementation.
CEO and Managing Director of Veris, Michael Shirley, commented, “This win opens doors to new opportunities and reinforces our position as trailblazers in the industry. It also reaffirms Veris’s market-leading spatial expertise.
“As other Government agencies across the country continue to recognise the importance of the emerging digital twin landscape and increase their investment in the creation and updating of their digital twins, we will continue to see the pipeline of our opportunities expanding. We are keen to work with other states to deliver innovative and enduring digital twins that provide access to the right data and the right time to support analysis and decision-making.”
A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object. It spans the object’s lifecycle, is updated from real-time data, and uses simulation, machine learning, and reasoning to help make decisions.
The first stage of DTV’s four-year project to digitally represent Victoria will wrap up in June 2024. The Veris-led engagement as the incoming DTV Innovation Partner will be designing and building additional functionalities within the DTV platform.
The other nine companies that are part of this consortium are Veris’s alliance partner Wumara Group, Arcadis, Portable, Hexagon, NGIS, RMIT, Symbolix, V2i, and Anditi. Capabilities covered by the partners include survey and spatial services, engineering and building information modelling (BIM), technology and human-centred design, system integration and hardware, remote-sensing and spatial platforms, research, data science, AR/VR/Gaming Engines and spatial machine learning.
In H1 FY24, Veris decided it would shift away from small projects, causing the Company’s financials to dwindle. Its revenue amounted to $48.3m, down 8% on the PCP, as a result of a shift in strategic focus away from smaller projects, aligning resources to high-margin work for key clients, markets and larger opportunities and economic uncertainly resulting in pockets of softness in some geographic markets. Still, it saw strong growth in the proportion of revenue from Digital & Spatial projects and services, making up 15% of revenue, up from PCP’s 9.5%.
For FY24, Veris’s goal was to go big. This State of Victoria contract fits the bill.
The services to be provided under the appointment are expected to add major value to Veris’ operations over the duration of the program. However, as the full scope of the services will evolve over the appointment period, the final value of the contract cannot be disclosed at this stage.
Alinda is a Business Reporter for The Sentiment
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